Securities & Investments

A.M.-Settled SPX Options, Any Weekday Expiration

Cboe Exchange proposes to amend its rules to permit listing of A.M.-settled SPX options expiring on any weekday (Monday-Friday, excluding third Friday-of-month and end-of-month coincidences) and on the last trading day of the month. The proposed rule change introduces A.M.-Settled Weekly Expirations and End-of-Month Expirations for S&P 500 Index options.

Amends Fee Schedule to Codify User Fee Exemption and Non-Display Usage Definition for Controlled Distributors

Cboe Exchange proposes amending its Fee Schedule to formally codify an existing User Fee exemption for Controlled Distributors and the amended definition of 'Non-Display Usage' under the Market Data section. The filing, originally submitted as SR-CBOE-2026-030 on April 1, 2026 and withdrawn April 13, 2026, was refiled as SR-CBOE-2026-036. Controlled Distributors receiving market data for Permitted Purposes (software development, quality assurance, testing, sales support for redistribution, or technical monitoring) would be exempt from Display Usage fees.

Proposed Amendment to FLEX Options ETF Cash Settlement

Cboe Exchange filed a proposed rule change (SR-CBOE-2026-035) with the SEC to amend Rule 4.21 governing cash settlement for FLEX Equity Options on ETFs. The proposal would permit newly FLEX-eligible ETFs satisfying liquidity thresholds based on a one-month lookback period to elect cash settlement, establish tiered criteria for handling cash-settled FLEX ETF Options when the underlying ETF no longer meets eligibility requirements at bi-annual review, and eliminate the existing 50-ETF cap on cash settlement eligibility.

Stop-Limit Complex Orders and SCOA Auction Mechanism

CBOE Exchange proposes to amend Rules 5.33, 5.21(b), 5.25(c), and 5.34(c) to establish stop-limit complex orders as a new order type and Stop Complex Order Auctions (SCOA) as a new auction mechanism for options trading. The proposal extends existing stop-limit functionality for simple orders to complex orders and introduces a dedicated auction process to facilitate simultaneous management of long and short legs. CBOE's President approved the filing on February 24, 2026, with implementation details to follow within 60 days.

Vic Jokovic Joins ASX Board as Non-Executive Director

ASX Limited announces the appointment of Vic Jokovic as a new non-executive director, effective 4 May 2026. Mr Jokovic brings over 30 years of senior leadership experience across global exchanges and financial markets, including prior service as CEO of Cboe Australia and 26 years at Deutsche Bank. He will stand for election by shareholders at the Annual General Meeting in October 2026.

S&P Downgrades ASX Credit Rating to AA- to A+

S&P Global Ratings has downgraded ASX Limited's long-term issuer credit rating from AA- to A+ with a stable outlook. The downgrade follows a December 2025 revision of ASX's outlook from stable to negative, with S&P citing findings from the ASIC Inquiry's final report as contributing to the action. ASIC has imposed an additional $150 million capital charge on ASX until milestones in the Accelerate Program are achieved. ASX states this rating action does not affect its capital, liquidity, or funding position.

ASX Group Monthly Activity Report March 2026

ASX Limited released its monthly activity report for March 2026, showing total new capital quoted of $3.6 billion, up 43% from $2.5 billion in the previous corresponding period. Average daily trades increased 39% year-on-year to 3,044,176, while average daily on-market value traded rose 28% to $9.067 billion. Total net new capital quoted reached $3.2 billion versus negative $0.5 billion in the prior period.

Responds to Final Report from ASIC Inquiry Panel

ASX has announced its response to the ASIC Inquiry Panel's Final Report, committing to implement a comprehensive Commitments Plan addressing governance, capability, and risk management deficiencies identified across the group. ASIC imposed a $150 million capital charge on ASX that will remain until milestones in the Accelerate Program reset are achieved, with the reset required to be agreed with ASIC and the RBA by 30 June 2026.

Updated ASX Group Dealing Rules Policy - Insider Trading Prevention

ASX Limited released an updated ASX Group Dealing Rules Policy effective 25 March 2026, in accordance with ASX Listing Rule 12.10. The Policy establishes principles, requirements and governance arrangements to mitigate insider trading risk for ASX people and their Connected Persons. The Policy requires pre-clearance approval to deal in Covered Securities and prohibits dealing during designated ASX Trading Windows except in exceptional circumstances.

Adequacy of Systems Requirements for SGX Members

SGX RegCo issued Regulatory Notice 2.6.2A requiring Members to ensure their trading systems and Market connections operate properly with adequate and scalable capacity. The notice mandates comprehensive planning programs covering capacity estimates, system testing, stress testing, and periodic independent reviews. Members must also implement hiring and training policies for qualified technical personnel, with responsibility retained even under outsourcing arrangements.