SEC approves Cboe BZX rule change adding flexible Start Time order instruction

On October 28, 2026 the Securities and Exchange Commission published a notice (Release No. 34-106754; File No. SR-CboeBZX-2026-086; FR Doc No. 2026-22262) that Cboe BZX Exchange, Inc. filed a non-controversial proposed rule change on October 15, 2026 to amend Rule 11.1(a). The amendment adopts a "Start Time" order instruction, mirroring language in the affiliated Cboe EDGX Exchange, and will become effective on December 7, 2026.

The proposed instruction allows Users to designate a start time for an order in thirty-minute increments prior to the commencement of Regular Trading Hours. Start Times may be set no earlier than 4:00 a.m. Eastern Time and no later than 9:00 a.m., and must be entered before Regular Trading Hours begin. The Exchange will delete the existing 4:00 a.m. and 7:00 a.m. start designations and replace them with this flexible framework.

Order handling at the Early Trading Session and at each designated Start Time will follow time-sequence processing, placing orders on the BZX Book, routing, canceling, or executing them according to their terms. The Exchange retains its current order-acceptance restrictions for BZX Post Only Orders, ISOs, certain Market Orders, Minimum Quantity Orders with Regular Hours Only Time in Force, and all IOC or FOK orders, tying the restriction period to the earlier of 7:00 a.m. or the order's designated Start Time.

The Exchange's order entry window remains unchanged, beginning at 2:30 a.m. Eastern Time, and all other Time in Force instructions continue to be available. The amendment is intended to provide Members with consistent order-handling functionality across Cboe-affiliated equities exchanges.