Cboe EDGA amends Rule 11.23 to lock Level 3 halt resumption at 4 a.m. ET
The amendment applies to Cboe EDGA and other equity SROs, taking effect immediately upon filing on September 22, 2026.
On September 22, 2026, Cboe EDGA Exchange, Inc. filed a proposed rule change with the Securities and Exchange Commission under Release No. 34-106583 and File No. SR-CboeEDGA-2026-030. The notice, published in the Federal Register on October 5, 2026 (Vol. 91, No. 194, pages 64425-64428, FR Doc No: 2026-20602), announces immediate effectiveness of the filing.
The proposal deletes the language in Rule 11.23(b)(2) that requires a halt "for the remainder of the trading day" after a Level 3 market-wide circuit breaker and replaces it with language that trading will remain halted "until 4:00 a.m. ET or later on the following trading day."
The change is intended to preserve the current 4:00 a.m. ET resumption time when the industry expands to 23-hour, five-day trading sessions (23/5 Trading). The Exchange notes that without amendment, the existing rule would cause an earlier resumption at 9:00 p.m. ET on the same calendar day when overnight sessions begin.
The Exchange cites Section 6(b) of the Securities Exchange Act and Section 6(b)(5) as the statutory basis, emphasizing the goal of preventing fraudulent practices and protecting investors.
The amendment is coordinated with other U.S. equity exchanges and FINRA, which are expected to file similar changes to ensure a harmonized resumption time across all self-regulatory organizations.
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