Cboe BZX Exchange proposes rule change to amend opening auction process

Regulations.gov Final Notices

Published March 11th, 2026

Detected March 16th, 2026

Summary

Cboe BZX Exchange has filed a proposed rule change with the SEC to amend its opening auction process. The change aims to delay the auction under certain market conditions to improve price discovery. The SEC has extended the review period for this proposal.

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What changed

Cboe BZX Exchange, Inc. has filed a proposed rule change (File No. SR-CboeBZX-2026-004) with the Securities and Exchange Commission (SEC) to amend its Rule 11.23(b)(2)(B) concerning the Opening Auction Process. The proposed amendment seeks to delay the opening auction under specific market conditions to enhance price discovery and ensure executions reflect current market conditions more accurately. The SEC has extended the statutory review period for this proposal to April 27, 2026.

This filing is a proposed rule change, meaning it is open for public comment. Regulated entities, particularly broker-dealers and market participants, should review the proposed changes to understand their potential impact on trading operations. While no specific compliance deadline is provided in this notice, interested parties should be aware of the SEC's extended review date of April 27, 2026, and monitor for any further developments or opportunities to submit comments.

What to do next

Review proposed rule change SR-CboeBZX-2026-004 for potential impact on opening auction procedures.
Monitor SEC's review process, with an extended deadline of April 27, 2026.
Consider submitting comments to the SEC regarding the proposed rule change.

Source document (simplified)

Content

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. [FR Doc. 2026-05020 Filed 3-13-26; 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. 104654 (Jan. 22, 2026), 91 FR 3588. The Commission has received no comment letters on
the proposed rule change.

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

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

(6) 17 CFR 200.30-3(a)(31).