SEC Extends Deadline for Cboe Extended Equity Options Trading Rule

Regs.gov: Securities and Exchange Commission

Published March 23rd, 2026

Detected March 27th, 2026

Summary

The SEC has extended the deadline for its decision on a proposed rule change by Cboe Exchange to allow extended trading hours for multi-listed equity options. The new deadline for the SEC to approve or disapprove the rule change is May 31, 2026. This extension provides the Commission additional time to consider the proposal and related issues.

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What changed

The Securities and Exchange Commission (SEC) has extended the statutory deadline for its decision on Cboe Exchange's proposed rule change (SR-CBOE-2025-079) to permit extended trading sessions for multi-listed equity options. The original 180-day period, which would have ended April 1, 2026, has been extended by an additional 60 days, setting a new decision deadline of May 31, 2026. This extension is due to the Commission's need for sufficient time to thoroughly consider the proposed rule change and the issues raised during the comment period.

This action indicates the SEC is carefully reviewing the implications of expanded trading hours for equity options. Market participants, particularly those involved in options trading and exchanges, should monitor the SEC's final decision closely. While this is not a final rule, the extension suggests a potentially complex review process. The SEC has received one comment letter on the proposal, and the final outcome could impact trading strategies and market accessibility for equity options.

What to do next

Monitor SEC decision on Cboe rule change by May 31, 2026

Source document (simplified)

Content

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).

For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. (12)

Vanessa A. Countryman, Secretary. [FR Doc. 2026-05844 Filed 3-25-26; 8:45 am] BILLING CODE 8011-01-P

Footnotes

(1) 15 U.S.C. 78s(b)(1).

(2) 17 CFR 240.19b-4.

(3) See Securities Exchange Act Release No. 104160 (Sep. 30, 2025), 90 FR 48091.

(4) 15 U.S.C. 78s(b)(2).

(5) See Securities Exchange Act Release No. 104173, 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.

(6) 15 U.S.C. 78s(b)(2)(B).

(7) See Securities Exchange Act Release No. 104509, 90 FR 61454 (Dec. 31, 2025).

(8) Comment letters on the proposed rule change are available at https://www.sec.gov/rules-regulations/public-comments/sr-cboe-2025-079.

(9) 15 U.S.C. 78s(b)(2).

(10) See supra note 3.

(11) 15 U.S.C. 78s(b)(2).

(12) 17 CFR 200.30-3(a)(57).