SEC extends deadline for Cboe BYX rule change decision
The SEC gives Cboe BYX Exchange until Jan. 9, 2027 to approve or disapprove its amended Rule 11.25 proposal.
The Securities and Exchange Commission has designated January 9, 2027 as the date by which it must issue an order approving or disapproving Cboe BYX Exchange, Inc.'s proposed amendment to Rule 11.25. The designation was made under Section 19(b)(2) of the Securities Exchange Act of 1934.
Cboe BYX filed the original proposal on April 28, 2026, and the notice was published for comment on May 14, 2026. The Commission initially set a longer period on June 18, 2026, but no comments were received. The Exchange submitted Amendment No. 1 on August 6, 2026, which superseded the original filing, and the Commission published the amendment for comment on August 11, 2026, instituting proceedings to determine approval.
Section 19(b)(2) requires an order within 180 days of the May 14, 2026 publication, which would be November 10, 2026. The Commission may extend that period by up to 60 days; the extension moves the deadline to January 9, 2027, 240 days from the original notice date.
The amendment seeks to introduce an optional contingent instruction for periodic auction-only orders, a new time-in-force of "Auction or Cancel," and related conforming changes to periodic auction processing behavior. The Commission's extended timeline provides additional review time before a final order is issued.
The notice, filed under Release No. 34-106829 and File No. SR-CboeBYX-2026-014, was signed by Assistant Secretary Sherry R. Haywood on November 5, 2026.
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