It really depends on whether non wholesale players step up and participate in these auctions. While Citadel and Virtu are very large market makers, there are o

It really depends on whether non wholesale players step up and participate in these auctions. While Citadel and Virtu are very large market makers, there are other equally large firms that don't jump through all the hoops to participate in wholesale, but would probably do on-exchange auctions. The SEC also talks about non market makers using this for execution, but I don't think that's going to happen immediately...