Notice2026-09124
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt a Stock Loan Inventory Functionality for Silexx
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
May 8, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 89 (Friday, May 8, 2026)</title>
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[Federal Register Volume 91, Number 89 (Friday, May 8, 2026)]
[Notices]
[Pages 25404-25408]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-09124]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105369; File No. SR-CBOE-2026-045]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt a
Stock Loan Inventory Functionality for Silexx
May 5, 2026.
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 April 28, 2026, 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
Exchange filed the proposal as a ``non-controversial'' proposed rule
change pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule
19b-4(f)(6) thereunder.\4\ 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.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to add a real-time broker stock loan
inventory functionality for Silexx.
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>), 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 add a real-time broker stock loan
inventory functionality to Silexx (the ``Short Locate Service''). As
discussed further below, the Short Locate Service is a new FIX
connectivity offering that a broker utilizing Silexx (a ``Silexx
broker'') may provide to its customers utilizing Silexx (a ``Silexx
user''). This allows for the Silexx broker to provide its Silexx users
with a real-time view of the Silexx broker's inventory. This Short
Locate Service will be requested, and purchased, by the Silexx broker
and provided to its Silexx users. The Exchange believes that the
integration of the Short Locate Service into a Silexx user's interface
will create a more efficient process for Silexx users and brokers
alike.
By way of background, the Silexx platform consists of a ``front-
end'' order entry and management trading platform (also referred to as
the ``Silexx terminal'') for listed stocks and options that supports
both simple and complex orders, and a ``back-end'' platform which
provides connection to the infrastructure network. The Silexx
[[Page 25405]]
platform (collectively, the front-end and back-end platform) has the
capability to send options orders to the U.S. options exchanges, send
stock orders to the U.S. stock exchanges (and other trading centers),
and input parameters to control the size, timing, and other variables
of their trades. The Silexx platform can also provide users with access
to real-time options and stock market data, as well as access to
certain historical data. The Silexx platform is designed so that a
Silexx user may enter orders into the platform to send to a Silexx
broker (including Trading Permit Holders (``TPHs'')) of its choice and
such Silexx broker will then send the orders to Cboe Options (if the
broker is a TPH) or other U.S. exchanges (and trading centers) in
accordance with the Silexx user's instructions. The Silexx platform is
a software application that is installed locally on a user's desktop.
Silexx grants users licenses to use the platform, and a firm or
individual does not need to be a TPH to license the platform.
As noted above, Silexx users may utilize the Silexx platform to
send stock orders to the U.S. stock exchanges as well as other trading
centers. Amongst other order types, Silexx users may choose to enter
short sell orders into the Silexx platform. A short sale is the sale of
a security which the seller does not own or any sale which is
consummated by the delivery of a security borrowed by, or for the
account of, the seller.\5\ Short sales are governed by Regulation
SHO,\6\ which, amongst other things, mandates that prior to effecting a
short sale in a stock, that the executing broker has (i) borrowed the
security, (ii) entered into a bona-fide arrangement to borrow the
security, or (iii) has reasonable grounds to believe that the security
can be borrowed so that it can be delivery on the date delivery is due
(the ``Locate Requirement'').\7\ However, there are exceptions to the
Locate Requirement under Regulation SHO.
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\5\ See 17 CFR 242.200--Definition of ``short sale'' and marking
requirements.
\6\ See Regulation SHO, Regulation of Short Sales, 17 CFR
$242.200-242.204
\7\ See Regulation SHO, Borrowing and delivery requirements, 17
CFR 242.203(b)(1)-(2).
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Specifically that the Locate Requirement does not apply to (i) a
broker or dealer that has accepted a short sale order from another
registered broker or dealer that is required to comply with the Locate
Requirement, unless the broker or dealer relying on this exception
contractually undertook responsibility for compliance with the Locate
Requirement; (ii) any sale of a security that a person is deemed to own
pursuant to Sec. 242.200, provided that the broker or dealer has been
reasonably informed that the person intends to deliver such security as
soon as all restrictions on delivery have been removed; if the person
has not delivered such security within 35 days after the trade date,
the broker-dealer that effected the sale must borrow securities or
close out the short position by purchasing securities of like kind and
quantity; (iii) short sales effected by a market maker in connection
with bona-fide market making activities in the security for which this
exception is claimed; and (iv) transactions in security futures.\8\
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\8\ See 17 CFR $242.203(b)(2).
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Today, when a Silexx user enters a short sale order into the Silexx
platform, they may either (if they are a broker-dealer) route that
order directly to a U.S. stock exchange, or another trading venue
(e.g., an off-exchange trading venue such as an alternative trading
system). Alternatively, a Silexx user (both broker-dealers and non-
broker-dealers) may choose to route their short sale order to a Silexx
broker with which the Silexx user has a pre-existing relationship. To
comply with the Locate Requirement, the Silexx user must locate the
security to be sold short. Today, the manner in which a Silexx user
satisfies the Locate Requirement depends on whether the security to be
sold short is easy to borrow (``ETB'') \9\ or hard to borrow
(``HTB'').\10\ In either case, the Silexx user must ensure that their
short sale order ticket is populated with a locate ID, which is a value
identifying the broker-dealer the Silexx user has located as the source
from which they can borrow the security to be sold short. If a sell
short order does not have a valid locate ID, Silexx will not allow the
order to proceed to an exchange or trading center, or to an executing
broker.\11\
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\9\ For the sake of clarity, the term ``easy to borrow'' or
``ETB'' is generally understood to refer to stocks that are
typically highly liquid and as such, are often readily available for
borrowing.
\10\ For the sake of clarity, the term ``hard to borrow or
``HTB'' is generally understood to refer to stocks that are not easy
to borrow.
\11\ The Locate ID represents the lending entity and documents
that the user has located borrowable shares.
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Current ETB Short Sale Workflow
Currently, Silexx users wishing to sell short a security rely on
ETB lists to satisfy the Locate Requirement.\12\ An ETB list is a
catalogue of securities that a Silexx broker has in its inventory, and
the quantity that is available to be borrowed by a market participant
that seeks to sell short a stock. Today, Silexx brokers upload their
ETB Lists to Silexx on a daily basis, and Silexx users who have
relationships with these Silexx brokers may use these ETB lists to
locate a Silexx broker from which the security can be borrowed. A
Silexx user may have access to one or several ETB lists, depending on
the number of Silexx brokers with which they maintain relationships.
Once the Silexx user enters a short sale order the Silexx platform will
utilize the ETB list(s) the Silexx user has access to, and should the
security appear on an ETB list, Silexx will populate the Silexx user's
short sale order with a relevant locate ID.
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\12\ See ``Division of Market Regulation: Responses to
Frequently Asked Questions Concerning Regulation SHO,'' Question
4.2: How may broker-dealers use Easy to Borrow lists?'' available
at: <a href="https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions-8">https://www.sec.gov/rules-regulations/staff-guidance/trading-markets-frequently-asked-questions-8</a>.
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Currently, the inventory, quantity, and borrowing costs of
securities on ETB lists are static, and do not update in real-time. As
such, a Silexx user may inadvertently sell short a security based on an
inaccurate view of the available quantity of a security a Silexx broker
has available to lend, and/or based on an inaccurate understanding of
the cost of borrowing a security at the time of the transaction.
Current HTB Short Sale Workflow
Silexx users cannot rely on the ETB workflow for HTB securities.
Instead, Silexx users utilize processes and systems outside of Silexx
to locate a broker-dealer from which the subject security can be
borrowed. Once that locate is identified the Silexx user must then
manually enter the locate ID into their order ticket. If no locate ID
is populated, Silexx will not allow the order to proceed. These manual
processes can make short selling in Silexx more time consuming and less
efficient than necessary.
Proposed Short Sale Workflow
Based on Silexx broker feedback, the Exchange now seeks to enhance
Silexx's short sale workflows by implementing functionality providing
Silexx users with a real-time view of the stock loan inventory of a
Silexx broker with which they have a stock lending relationship
(``Short Locate Service''). Under the new proposed Silexx offering, a
Silexx broker may permission its users to have a live view into its
inventory (including both ETB and HTB stocks). The inventory will note
both the quantity available and the fee at which a Silexx broker will
loan the security. A Silexx user may also automatically send a request
using this Silexx offering to its broker to borrow the stock in
question, which the broker can respond to. After
[[Page 25406]]
the Silexx broker responds, the locate ID is automatically populated
for the user when its order is sent.
Specifically, the Exchange seeks to integrate the Silexx Platform
with the stock locate systems of Silexx brokers via FIX ports that
Silexx brokers may purchase from the Exchange, which a Silexx broker
can then make available to its Silexx users.\13\ By connecting via FIX
to a Silexx broker's stock locate system, Silexx users will have a tool
that provides them with real-time visibility into a Silexx broker's
stock loan inventory,\14\ the quantity available for borrowing, the
pricing for borrowing a security, as well as acceptance controls to
secure a locate and potential borrow from the broker-dealer. By
streamlining sell short workflows within Silexx, Silexx users will be
able to more efficiently execute short sale transactions in the Silexx
platform, thereby enhancing their ability to comply with the Locate
Requirement.\15\
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\13\ The Exchange will separately submit a fee filing for the
FIX ports described herein.
\14\ It is ultimately up to the brokers to communicate the
inventory to Silexx. When a broker pushes an update of its inventory
to Silexx, Silexx will reflect that change via the FIX connection to
the Broker's Silexx users.
\15\ Silexx users must comply with Regulation SHO, Borrowing and
delivery requirements, 17 CFR 242.203(b)(1)-(2), regardless of how
they use the Silexx platform.
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The proposed functionality will enable Silexx users to view the
available borrowable quantity of a security on an ETB list, and the
related borrowing costs, in real-time.\16\ As noted above, the ETB list
in Silexx, today, is static in nature. As such, a Silexx user may
inadvertently sell short a security based on an inaccurate
understanding of the cost of borrowing a security at the time of the
transaction. By enhancing Silexx to provide a real-time view of ETB
lists, Silexx users will have a better view of the lending market for a
security and will be better enabled to comply with the Locate
Requirement.
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\16\ The quantity available will decrease upon a user borrowing.
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The Exchange also seeks to enhance Silexx short sale functionality
by providing Silexx users with a real-time view into a Silexx broker's
inventory for securities that are HTB. This functionality will enable
Silexx users to view the inventory of a Silexx broker, with which they
have a pre-existing relationship, in real-time, as well as request in
real-time the cost of obtaining a locate for and borrowing a subject
security. Once a locate on a security has been identified and agreed
to, the Silexx platform will populate the Silexx user's short sale
order ticket with the relevant locate ID and will, based on the Silexx
user's instruction, either route the order to an exchange or trading
center, or to a Silexx broker. By eliminating the manual processes that
exist in Silexx today, Silexx users will have a more efficient and
expeditious way to execute short transactions in HTB securities.
To illustrate the proposed enhancements, consider the following
examples:
Example 1: Current State--ETB
A Silexx user enters an order into the Silexx platform to sell
short security, ABC. Upon entry of the short sale order, Silexx will
use the ETB list(s) to which the Silexx user has access, to verify
whether ABC is on an ETB list. If ABC is easy to borrow, Silexx will
populate the Silexx user's short sale order ticket with a relevant
locate ID. Silexx will then allow the order to proceed to an exchange
or trading venue for execution, or to an executing broker of the Silexx
user's choosing. Notably, when accessing the ETB list(s), the Silexx
user is not viewing in real-time the available quantity a lending
broker-dealer has in inventory, or the real-time cost of borrowing such
a security.
Example 2: Proposed State--ETB
A Silexx user enters an order into the Silexx platform to sell
short security ABC. Upon entry of the short sale order, Silexx will use
the ETB list(s) to which the Silexx user has access to verify whether
ABC is on an ETB list. If ABC is easy to borrow, Silexx will populate
the Silexx user's short sale order ticket with a relevant locate ID.
Silexx will then allow the order to proceed to an exchange or trading
venue for execution, or to an executing broker of the Silexx user's
choosing. However, with the implementation of the proposed
functionality, the Silexx user's view of the ETB list(s) will now be in
real-time, and Silexx will now see a real-time view of the quantity of
ABC the Silexx broker has in its inventory to lend. As such, the true
cost of borrowing is known at the time of order entry.
Example 3: Current State--HTB
A Silexx user enters an order to sell short security, XYZ, into the
Silexx platform. XYZ is HTB, and the Locate Requirement must be
satisfied in a different manner. The Silexx user then sources a locate
for security, XYZ, utilizing systems and/or processes that exist
outside of Silexx. Once the Silexx user has located a broker-dealer
from which they can borrow XYZ, the Silexx user then manually populates
their Silexx short sale order ticket with a valid locate ID. With a
valid locate ID, Silexx allows the order to proceed, and handles the
order according to the Silexx user's instructions.
Example 4: Proposed State--HTB
A Silexx user enters an order to sell short security, XYZ, into the
Silexx platform. XYZ is HTB and the Locate Requirements must be
satisfied in a different manner. Now, under the proposed functionality,
rather than utilizing processes and system outside of Silexx, and
having to manually input the locate ID into the Silexx short sale order
ticket, the Silexx user can utilize the enhanced Silexx short sale
functionality. Specifically, upon a Silexx user entering its order to
sell short, XYZ, Silexx will view the stock loan inventory of Silexx
brokers with which the Silexx user has a stock lending relationship. In
doing so, the Silexx user has a real time view of the quantity of a
security available to borrow, and the real-time cost of locating and
potentially borrowing such security. Once a Silexx broker has been
identified as a locate source, Silexx will populate the Silexx user's
short sale order ticket with the relevant locate ID, and from there,
will allow the sell short order to proceed.
Connectivity
As noted above, the use of this service will be through a new FIX
offering (as opposed to the existing ETB list which is a daily file
that is integrated into a Silexx user's platform). Silexx brokers will
pay a monthly fee for this proposed FIX session \17\ which they can
then permission its users for access to the FIX locate inventory user
interface (including both ETB and HTB stocks) and Silexx users can
route short locate requests directly to their Silexx brokers. The
Exchange notes that there will be no additional connectivity
requirements for a Silexx broker's Silexx user(s) (i.e., Silexx users
will not need to pay for any additional connectivity).
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\17\ The Exchange will submit a fee filing to the Commission
separately.
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The proposed Short Locate Service, would be a new FIX offering
separate from the existing FIX offerings \18\ for Cboe Silexx.\19\ This
FIX connection would be requested by the Silexx
[[Page 25407]]
broker, from which, the Silexx broker can allow its Silexx users access
to its inventory. These Silexx users would then be permissioned for a
live view of the Silexx broker's inventory and may also use this FIX
connection to directly submit an inquiry to the Silexx broker about a
specific stock through a streamlined process for its inventory. The
integration of the Short Locate Service into a Silexx user's interface
will create a more efficient process for Silexx users and brokers
alike.
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\18\ Currently in Cboe Silexx, the FIX ports can fulfill a
variety of purposes, one of which includes sending execution
messages to customers from their executing brokers, which, in turn,
allows customers to update positions, risk calculations, and
streamline back-office functions.
\19\ See Cboe Exchange, Inc., Silexx Fee Schedule, noting the
monthly cost for a FIX connection for staged orders, drop copies,
and order routing functionality for FIX connections. For example,
the current schedule allows for staged Drop Copies, and Order
Routing Functionality for FIX Connections for $250/month/FIX
connection that is paid for by the user.
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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.\20\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \21\ 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) \22\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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\20\ 15 U.S.C. 78f(b).
\21\ 15 U.S.C. 78f(b)(5).
\22\ Id.
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In particular, the Exchange believes that offering the proposed
Short Locate Service protects investors and is in the public interest
because it will allow Silexx users to more efficiently fulfill their
regulatory obligations under the Locate Requirement. By allowing Silexx
users access to a tool that provides them with automated real-time
visibility into its Silexx broker's stock loan inventory, Silexx users
will be able to streamline their workflows in a more efficient manner.
By streamlining sell short workflows within Silexx, Silexx users will
be able to more efficiently execute short sale transactions in the
Silexx platform, thereby enhancing their ability to comply with the
Locate Requirement.
The Exchange believes the proposed rule change does not
discriminate among market participants because use of the Cboe Silexx
platform, and more specifically, the proposed short sale functionality,
is completely voluntary. The Short Locate Service is available as a
convenience to Silexx broker, and in turn, their Silexx users. Silexx
brokers may continue to use the daily ETB file and are under no
obligation to use the Short Locate Service. Additionally, the proposed
functionality will be available to all Silexx brokers who find value in
this service.
Silexx brokers can provide the proposed functionality to allow its
Silexx users that have a relationship with the Silexx broker to access
a tool that provides them with automated real-time visibility into a
Silexx broker's stock loan inventory, the quantity available for
borrowing, the pricing for borrowing a security, as well as acceptance
controls to secure a borrow from the Silexx broker.
The Exchange believes that this additional, optional functionality
that Silexx brokers may purchase and offer to its users will create a
more efficient process for users and brokers alike.
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 proposed change will not
impose any burden on intramarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act because the
Exchange will make the Short Locate Service available to all Silexx
brokers who believe their Silexx users would benefit from this optional
service.
As described in detail above, the use of the Short Locate Service
will be completely voluntary and Silexx brokers may continue to use the
existing ETB file if they believe it better fits their use case.\23\
The proposed functionality is not an exclusive means of complying with
a Silexx user's requirements under the Locate Requirement, and if
market participant believe that other products, vendors, front-end
builds, etc. available in the marketplace are more beneficial than the
proposed functionality, they may simply use those products instead. Use
of such functionality is completely voluntary.
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\23\ See Cboe-Silexx-Announcement_v23-6_20230620.pdf, announcing
the release of the easy-to-borrow and locate ID integration.
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The Exchange does not believe that the proposed change will impose
any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act because Cboe
Options will be offering a type of product that is widely available
throughout the industry.\24\ As noted above, market participants can
also develop their own proprietary products with the same
functionality. The Exchange will also continue to offer the ability for
users to continue using the daily ETB file.
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\24\ See e.g., Takion Technologies.
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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
Because the foregoing proposed rule change does not:
A. significantly affect the protection of investors or the public
interest;
B. impose any significant burden on competition; and
C. become operative for 30 days from the date on which it was
filed, or such shorter time as the Commission may designate, it has
become effective pursuant to Section 19(b)(3)(A) of the Act \25\ and
Rule 19b-4(f)(6) \26\ thereunder. 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 will institute proceedings to determine whether the proposed
rule change should be approved or disapproved.
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\25\ 15 U.S.C. 78s(b)(3)(A).
\26\ 17 CFR 240.19b-4(f)(6).
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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#2351564f460e404c4e4e464d5750635046400d444c55"><span class="__cf_email__" data-cfemail="4c3e392029612f2321212922383f0c3f292f622b233a">[email protected]</span></a>. Please include
file number SR-CBOE-2026-045 on the subject line.
[[Page 25408]]
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-2026-045. 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-2026-045 and should be submitted on
or before May 29, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\27\
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\27\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2026-09124 Filed 5-7-26; 8:45 am]
BILLING CODE 8011-01-P
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