Notice2025-19446
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend Functionality Relating to the Processing of Auction Responses
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
October 3, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 190 (Friday, October 3, 2025)</title>
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[Federal Register Volume 90, Number 190 (Friday, October 3, 2025)]
[Notices]
[Pages 48094-48098]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-19446]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104159; File No. SR-CBOE-2025-074]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing of a Proposed Rule Change To Amend Functionality Relating to the
Processing of Auction Responses
September 30, 2025.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on September 30, 2025, Cboe Exchange, Inc. (the ``Exchange'' or
``Cboe Options'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I,
II, and III below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend its functionality relating to the
processing of auction responses. The text of the proposed rule change
is provided in Exhibit 5.
The text of the proposed rule change is also available on the
Commission's website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>), the
Exchange's website (https://www.cboe.com/us/options/
[[Page 48095]]
regulation/rule_filings/), and at the principal office of the Exchange.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange currently offers a variety of auction mechanisms which
provide price improvement opportunities for eligible orders.
Particularly, the Exchange offers the following auction mechanisms:
Complex Order Auction (``COA''),\3\ Step Up Mechanism (``SUM''),\4\
Automated Improvement Mechanism (``AIM''),\5\ Complex AIM (``C-
AIM''),\6\ Solicitation Auction Mechanism (``SAM''),\7\ Complex SAM
(``C-SAM''),\8\ FLEX Auction process,\9\ FLEX AIM,\10\ and FLEX
SAM.\11\ The Exchange notes that eligible orders (``auctioned orders'')
are electronically exposed for an Exchange-determined period
(collectively referred to herein as ``auction response period'') in
accordance with the applicable Exchange Rule, during which time Users
may submit responses (collectively referred to herein as ``auction
responses'' or ``auction response messages'') to an auction message.
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\3\ See Rule 5.33(d).
\4\ See Rule 5.35.
\5\ See Rule 5.37.
\6\ See Rule 5.38.
\7\ See Rule 5.39.
\8\ See Rule 5.40.
\9\ See Rule 5.72(c).
\10\ See Rule 5.73.
\11\ See Rule 5.74.
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In June 2023, in order to provide responses to these auctions with
increased opportunities to participate in the auction, even during
periods of high message traffic, and thus potentially provide customers
with additional opportunities for price improvement, the Exchange
adopted new functionality that applies across all of its auction
mechanisms to increase the likelihood that timely submitted auction
responses may participate in the applicable auction, even during
periods of high message traffic.\12\ Under this functionality, at the
time an auction response period ends, the System continues to process
its inbound queue for any messages that were received by the System
before the end of the auction period (including auction responses) for
up to an Exchange-determined period of time, not to exceed 100
milliseconds (which the Exchange may determine on a class-by-class
basis which would apply to all auction mechanisms and which would be
announced with reasonable advanced notice via Exchange Notice).\13\
That is, any auction responses that were in the queue before the
conclusion of the auction (as identified by the Network Interface Card
(``NIC'') timestamp on the message) would be processed as long as the
Exchange-determined time on a class-by-class basis (not to exceed 100
milliseconds) is not exceeded. Only auction responses received prior to
the execution of the applicable auction are eligible to be processed
for that auction. The applicable auction will execute once all
messages, including auction responses, received before the end time of
the auction response period have been processed or the Exchange-
determined maximum time limit of up to 100 milliseconds has elapsed,
whichever occurs first. This continuation of processing the queue for
an additional amount of time for messages that were received before the
end of the auction allows for auction responses that would otherwise
have been canceled due to the conclusion of the auction response period
to still have an opportunity to participate in the auction.
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\12\ See Rule 5.25(c); see also Securities Exchange Act Release
No. 97738 (June 15, 2023), 88 FR 40878 (June 22, 2023) (SR-CBOE-
2022-051). This functionality applies to COA, SUM, AIM, SAM, C-AIM,
C-SAM, FLEX Auction Process, FLEX AIM, and FLEX SAM.
\13\ The auction response processing time is currently set to
900 milliseconds for S&P 500 Index options (``SPX options'') and 100
milliseconds for all other classes. See Cboe Exchange Notices
C2025042903, available at <a href="https://www.cboe.com/notices/content/?id=54332">https://www.cboe.com/notices/content/?id=54332</a>; and C2024111903, available at <a href="https://www.cboe.com/notices/content/?id=51420">https://www.cboe.com/notices/content/?id=51420</a>.
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In May 2025, the Exchange increased the permissible maximum length
of this Exchange-determined time period for SPX options.\14\
Specifically, with respect to SPX options, this Exchange-determined
period of time for this continuation of auction response processing
plus the length of the auction response or exposure period, as
applicable,\15\ may not exceed 1000 milliseconds (which the Exchange
announces with reasonable advance notice via Exchange Notice).\16\ The
Exchange increased the additional processing time so that more auction
responses could be executed in auctions for SPX auctions, particularly
in times of high message traffic. This increase in processing time is
currently in place until December 31, 2025 and applies to non-FLEX SPX
options only.
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\14\ See Securities Exchange Act Release No. 102966 (May 1,
2025), 90 FR 19330 (May 7, 2025) (SR-CBOE-2025-031); see also Cboe
Exchange Notice C2025042903, available at <a href="https://www.cboe.com/notices/content/?id=54332">https://www.cboe.com/notices/content/?id=54332</a>.
\15\ Current lengths of auction response and exposure periods
are available at cboe_options_product_configurations.xlsx.
\16\ The auction response processing time is currently set to
900 milliseconds (with auction timers set to 100 milliseconds) for
S&P 500 Index options (``SPX options'')
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The proposed rule change proposes to make expand the recent
proposed rule change to all non-FLEX classes,\17\ including SPX
options, on a permanent basis. Specifically, the Exchange proposes to
amend Rule 5.25(c) to provide that the Exchange-determined period of
time \18\ during which the System will, at the conclusion of an auction
response or exposure period, continue to process any messages in its
inbound queue that were received by the System before the end of the
auction response or exposure period (as identified by each message's
timestamp), plus the length of the auction response or exposure period,
as applicable, may not exceed 1000 milliseconds. The Exchange believes
the proposed maximum amount of additional time for processing will
result in more auction responses being executed in all classes,
particularly in times of high message traffic.
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\17\ As proposed, the auction response processing time will no
longer apply to any FLEX auctions.
\18\ The Exchange may determine this time period on a class-by-
class basis. See Rule 5.25(c).
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2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\19\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \20\ requirements that the rules of an exchange be
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged
[[Page 48096]]
in regulating, clearing, settling, processing information with respect
to, and facilitating transactions in securities, to remove impediments
to and perfect the mechanism of a free and open market and a national
market system, and, in general, to protect investors and the public
interest. Additionally, the Exchange believes the proposed rule change
is consistent with the Section 6(b)(5) \21\ requirement that the rules
of an exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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\19\ 15 U.S.C. 78f(b).
\20\ 15 U.S.C. 78f(b)(5).
\21\ Id.
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In particular, the Exchange believes the proposed rule change will
remove impediments to a free and open market, as it will allow the
Exchange's System to potentially process more, if not all, timely
submitted auction responses, particularly in times of volatility and
high message traffic. This may provide further opportunities for
auctioned orders to receive price improvement, which ultimately
benefits investors. In particular, the Exchange believes the proposed
rule change will continue to appropriately balance providing investors
with timely processing of their options quote and order messages and
providing investors who submit orders that are auctioned with
additional liquidity. Indeed, the proposed rule change may allow more
investors additional opportunities to receive price improvement through
an auction mechanism. Additionally, because the proposed functionality
may provide liquidity providers that submit auction responses with
additional execution opportunities in auctions, the Exchange believes
they may be further encouraged to submit more auction responses, which
may contribute to a deeper, more liquid auction process that provides
investors with additional price improvement opportunities. The Exchange
believes the proposal will continue to allow the Exchange to set each
auction response period or exposure time to an amount of time that
provides Trading Permit Holders submitting responses with sufficient
time to respond to, compete for, and provide price improvement for
orders, but also continues to provide auctioned orders with improved
execution opportunities and minimal impact on market and execution
risk.
The Exchange believes the proposed rule change will result in
increased execution opportunities for liquidity providers that submit
auction responses and enhance the potential for price improvement for
orders submitted to each mechanism to the benefit of investors and
public interest. The proposed rule change will permit the Exchange to
set a longer time period in all classes in which the System may process
auction responses the System receives before the end of an auction
response or exposure period (as identified by each auction response
message's NIC timestamp). The Exchange believes the proposed increase
in maximum time will increase the possibility that timely submitted
auction responses are processed by the Exchange and have an opportunity
for execution in the applicable auction mechanism, even if there is a
deep pending message queue. The Exchange believes the proposed maximum
amount of additional time for processing will permit the Exchange to
respond to times of high message traffic. The Exchange generally
experiences significant increases in volumes and messages traffic when
the market experiences volatility. As a result, the Exchange has
observed deeper pending message queues, which results in an increased
number of timely received auction responses not being processed as part
of the execution at the conclusion of an auction. Based on these
observations, the Exchange believes the proposed maximum time may
increase the number of timely received auction responses that may
execute against an auction order.\22\
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\22\ The Exchange has undertaken various steps to improve the
performance (including to reduce latency) of the matching engine on
which SPX trades. For example, the Exchange made hardware and
software upgrades. See <a href="https://www.cboe.com/notices/content/?id=53830">https://www.cboe.com/notices/content/?id=53830</a>. Additionally, the Exchange adopted an excessive mass
cancel and purge charge to encourage efficient use of network and
system capacity and reduce the incentive for market participants to
engage in excessive mass cancellation and purge activity, which may
create latency and impact other market participants' ability to
receive timely executions. See Securities Exchange Act Release No.
103040 (May 14, 2025), 90 FR 21525 (May 20, 2025) (SR-CBOE-2025-
033). The Exchange regularly evaluates other potential means that
may improve performance and reduce latency for all options.
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The sunset period permitted the Exchange to evaluate whether a
longer auction response processing time would continue to be
appropriate in times of high volatility. For example, in 2025 prior to
May 12 (the date on which the Exchange implemented the longer auction
processing response time for SPX options), the percentage of auction
responses in SPX that were received by the System before the end of the
auction period (i.e., had received a NIC timestamp) but were rejected
because the Exchange could not process them before the end of the
auction response or exposure period, as applicable, plus shorter buffer
time, reached over 20% on several occasions and averaged approximately
7.64%. Between May 12 and September 5, this percentage was nearly 0.
Despite the maximum auction response processing time being 900
milliseconds, the average length of that time period used since that
time was only about 14 milliseconds. The data demonstrates the
effectiveness of the longer auction response processing time for SPX
options. The proposed rule change would permit the Exchange to retain
this longer auction response period for SPX and thus retain these
benefits, as well as extend these benefits to other classes traded on
the Exchange. Given that times of high volatility are unpredictable,
and impact all classes, having the longer response processing time
available at all times will permit the Exchange to continue to achieve
these results when volatile times do occur. Additionally, given the
continued increase in options volumes across the industry (and thus all
classes), the Exchange believes all classes could benefit from the
additional processing times.
While the proposed increase is significant, the Exchange notes that
the combined maximum length of the auction response or exposure period
plus the auction response processing period is the same length as the
maximum permissible auction response or exposure period for certain
auctions.\23\ Therefore, the Commission has already determined that
letting a price improvement auction occur for up to 1000 milliseconds
is consistent with the Act (which would permit the combined maximum
auction response period plus maximum auction response processing time
to be 1000 milliseconds for auctions). Given that the current length of
the non-FLEX auctions is 100 milliseconds (except for SUM auctions, for
which the exposure period is 50 milliseconds), and the auction response
processing time is 100 milliseconds (except for SPX, for which it is
900 milliseconds pursuant to the current temporary rule), the proposed
rule change would increase the total maximum processing time (auction
response period plus response processing) for all non-FLEX classes
other than SPX by 800 milliseconds (850 milliseconds for SUM auctions)
and would keep the maximum
[[Page 48097]]
processing time for non-FLEX SPX options the same. The proposed rule
change provides the Exchange with flexibility to increase the number of
auction responses that can participate in an auction without increasing
the length of an auction (and may permit the Exchange to reduce the
length of an auction). While the Exchange may increase the length of
auction response periods to accommodate more auction responses, the
Exchange believes shifting some of the already permissible auction
response or exposure period time to the auction response processing
time that may occur after the conclusion of the auction response or
exposure period better addresses the issue of missed auction responses.
Particularly, the Exchange believes the proposed rule change will
accommodate more auction responses while also mitigating market risk
that may accompany a longer auction period by setting the length of an
auction response period to a timeframe that both allows an adequate
amount of time for Trading Permit Holders to respond to an auction
message and provides the auctioned order with fast executions.
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\23\ See Rule 5.35(b)(1), 5.39(c)(3), and 5.40(c)(3) (which
permit the Exchange to set the length of the SUM, SAM, and C-SAM
exposure and auction response periods, as applicable, up to one
second. Rules 5.33(d)(3), 5.37(c)(3), and 5.38(c)(3) permit the
Exchange to set the length of the COA, AIM, and C-AIM, respectively,
auction response periods up to three seconds. Current lengths of
auction response and exposure periods are available at
cboe_options_product_configurations.xlsx.
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Additionally, the Exchange understands some Trading Permit Holders
choose to submit auction responses towards the end of an auction
response period to better ensure the response is at a price that the
market participant is willing to trade given the market at the time the
auction response period concludes. This is particularly true during
times of higher volatility, as have recently occurred, which times also
result in higher message traffic and thus makes it more likely these
auction responses will not participate in the auction. As such,
extending the auction response period in each auction would not itself
prevent auction responses from continuing to miss the auction
notwithstanding being timely submitted. Therefore, the Exchange
believes extending the auction response processing time is preferable
to extending the auction response or exposure period, which the
Exchange believes would not prevent auction responses from continuing
to miss the auction notwithstanding being timely submitted.
The Exchange believes the proposed increase in maximum auction
response processing time for all options will provide an adequate
amount of time to provide pending auction responses with execution
opportunities in times of high message traffic and will continue to
have a de minimis impact on other message traffic. Even in times of
high message traffic, auction responses continue to represent a small
percentage of volume on the Exchange. Auction responses account for a
small fraction of message traffic submitted to the Exchange. The
Exchange believes the processing of such a small amount of message
traffic, even after the conclusion of an auction response period, would
therefore continue to have de minimis, if any, impact on the processing
of non-auction response messages waiting in the queue, even if that
processing occurs over a longer timeframe. The Exchange also notes that
all messages are currently processed one at a time by the System.
Therefore, the System still needs to ``process'' all pending auction
responses, regardless of whether that processing involves canceling the
pending auction response because it wasn't processed in time to
participate in the auction or actually processing the response to
participate in the auction. Either way, the non-auction response
messages will still have to wait for processing of any pending
responses ahead of it, regardless of the length of the auction response
processing time. Further, updates to prices in the market will still be
processed in the same order, and thus executions of the responses at
the end of the buffer will not trade through the market at that time.
The Exchange notes the proposed rule change makes no changes to how the
auction response processing functionality will work (or how any
auctions work). Additionally, all message traffic (including auction
responses) will continue to be processed in time-priority. Therefore,
the Exchange believes any impact of processing additional auction
responses for inclusion in an auction rather than cancelling those
responses will have minimal impact on message traffic behind them.
The Exchange continues to believe in the vast majority of cases,
the additional time needed after the conclusion of an auction response
period, if any, to process all pending auction responses will be
shorter than the proposed maximum (and possibly zero). This is a
further benefit of being able to increase the length of the auction
response processing time rather than the length of an auction response
period. Unlike an auction response period, which must run in its
entirety, the auction response processing is adaptable. For example, if
the System is ``caught up'' and processes all auction responses
received prior to the completion of a 100 millisecond auction response
period within 50 milliseconds after the end of the auction period, the
total processing time would be 150 milliseconds. The System only uses
the portion of the auction response processing time it needs to process
responses timestamped prior to the end of the auction period. To the
extent the Exchange determines a lesser amount of time would be
sufficient, the Exchange could implement an additional amount of time
for processing auction responses that is less than the combined time of
1000 milliseconds, which time would be announced with reasonable
advance notice to market participants via Exchange Notice.\24\
Additionally, in practice, the Exchange generally discusses with market
participants potential changes to the length of auction response or
exposure periods and to the auction response processing timer. Further,
given the advanced notice that will be provided of any change, market
participants may contact the Exchange to discuss any proposed changes.
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\24\ The Exchange generally gives notice one to two weeks in
advance of implementation for changes such as this; however, shorter
notice may be provided if the Exchange believes it is necessary to
maintain fair and orderly markets.
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The markets have experienced periods of high volatility in recent
weeks, which generally results in increased market traffic. The
Exchange has observed during these higher market traffic times an
increase in the number of auction responses not being able to
participate in auctions, notwithstanding being timely submitted within
the auction response period, except recently in SPX given the longer
auction processing time during the current sunset period. This higher
traffic generally occurs across all classes. The Exchange believes
permitting an increased auction response processing time in all classes
would better provide market participants with additional opportunities
for price improvements with very little, if any, impact to non-auction
response message traffic, thereby removing impediments to a free and
open market and ultimately protecting and benefiting investors.
Additionally, because the proposed rule change may provide liquidity
providers that submit auction responses with additional execution
opportunities in auctions, the Exchange believes they may be further
encouraged to submit more auction responses, which may contribute to a
deeper, more liquid auction process that provides investors with
additional price improvement opportunities.
Given the current maximum auction response processing time in
classes and other SPX (and if the current higher time applicable to SPX
were to sunset), investors may miss out on opportunities to receive
price improvement through
[[Page 48098]]
the Exchange's auction mechanisms, even if such responses were timely
submitted but not processed due to the System being otherwise occupied
processing messages in queue ahead of it. The Exchange therefore
believes its proposal will make it more likely that the System
processes timely submitted auction responses and includes them in
applicable auctions during periods of high message traffic, thus
providing them with more opportunities to execute against auctioned
orders.
Given the much longer length of FLEX auctions, which may last three
seconds to five minutes (see Rules 5.72(c)(1)(F), 5.73(c)(3), and
5.74(c)(3)), the Exchange believes an increase in auction response
processing is unnecessary, which is why the Exchange proposes to
exclude FLEX SPX options from the proposal.
The Exchange does not believe the proposed functionality raises any
novel legal or regulatory issues as the proposed maximum auction
response processing time is significantly shorter than the longest
maximum auction response or exposure period permissible in the
Exchange's Rules.\25\ As discussed above, the proposed rule change
effectively only increases the permissible response time by no more
than 850 milliseconds. The Exchange notes the proposed rule change
makes no changes to how the auction response processing functionality
will work (or how any auctions work). Additionally, all message traffic
(including auction responses) will continue to be processed in time-
priority, including market price updates, and thus the System is
designed to prevent trade-throughs. The proposed rule change merely
shifts some of the permissible auction response or exposure period time
to the auction response processing time that may occur after the
conclusion of the auction response or exposure period.
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\25\ See Rules 5.33(d)(3), 5.37(c)(3), and 5.38(c)(3) (which
permits the Exchange to set the length of the COA, AIM, and C-AIM,
respectively, auction response periods up to three seconds). Given
that the auction response processing time plus the length of the
auction response or exposure period may not exceed 1000
milliseconds, the maximum auction response processing time will be
significantly less than the maximum auction response time currently
permissible under the Exchange's Rules.
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange does not
believe that the proposed changes will impose any burden on intramarket
competition that is not necessary or appropriate in furtherance of the
purposes of the Act, as the proposed rule change would apply equally to
all Trading Permit Holders that submit auction responses. The proposed
rule change would permit a longer auction processing time for all
classes on the Exchange, and thus market participants in all classes
would be able to benefit from this increased processing time, including
reducing the likelihood that their auction responses are rejected.
Additionally, as noted above, the Exchange believes the proposed
increase in the maximum auction response processing time will have
little to no impact on non-auction response message traffic and
continues to be designed to prevent trade-throughs given all messages,
including market price updates, will continue to be processed in time
priority. The Exchange does not believe the proposed rule change will
impose any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act, as the proposed
change affects how the System processes auction responses that may only
participate in auctions that occur on the Exchange.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange consents, the Commission will:
A. by order approve or disapprove such proposed rule change, or
B. institute proceedings to determine whether the proposed rule
change should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#e795928b82ca84888a8a82899394a7948284c9808891"><span class="__cf_email__" data-cfemail="b3c1c6dfd69ed0dcdeded6ddc7c0f3c0d6d09dd4dcc5">[email protected]</span></a>. Please include
file number SR-CBOE-2025-074 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-CBOE-2025-074. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the filing will be available for inspection and
copying at the principal office of the Exchange. Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publication submitted material
that is obscene or subject to copyright protection.
All submissions should refer to file number SR-CBOE-2025-074 and
should be submitted on or before October 24, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\26\
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\26\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-19446 Filed 10-2-25; 8:45 am]
BILLING CODE 8011-01-P
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