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Routine Notice Amended Final

SEC Delays Action on Cboe BZX Exchange Rule Change for Opening Auction

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Published March 16th, 2026
Detected March 14th, 2026
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Summary

The Securities and Exchange Commission (SEC) has extended the period for reviewing a proposed rule change by Cboe BZX Exchange, Inc. This rule change aims to amend the opening auction process to delay execution under certain market conditions. The SEC is delaying its decision to allow for further review.

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 BZX Exchange, Inc. The proposed change, filed under SR-CboeBZX-2026-004, seeks to amend Rule 11.23(b)(2)(B) concerning the exchange's opening auction process. Specifically, the proposal aims to delay the opening auction under certain market conditions to improve price discovery and allow for executions at prices that better reflect current market conditions.

This notice indicates that the SEC requires additional time to consider the proposed rule change. While the document itself does not impose new obligations or deadlines on regulated entities, it signifies ongoing review of exchange rule modifications. Compliance officers at broker-dealers and other market participants should monitor the SEC's final decision on this proposed rule change, as it could impact trading operations and market access protocols.

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Notice

You may be interested in this older document that published on 01/27/2026 View Document

Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Amend the Opening Auction Process Provided Under Rule 11.23(b)(2)(B) To Delay the Opening Auction Under Certain Market Conditions in Order To Improve Price Discovery and Allow Executions To Occur at Prices That Better Reflect Current Market Conditions

A Notice by the Securities and Exchange Commission on 03/16/2026

  • 1.

1.

  • Document Details Published Content - Document Details Agency Securities and Exchange Commission Agency/Docket Numbers Release No. 34-104975 File No. SR-CboeBZX-2026-004 Document Citation 91 FR 12649 Document Number 2026-05020 Document Type Notice Page 12649
    (1 page) Publication Date 03/16/2026 Published Content - Document Details

  • PDF Official Content

  • Document Details Published Content - Document Details Agency Securities and Exchange Commission Agency/Docket Numbers Release No. 34-104975 File No. SR-CboeBZX-2026-004 Document Citation 91 FR 12649 Document Number 2026-05020 Document Type Notice Page 12649
    (1 page) Publication Date 03/16/2026 Published Content - Document Details

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| File No. SR-CboeBZX-2026-004
(2 Documents) | | | |
| --- | | | |
| Date | | Action | Title |
| | 2026-03-16 | | Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Amend the Opening Auction Process Provided Under Rule 11.23(b)(2)(B) To Delay the Opening Auction Under Certain Market Conditions in Order To Improve Price Discovery and Allow Executions To Occur at Prices That Better Reflect Current Market Conditions |
| | 2026-01-27 | | Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend the Opening Auction Process Provided Under Rule 11.23(b)(2)(B) To Delay the Opening Auction Under Certain Market Conditions in Order To Improve Price Discovery and Allow Executions To Occur at Prices That Better Reflect Current Market Conditions |

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Published Document: 2026-05020 (91 FR 12649) This document has been published in the Federal Register. Use the PDF linked in the document sidebar for the official electronic format.

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Securities and Exchange Commission
  1. [Release No. 34-104975; File No. SR-CboeBZX-2026-004] March 11, 2026. On January 8, 2026, Cboe BZX 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 the Opening Auction Process provided under Rule 11.23(b)(2)(B) to delay the Opening Auction under certain market conditions in order to improve price discovery and allow executions to occur at prices that better reflect current market conditions. The proposed rule change was published for comment in the Federal Register on January 27, 2026. [3 ]

Section 19(b)(2) of the Act [4 ] provides that within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The 45th day after publication of the notice for this proposed rule change is March 13, 2026. The Commission is extending this 45-day time period.

The Commission finds it appropriate to designate a longer period within which to take action on 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, [5 ] designates April 27, 2026, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SR-CboeBZX-2026-004).

For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. [6 ]

Vanessa A. Countryman,

Secretary.

Footnotes

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

Back to Citation 2. 17 CFR 240.19b-4.

Back to Citation 3.

                     
                    See 
                     Securities Exchange Act Release No. 104654 (Jan. 22, 2026), [91 FR 3588](https://www.federalregister.gov/citation/91-FR-3588). The Commission has received no comment letters on the proposed rule change.

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

Back to Citation 5. 15 U.S.C. 78s(b)(2).

Back to Citation 6. 17 CFR 200.30-3(a)(31).

Back to Citation [FR Doc. 2026-05020 Filed 3-13-26; 8:45 am]

BILLING CODE 8011-01-P

Published Document: 2026-05020 (91 FR 12649)

Classification

Agency
Office of the Federal Register
Published
March 16th, 2026
Instrument
Notice
Legal weight
Non-binding
Stage
Final
Change scope
Minor

Who this affects

Applies to
Broker-dealers
Geographic scope
National (US)

Taxonomy

Primary area
Securities
Operational domain
Compliance
Topics
Market Structure Exchanges

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