Cboe Global Markets is seeking to introduce a new mechanism on one of its US stock exchanges that could limit the advantages of high-frequency traders over other market participants.

The exchange operator is proposing to launch periodic auctions lasting one-tenth of a second, during which buyers and sellers could come together to trade stocks. Such auctions work by aggregating orders to buy and sell stocks into batches and executing them at discrete intervals, rather than allowing orders to be executed continuously throughout the trading day, the standard practice at US exchanges.