Cboe EDGA adopts Start Time order instruction for equity trades

Cboe EDGA Exchange, Inc. filed a non-controversial amendment to Rule 11.1(a)(1) that adds a "Start Time" order instruction. The change permits Users to designate, in thirty-minute increments, a specific time before Regular Trading Hours at which an order entered prior to the Early Trading Session becomes eligible for execution. The earliest practical Start Time is 7:00 a.m. ET and the latest is 9:00 a.m. ET.

The filing, made on October 15, 2026 and announced on October 28, 2026, is identified as Release No. 34-106753; File No. SR-CboeEDGA-2026-035 (FR Doc No. 2026-22261). The Exchange classified the proposal as a "non-controversial" rule change under Section 19(b)(3)(A)(iii) of the Securities Exchange Act of 1934 and is seeking public comment pursuant to Rule 19b-4.

Under the current rule, orders entered between 6:00 a.m. and 7:00 a.m. become eligible for execution only at the start of the Early Trading Session. The amendment expands the time-sequencing provision beyond that one-hour window, allowing a User to submit an order at, for example, 6:15 a.m. with a Start Time of 8:00 a.m.; the order would be held until 8:00 a.m. and then processed in time sequence with other orders bearing the same Start Time.

The proposal retains existing order-acceptance restrictions for Post Only instructions, ISOs, certain market orders, Minimum Execution Quantity orders, and IOC/FOK orders. Those restrictions will apply prior to 7:00 a.m. or, if a later Start Time is designated, prior to that Start Time.

Implementation is scheduled for December 7, 2026, coordinated with the parallel adoption of the Start Time instruction on the affiliated Cboe EDGX Exchange, providing consistent order-handling functionality across the Cboe-affiliated equity platforms.