Notice2026-06046
Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Introduce an Exchange Clock Service
Primary source
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Published
March 30, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 60 (Monday, March 30, 2026)</title>
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[Federal Register Volume 91, Number 60 (Monday, March 30, 2026)]
[Notices]
[Pages 15659-15663]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-06046]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105082; File No. SR-C2-2026-005]
Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To
Introduce an Exchange Clock Service
March 25, 2026.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\
[[Page 15660]]
notice is hereby given that on March 17, 2026, Cboe C2 Exchange, Inc.
(the ``Exchange'' or ``C2'') filed with the Securities and Exchange
Commission (``SEC'' or ``Commission'') the proposed rule change as
described in Items I and II, 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 introduce a new service called the Clock
Service. 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 (<a href="https://www.cboe.com/us/options/regulation/rule_filings/bzx/">https://www.cboe.com/us/options/regulation/rule_filings/bzx/</a> [sic]), 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 proposes to introduce a new service called the Clock
Service. The Clock Service is an optional product \3\ available to TPHs
and non-TPHs alike. In sum, a subscriber would be able to utilize the
proposed Clock Service to synchronize their time recording systems to
those of the Exchange for highly correlated latency measurements
between the Exchange's and the subscriber's systems time measurements
related to the same message or order. Time synchronization services are
well established in the U.S. and utilized in many areas of the U.S.
economy and infrastructure. The proposed Clock Service is not novel to
the securities markets and it is similar to the network time
synchronization service currently offered by MIAX Emerald, LLC (``MIAX
Emerald'').\4\ The Exchange proposes to provide the Clock Service in
response to participant demand for more precise and more accurate clock
synchronization options with the Exchange's network.
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\3\ A firm that chooses to subscribe to the proposed Clock
Service may discontinue the Clock Service at any time if that firm
determines that it is no longer useful or that alternatives better
meet their business or system needs. The Exchange intends to submit
a separate filing with the Commission pursuant to Section 19(b)(1)
to propose fees for the Clock Service.
\4\ See Securities Exchange Act Release No. 94915 (May16, 2022),
87 FR 31022 (May 20, 2022) (SR-EMERALD-2022-16).
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The U.S. Government's Global Positioning System(``GPS'') clock \5\
time signal is the benchmark by which the Exchange and most, if not
all, TPHs and non-TPHs use to synchronize their internal primary clock
devices.\6\ Using the U.S. Government provided GPS time signals
publicly available through the GPS network is a de facto standard for
high precision time synchronization across geographically diverse
locations. Typically, a GPS receiver connected to an antenna serves as
a time signal source which feeds the Coordinated Universal Time
(referred to as ``UTC'') to synchronize other clocks using Precision
Time Protocol (``PTP'').\7\
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\5\ For a description of the GPS clock, see Official U.S.
Government Information About the Global Positioning System (GPS) and
Related Topic, available at <a href="https://www.gps.gov/applications/timing/">https://www.gps.gov/applications/timing/</a>
(providing that ``[i]n addition to longitude, latitude, and
altitude, the Global Positioning System (GPS) provides a critical
fourth dimension--time. Each GPS satellite contains multiple atomic
clocks that contribute very precise time data to the GPS signals.
GPS receivers decode these signals, effectively synchronizing each
receiver to the atomic clocks. This enables users to determine the
time to within 100 billionths of a second, without the cost of
owning and operating atomic clocks.'')
\6\ See An Evaluation of Dependencies of Critical Infrastructure
Timing Systems on the Global Positioning System (GPS), noting that
``the primary time synchronization sources for these systems are
signals broadcast by Global Positioning System (GPS) satellites . .
.''
\7\ A primary clock device is a precision parent clock that
provides timing signals to synchronized secondary child clocks as
part of a standalone clock network. The term ``Coordinated Universal
Time'' is defined as the ``international standard of time that is
kept by atomic clocks around the world.'' See Merriam-Webster
Dictionary, available at <a href="https://www.merriam-webster.com/dictionary/Coordinated%20Universal%20Time">https://www.merriam-webster.com/dictionary/Coordinated%20Universal%20Time</a> (last visited November 10, 2021).
Coordinated Universal Time is the primary time standard by which the
world regulates clocks and time. See <a href="https://www.timeanddate.com/time/aboututc.html">https://www.timeanddate.com/time/aboututc.html</a>. ``Precision Time Protocol'' is a method used to
synchronize clocks through a computer network. See also ``IEEE-1588
Standard for a Precision Clock Synchronization Protocol for
Networked Measurement and Control Systems'' available at <a href="https://www.nist.gov/system/files/documents/el/isd/ieee/tutorial-basic.pdf">https://www.nist.gov/system/files/documents/el/isd/ieee/tutorial-basic.pdf</a>.
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The Exchange's primary clock \8\ is the time source used to
synchronize the Exchange's System,\9\ as well as its affiliated options
and equities exchanges trading systems (collectively, the ``Cboe
Trading System'') and feeds a time signal to the Exchange's
timestamping devices and servers within the Exchange's own network
using White Rabbit \10\ and PTP. These capture devices are used to
timestamp orders and messages as they travel through the Exchange's
System.
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\8\ The Exchange's primary clock ordinarily derives its time
from the primary Exchange-managed GPS receiver; however, in certain
failover or impairment scenarios, the system may temporarily
synchronize to an external time service to maintain continuity.
\9\ The term ``System'' means the automated trading system the
Exchange uses for the Trading of Options contracts. See Rule 1.1.
\10\ White Rabbit is a high-precision time synchronization
technology that combines PTP with synchronous ethernet to achieve up
to sub-nanosecond accuracy.
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Time synchronization services are well established in the U.S. and
utilized in many areas of the U.S. economy and infrastructure. Today,
the Exchange understands many participants attempt to sync their
primary clock devices to the U.S. Government provided GPS network. By
getting the GPS signal through a GPS capable antenna, participants can
synchronize their primary clock device to the GPS network time to
within an accuracy of approximately 30 nanoseconds. From there, by
using a PTP time synchronization protocol, participants can synchronize
their internal devices to their primary clock devices.
Because the Exchange and participants independently access time
signals from the U.S. government provided GPS network to synchronize
their own primary clock devices, measurement times of market events by
the Exchange and a participant may vary. This may, in turn, lead to
incorrect latency measurements that may cause a participant's time
calculations of how long it took for their order or message to leave
their systems and reach the trading center to which it was sent to.
This may impair the participant's ability to fully understand latencies
within their own systems and whether they need to adjust their systems
or trading models.
Under the proposed Clock Service, participants would be able to
synchronize their own primary clock devices to the Exchange's primary
clock device, by receiving White Rabbit time signals from the Exchange
via a 1 gigabit per second (``Gbps'') Physical Port. The proposed Clock
Service simply provides participants with the Exchange's time signal at
a more granular level, and, as part of the Clock Service, participants
will receive a 1 Gbps Physical Port offered by the Exchange in order to
[[Page 15661]]
connect.\11\ The improved time signal would tell the participant the
Exchange's time at a more granular level at a particular point in time.
The subscribing participant may then use that time signal to
synchronize their own primary clock to the Exchange's primary clock.
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\11\ The Exchange notes that MIAX Emerald, LLC similarly
requires a 1 Gbps connection in order to utilize its respective
clock service.
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Some participants may currently have a White Rabbit clock
synchronization \12\ device within their own network. This device is
not provided by the Exchange. Other participants that do not currently
utilize White Rabbit clock synchronization device and optics would need
to acquire one from a third-party vendor, of which there are several
providers.\13\
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\12\ A White Rabbit clock synchronization device has the
technological ability to capture time and coordinate time
synchronization within a network up to a sub-nanosecond level.
\13\ The Exchange notes that participants are responsible for
procuring the applicable license(s) as needed.
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Participants may use the proposed Clock Service for numerous
purposes. For one, the proposed Clock Service would allow participants
to more precisely measure latency between their network and that of the
Exchange. The proposed Clock Service would allow them to better
understand the times at which their order or message reached certain
points when traveling from their network to the Exchange.
Participants may use the proposed Clock Service to analyze the
efficiency of their network and connections when not only routing
orders to the Exchange, but also when receiving messages back from the
Exchange. These messages include communications regarding whether their
order was accepted, rejected, or executed. Participants may measure
message traversal times by comparing their message's (e.g., order,
quote, cancellation, etc.) timestamp to the Exchange's matching engine
timestamp from the Exchange-generated acknowledgement messages (e.g.,
order acknowledgment, quote acknowledgment, cancellation
acknowledgment, etc.).\14\ Participants may then enhance their own
systems to ensure that they are receiving such communications in a
timelier manner and to verify that their systems are working as
intended. Participants may then utilize these enhanced latency
measurements to better analyze latencies within their own systems and
use this analysis to optimize their network, models and trading
patterns to potentially improve their interactions with the Exchange.
In particular, participants may use these metrics to better assess the
health of their network and that their systems are working as intended.
For example, a participant may use this information when analyzing the
efficacy of their various connections and whether a connection is
performing as expected or experiencing a delay. A subscriber may then
decide to rebalance the amount of orders and/or messages over its
various connections to ensure each connection is operating with maximum
efficiency. Subscribers may also use the proposed Clock Service for
other purposes, such as trade surveillance. Subscribers may also
utilize time synchronization to assist them in evaluating compliance
with certain clock synchronization requirements.
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\14\ The Exchange sends TPHs an acknowledgement message that
their order or message was received by the Exchange. This
acknowledgement includes the time of receipt at a nanosecond level.
The Exchange further notes that participants who subscribe to any
one of the optional reports offered by Cboe Timestamping Services
will have additional timestamps to analyze.
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The Exchange does not propose to provide a new connectivity option
to receive time signals via the proposed Clock Service; rather,
dedicated 1 Gbps Physical Ports available will be included as part of
this Clock Service.\15\ The proposed Clock Service provides enhanced
time synchronization that may be utilized by subscribing participants
to adjust their own systems. The Exchange does not propose to include
additional connectivity options or modify existing connectivity options
as part of this proposal. Participants may continue to use their
existing methods to connect to and send orders to the Exchange. The
proposed Clock Service will not include any trading data regarding the
subscriber's activity on the Exchange or include any data from other
trading activity on the Exchange.
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\15\ The Exchange notes that the 1 Gbps Physical Port that a
participant shall receive as part of this Service shall be used
solely for the purposes of the Clock Service and will not be able to
be used for any other purpose (e.g., order routing).
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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.\16\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \17\ 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 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) \18\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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\16\ 15 U.S.C. 78f(b).
\17\ 15 U.S.C. 78f(b)(5).
\18\ Id.
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Trading technology in the U.S. market is constantly evolving and
providing market participants with tools to increase speed and reduced
latency opportunities. Today, the Exchange provides participants
timestamp information in nanoseconds. The Exchange and its participants
independently access time signals from GPS and use those time signals
to synchronize their own primary clock devices. Even though both the
Exchange and participants synchronize to GPS, differences among GPS
receivers may vary by about 30 nanoseconds, with the potential for
further deviation based on a participant's infrastructure. In today's
market, such a potential inaccuracy in a subscriber's latency
measurements is meaningful and potentially impactful to the performance
of their trading strategies.
The proposed Clock Service addresses this issue by enabling
subscribers to synchronize their primary clock device with the
Exchange's by utilizing technology that allows up to a sub-nanosecond
level. For example, the proposed Clock Service would allow subscribers
to timestamp a quote sent from their system to the very same quote
timestamped by the Exchange and have confidence that the time delta
between timestamps is attributable to latency and not due to a
potential offset in their primary clocks as discussed above. The
Exchange, therefore, believes the proposed Clock Service promotes just
and equitable principles of trade, removes impediments to and perfects
the mechanism of a free and open market because it would allow latency
sensitive subscribers to measure latency in a manner consistent with
their trading behavior and the evolving pace of trading and technology
in today's markets. Time synchronization removes impediments to and
perfects the mechanism of a free and open market
[[Page 15662]]
because it would provide subscribers with a tool to assess and re-
calibrate their systems at a more acute level that is in line with the
increasing speeds at which today's markets operate.
The proposed Clock Service provides participants with the
Exchange's time signal. The time signal provided by the proposed
Service could be beneficial in multiple areas, one of which is enabling
subscribers to more precisely measure latency between their network and
that of the Exchange by utilizing technology that allows up to a sub-
nanosecond level. The proposed Clock Service would allow them to better
understand the times at which their order or message reached certain
points when traveling from their network to the Exchange through more
granular latency measurements. The proposed Clock Service is,
therefore, consistent with Section 6(b)(5) of the Act because a more
granular latency measurement would enable latency sensitive subscribers
to more precisely calculate and thus better understand and manage their
own latency.
Subscribers may utilize these enhanced latency measurements to
better analyze latencies within their own systems and use this analysis
to optimize their network, models and trading patterns to potentially
improve their interactions with the Exchange. The ability to more
precisely measure network efficiency could provide subscribers with a
set of metrics that allow them to better assess the health of their
network and that their systems are working as intended. The Exchange
anticipates that most, if not all, subscribers to the proposed Clock
Service would be those whose trading models are latency sensitive;
however, managed service providers may also subscribe in order to
redistribute the Cboe Clock to their downstream clients.
The Exchange believes providing this optional clock synchronization
service to interested subscribers is, therefore, consistent with
facilitating transactions in securities, removing impediments to and
perfecting the mechanism of a free and open market and a national
market system, and, in general, protecting investors and the public
interest.
As noted above, MIAX Emerald currently offers a clock service that
has been reviewed and approved by the Commission.\19\ MIAX Emerald's
clock service is substantially similar to the proposed Clock Service as
both offerings synchronize a subscriber's time recording systems to
those of the exchange at a more granular level for highly correlated
latency measurements between the exchange's and the subscriber system's
time measurements related to the same message or order. Both offerings
allow subscribers to synchronize their own primary clock devices to the
exchange's primary clock device, by receiving time signals from the 1
Gbps connection.
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\19\ See Securities Exchange Act Release No. 94335 (March 1,
2022), 87 FR 12756 (March 7, 2022) (SR-EMERALD-2021-38) (Notice of
Filing of Amendment No. 1 and Order Granting Accelerated Approval of
a Proposed Rule Change, as Modified by Amendment No. 1, To Amend
Exchange Rule 531 To Provide for a New Service Called the High
Precision Network Time Signal Service) (``Approval Order'').
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One key distinction between the Exchange's proposed Clock Service
and MIAX Emerald's similar offering is that the Exchange includes a 1
Gbps Physical Port as part of its offering for this Clock Service.\20\
Similar to MIAX Emerald, this 1 Gbps Physical Port will be used solely
for the Clock Service offering.\21\ However, a participant that
purchases the Exchange's Clock Service will only need one 1 Gbps
Physical Port to receive this service for the Exchange and its
affiliated equities and options exchanges.\22\
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\20\ As noted above, MIAX also requires a 1 Gbps connection.
\21\ See Securities Exchange Act Release No. 94915 (May 16,
2022), 87 FR 31002 (May 20, 2022) (SR-EMERALD-2022-16).
\22\ MIAX Emerald's affiliates do not offer this service, thus
the 1 Gbps connection is only used for the MIAX Emerald clock
service while the Exchange's proposed offering allows for the Clock
Service to be used for the Exchange and its affiliated options and
equities exchanges.
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Additionally, MIAX Emerald's offering also utilizes White Rabbit
technology.\23\ with both services synchronizing a subscriber's time
recording systems to those of the respective exchange at a more
granular level for highly correlated latency measurements between the
respective exchange's and the subscriber system's time measurements
related to the same message or order.
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\23\ See
MIAX_Emerald_Options_EnhancedPTP_WhiteRabbit_08302021.pdf, noting
the White Rabbit technology that is used for this service offering.
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The proposed Clock Service also protects investors and the public
interest because subscribers may use the Clock Service for determining
compliance with trade surveillance and to assist them in evaluating
compliance with certain clock synchronization requirements.\24\
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\24\ See Cboe Rule 7.21 (incorporated by reference under
Exchange Chapter 7. Regulatory Records, Reports, and Audits, Section
B. Consolidated Audit Trail Compliance Rule).
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Additionally, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5) \25\ requirement that the rules of
an exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers as it will be available to all
TPHs and non-TPHs who choose to subscribe. Use of the proposed Clock
Service would be voluntary and no TPH or non-TPH would be required to
subscribe to the proposed Clock Service.\26\ The Exchange notes that
the proposed Clock Service would be an additional, optional tool for
participants and some participants may not find it useful based on
their business needs and trading activity. Participants that choose not
to subscribe to the proposed Clock Service are free to utilize other
time synchronization methods or services that may assist them in time
synchronization of their systems at a more granular level. The proposed
Clock Service may not provide utility to all participants based on
their business model, use of existing time synchronization methods, or
reliance on other methods to test their system's performance to ensure
it is operating as intended. For example, certain participants employ
business models that are not latency sensitive, such as those that only
enter resting liquidity
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\25\ 15 U.S.C. 78f(b)(5).
\26\ The Exchange intends to submit a separate filing with the
Commission pursuant to Section 19(b)(1) to propose fees for the
Clock Service.
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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. In this instance, the
proposed rule change to offer the optional Clock Service is in response
to participant interest and requests for tools that would enable them
to better measure traversal times between their network and that of the
Exchange at a more granular level.
Intra-Market Competition
The Exchange does not believe the proposed Clock Service will have
an inappropriate burden on intra-market competition between
participants that choose to subscribe to the Clock Service and those
participants that do not. The proposed Clock Service would provide
participants with the ability to synchronize their primary clock
devices with the Exchange's primary clock device by utilizing
technology that allows up to a sub-nanosecond level, which they may
then use to measure their network's efficiency to determine whether
their systems are performing as expected.
[[Page 15663]]
The Exchange notes that the proposed Clock Service would be an
additional, optional tool for participants and some participants may
not find it useful based on their business needs and trading activity.
The proposed Clock Service may not provide utility to all participants
based on their business model, use of existing time synchronization
methods, or reliance on other methods to test their system's
performance to ensure it is operating as intended.
Additionally, some participants may be able to enhance their own
traversal time calculations without subscribing to the proposed Clock
Service by using other time synchronization methods or utilize some
other services that may assist them in time synchronization of their
systems. Participants may also prefer to utilize or develop other
methods that would enable them to determine whether their own primary
clock device is recording time in close proximity to the primary clock
devices of other market participants. Participants may view these
alternatives as more in line with their business needs or choose an
alternative that is more compatible with their existing technology.
Inter-Market Competition
The Exchange does not believe the proposed Clock Service will have
an inappropriate burden on inter-market competition. The proposed Clock
Service will further enhance inter-market competition between exchanges
by allowing the Exchange to expand its product offerings. As previously
noted, MIAX Emerald provides a clock service to its Members.\27\ The
proposed Clock Service would provide subscribers with a tool to assist
them in recalibrating their own models and trading strategies to
improve their overall experience on the Exchange, thereby potentially
improving execution and order fill rates. This may improve the
Exchange's overall market quality through increased liquidity and
improved execution opportunities for resting orders, enhancing the
Exchange's overall competitive position. The proposed rule change
should enhance competition by promoting further initiatives and
innovation among market centers and market participants as it concerns
time measurements and synchronization among trading platforms.
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\27\ See MIAX Emerald Fee Schedule, Section 8, Services.
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Lastly, if the proposed Clock Service is unattractive to
participants, participants will opt not to subscribe to it.
Accordingly, the Exchange does not believe that the proposed change
will impair the ability of participants or competing order execution
venues to maintain their competitive standing in the financial market.
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
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A) \28\ of the Act and Rule 19b-4(f)(6) \29\ thereunder.
Because the foregoing proposed rule change does not: (i) significantly
affect the protection of investors or the public interest; (ii) impose
any significant burden on competition; and (iii) become operative prior
to 30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \30\ and Rule
19b-4(f)(6) thereunder.\31\
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\28\ 15 U.S.C. 78s(b)(3)(A).
\29\ 17 CFR 240.19b-4(f)(6).
\30\ 15 U.S.C. 78s(b)(3)(A)(iii).
\31\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \32\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\32\ 15 U.S.C. 78s(b)(2)(B).
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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#ff8d8a939ad29c9092929a918b8cbf8c9a9cd1989089"><span class="__cf_email__" data-cfemail="cdbfb8a1a8e0aea2a0a0a8a3b9be8dbea8aee3aaa2bb">[email protected]</span></a>. Please include
file number SR-C2-2026-005 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-C2-2026-005. 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-C2-2026-005 and should be submitted on
or before April 20, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\33\
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\33\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-06046 Filed 3-27-26; 8:45 am]
BILLING CODE 8011-01-P
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