Securities & Investments

CFE Amends MGTN Lead Market Maker Program

Cboe Futures Exchange submitted a rule amendment to the CFTC to modify the Lead Market Maker Program for Cboe Magnificent 10 Index (MGTN) futures. The amendment establishes market performance benchmarks including minimum two-sided quote size and maximum quote width requirements applicable during regular and extended trading hours. The amended program expires on September 30, 2026 unless extended by the Exchange.

Amends Credit Futures Position Limits for CB Index Futures and Options

Cboe Futures Exchange (CFE) submitted rule amendment CFE-2026-011 to the CFTC revising position limit levels for credit futures and options products. The amendment affects CB Index Futures (IBHY and IBIG) and related CB Options. CFE Rule 1502(d) establishes position limits that aggregate futures and delta-adjusted options positions. The amendment will take effect on an implementation date announced by the Exchange following CFTC review.

ERCP Block Trade Order Recordkeeping Requirements

Cboe Futures Exchange (CFE) proposes amendments to its recordkeeping requirements under CFE Rule 403(h) applicable to Exchange of Contract for Related Position (ERCP) transactions and Block Trades. The proposed changes would affect Trading Privilege Holders and their Authorized Traders regarding orders that cannot be immediately entered into CFE's trading system. CFE filed this proposed rule change with both the SEC and CFTC on March 2, 2026, and the SEC is soliciting public comments.

ECRP and Block Trade Recordkeeping Requirements Amendment

Cboe Futures Exchange submitted rule certification CFE-2026-010 to clarify and simplify recordkeeping requirements for Exchange of Contract for Related Position (ECRP) transactions and Block Trades. The amendment modifies CFE Rules 403, 414, and 415 to streamline order ticket documentation requirements for Trading Privilege Holders acting as agents. The rule becomes effective March 16, 2026.

CFE Amends Lead Market Maker Program for Cboe Ether Continuous Futures

Cboe Futures Exchange submitted rule amendment CFE-2026-008 to amend the Lead Market Maker (LMM) Program for Cboe Ether Continuous (PET) futures. The amendment modifies market performance benchmarks including minimum two-sided quote size and maximum quote width parameters applicable during U.S. and non-U.S. trading hours. CFE may appoint up to five LMMs under the program, which expires September 30, 2026 unless extended.

User Fee Exemption Non-Display Usage Codification

CBOE EDGX Exchange filed a proposed rule change (SR-CboeEDGX-2026-024) with the SEC to codify in its Fee Schedule (i) an existing User Fee exemption for Controlled Distributors regarding Display Usage fees for market data products, and (ii) the amended definition of Non-Display Usage. Both concepts are currently contained in the Cboe Global Markets North American Data Policies. The Exchange states there is no substantive change to how it applies the exemption, which covers Controlled Distributors receiving data solely for software development, QA, testing, sales support for redistribution, or technical monitoring.

Rule 21.17 Wide Market Protection Mechanism Adoption

Cboe EDGX Exchange proposes to amend Rule 21.17(a) to adopt a wide market protection mechanism that triggers a drill-through pause when the National Best Bid and Offer (NBBO) is wide, preventing applicable market orders, limit orders, and Stop orders from executing or posting at potentially extreme prices. The mechanism leverages existing drill-through protection described in Rule 21.17(a)(4) and is substantially similar to one recently implemented by Cboe Exchange. The Exchange's President approved this proposed rule change on April 2, 2026.

Amends Fee Schedule: User Fee Exemption and Non-Display Usage Definition

Cboe EDGX Exchange filed a proposed rule change (SR-CboeEDGX-2026-025) to amend its Market Data Fee Schedule. The Exchange proposes to codify a User Fee exemption for Controlled Distributors using market data for Permitted Purposes (software development, QA, testing, sales support for redistribution, or technical monitoring), and to formally define Non-Display Usage. Both the Controlled Distributor and Display Usage definitions currently exist in Cboe Global Markets North American Data Policies and are being moved into the Exchange's Fee Schedule.

EDGX Introduces Fee Code ZP and Amends Fee Code DX

Cboe EDGX Exchange filed a proposed rule change (SR-CboeEDGX-2026-026) to introduce new fee code ZP for Retail Price Improving Orders and amend the fee associated with fee code DX. The Exchange proposes implementation of these changes effective April 1, 2026, as part of the EDGX RPI Program launching April 10, 2026.

Proposes 23-Hour Trading Five Days Per Week for Equity and Derivative Securities

Cboe EDGX Exchange proposes to amend its rules to permit trading of equity securities and Derivative Securities 23 hours per day, five days per week (23x5 Trading). The proposal responds to a 110% increase in Early Trading Session average daily volume from January 2023 to February 2026, driven by demand from Asia-Pacific retail investors in Hong Kong, Japan, Korea, Singapore, and Australia. The Exchange must receive SEC approval under Section 19(b) of the Exchange Act and confirmation that Equity Data Plans have established overnight data collection mechanisms before commencing overnight trading. If overnight trading does not commence within 18 months of SEC approval, the Exchange must file a rule change to remove the overnight trading session rules.