SEC Delays Decision on Cboe Exchange Multi-Listed Equity Options Trading
Summary
The SEC has extended the period for reviewing a proposed rule change by Cboe Exchange, Inc. that would allow for extended trading of multi-listed equity options. This notice designates a longer period for the Commission to take action on the proposed rule change.
What changed
The Securities and Exchange Commission (SEC) has issued a notice designating a longer period for its review of a proposed rule change by Cboe Exchange, Inc. (SR-CBOE-2025-079). This proposed rule change pertains to allowing extended trading hours for multi-listed equity options. The SEC's action indicates that the review process for this significant market structure proposal will take longer than initially anticipated.
This delay means that the final decision on whether to approve, disapprove, or further modify Cboe's proposal is postponed. Market participants, particularly broker-dealers involved in options trading, should be aware that the regulatory landscape for extended options trading hours remains under review. No immediate compliance actions are required based on this notice, but entities should monitor the SEC's eventual decision for potential impacts on trading operations and strategies.
What to do next
- Monitor SEC's decision on SR-CBOE-2025-079
Source document (simplified)
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Notice
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Allow for Extended Trading of Multi-Listed Equity Options
A Notice by the Securities and Exchange Commission on 03/26/2026
- 1.
1.
Document Details Published Content - Document Details Agency Securities and Exchange Commission Agency/Docket Number Release No. 34-105063 File No. SR-CBOE-2025-079 Document Citation 91 FR 14730 Document Number 2026-05844 Document Type Notice Pages 14730-14731
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Document Details Published Content - Document Details Agency Securities and Exchange Commission Agency/Docket Number Release No. 34-105063 File No. SR-CBOE-2025-079 Document Citation 91 FR 14730 Document Number 2026-05844 Document Type Notice Pages 14730-14731
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Securities and Exchange Commission
- [Release No. 34-105063 File No. SR-CBOE-2025-079] March 23, 2026. On September 30, 2025, Cboe Exchange, Inc. filed with the Securities and Exchange Commission (“Commission”), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”) [1 ] and Rule 19b-4 thereunder, [2 ] a proposed rule change to amend Cboe Rule 5.1(c) (Global Trading Hours) to allow for extended trading sessions of multi-listed equity options that meet certain eligibility criteria. The proposed rule change was published for comment in the Federal Register on October 3, 2025. [3 ] On November 3, 2025, pursuant to Section 19(b)(2) of the Act, [4 ] the Commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to approve or disapprove the proposed rule change. [5 ] On December 23, 2025, the Commission instituted proceedings pursuant to Section 19(b)(2)(B) of the Act [6 ] to determine whether to approve or disapprove the proposed rule change. [7 ] The Commission received one comment letter regarding the proposed rule change. [8 ]
Section 19(b)(2) of the Act [9 ] provides that, after initiating disapproval proceedings, the Commission shall issue an order approving or disapproving the proposed rule change not later than 180 days after the date of publication of notice of filing of the proposed rule change. The Commission may extend the period for issuing an order approving or disapproving the proposed rule change, however, by not more than 60 days if the Commission determines that a longer period is appropriate and publishes the reasons for such determination. The proposed rule change was published for notice and comment in the Federal Register on October 3, 2025. [10 ] April 1, 2026, is 180 days from that date. The Commission is extending the time period for approving or disapproving the proposed rule change for an additional 60 days. The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act, [11 ] designates May 31, 2026, as the date by which the Commission shall either approve or disapprove the proposed rule change (File No. SR-CBOE-2025-079).
( printed page 14731) For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. [12 ]
Vanessa A. Countryman,
Secretary.
Footnotes
Back to Citation 2. 17 CFR 240.19b-4.
See
Securities Exchange Act Release No. 104160 (Sep. 30, 2025), [90 FR 48091](https://www.federalregister.gov/citation/90-FR-48091).
Back to Citation 4. 15 U.S.C. 78s(b)(2).
See
Securities Exchange Act Release No. 104173, [90 FR 51424](https://www.federalregister.gov/citation/90-FR-51424) (Nov. 17, 2025). The Commission designated January 1, 2026, as the date by which the Commission shall approve or disapprove, or institute proceedings to determine whether to approve or disapprove, the proposed rule change.
Back to Citation 6. 15 U.S.C. 78s(b)(2)(B).
See
Securities Exchange Act Release No. 104509, [90 FR 61454](https://www.federalregister.gov/citation/90-FR-61454) (Dec. 31, 2025).
Comment letters on the proposed rule change are available at *[https://www.sec.gov/rules-regulations/public-comments/sr-cboe-2025-079](https://www.sec.gov/rules-regulations/public-comments/sr-cboe-2025-079).*
Back to Citation 9. 15 U.S.C. 78s(b)(2).
Back to Citation 10. See supra note 3.
Back to Citation 11. 15 U.S.C. 78s(b)(2).
Back to Citation 12. 17 CFR 200.30-3(a)(57).
Back to Citation [FR Doc. 2026-05844 Filed 3-25-26; 8:45 am]
BILLING CODE 8011-01-P
Published Document: 2026-05844 (91 FR 14730)
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