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The auctions were introduced to stop market manipulation at the close. When the closing price was based on the last trade price at 4:30 it was fairly easy to manipulate the closing price - this might be done if you had an option position depending on the closing price etc. As it is now a VWAP in the last five minutes you would need to trade large size to manipulate the closing price. Anyone can trade in the auction if their trading platform supports it.
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