Notice2026-17913
Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt a New Rule Governing the Operation of a Proposed Step Up Mechanism (“SUM”) on the Exchange and To Make Conforming Changes in Other Rules
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
September 2, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 169 (Wednesday, September 2, 2026)</title>
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[Federal Register Volume 91, Number 169 (Wednesday, September 2, 2026)]
[Notices]
[Pages 56514-56518]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-17913]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-106224; File No. SR-C2-2026-024]
Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt a
New Rule Governing the Operation of a Proposed Step Up Mechanism
(``SUM'') on the Exchange and To Make Conforming Changes in Other Rules
August 28, 2026.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the
[[Page 56515]]
``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on August 27, 2026, Cboe C2 Exchange, Inc. (the ``Exchange'' or ``C2'')
filed with the Securities and Exchange Commission (the ``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
Cboe C2 Exchange, Inc. (the ``Exchange'' or ``C2'') proposes to
adopt a new rule governing the operation of a proposed Step Up
Mechanism (``SUM'') on the Exchange and to make conforming changes in
other rules. 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 (<a href="https://www.cboe.com/us/options/regulation/rule_filings/ctwo/">https://www.cboe.com/us/options/regulation/rule_filings/ctwo/</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 adopt Rule 5.35 (Step Up Mechanism
(``SUM'')), which sets forth the operational framework for SUM, a
feature within the System that would provide automated order handling
in designated classes for qualifying orders that are not automatically
executed by the System. The proposed functionality is substantively
identical to the Step Up Mechanism of Cboe Exchange, Inc. (``Cboe
Options'').\3\ The Exchange also proposes to make conforming amendments
to Rules 5.21, 5.25,\4\ and 5.34.
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\3\ See Cboe Options Rule 5.35; see also, e.g., Cboe EDGX
Exchange, Inc. (``Cboe EDGX'') Rule 21.18; and Investors Exchange
(``IEX'') Rule 22.270.
\4\ As part of the proposed changes, the Exchange proposes to
correct a typographical error in Rule 5.25(c), namely to correct
``subpargraph'' to ``subparagraph.''
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Proposed Rule 5.35(a) sets forth the eligibility requirements for
SUM. Under the proposed rule, the Exchange will determine \5\ eligible
order size, eligible order type, eligible order Capacity (e.g.,
Priority Customer orders, non-Market Maker non-Priority Customer
orders, and Market Maker orders), and classes in which SUM is
activated. Bulk messages are not eligible for SUM, as bulk messages are
intended to assist Market-Makers' facilitation of the provision of
liquidity on the Exchange. SUM will automatically process upon receipt
of: (1) an eligible order that is marketable against the Exchange's BBO
\6\ that is not the NBBO;\7\ or (2) an eligible order that would
improve the Exchange's BBO and that is marketable against the ABBO.\8\
The proposed rule change also permits a User to opt out of this
process.\9\ The Exchange will not initiate the SUM process if the NBBO
is crossed.
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\5\ The Exchange announces to Trading Permit Holders all
determinations it makes pursuant to the Rules via: specifications,
Notices, or Regulatory Circulars with appropriate advanced notice,
which will be posted on the Exchange's website, or as otherwise
provided in the Rules; electronic message; or other communication
method as provided in the Rules. See Rule 1.5(a).
\6\ ``BBO'' means the best bid or offer disseminated on the
Exchange. See Rule 1.1.
\7\ ``NBBO'' means the national best bid or offer the Exchange
calculates based on market information it receives from OPRA. See
Rule 1.1.
\8\ ``ABBO'' means the best bid(s) or offer(s) disseminated by
other Eligible Exchanges (as defined in Section E of Chapter 5) and
calculated by the Exchange based on market information the Exchange
receives from OPRA. See Rule 1.1.
\9\ Users may opt out from SUM on an order-by-order basis or by
applying a setting to an order entry port that would opt out all
orders submitted by that User through that port.
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Proposed Rule 5.35(b) describes the order handling and response
process during a SUM exposure period. Upon receipt of a SUM-eligible
order, the System electronically exposes the order at the NBBO
immediately upon receipt. The order is exposed for a period of time
determined by the Exchange \10\ on a class-by-class basis, which period
of time may not exceed one second. During the exposure period, all
Users may submit responses to the exposure message. Responses must be
limited to the size of the order being exposed; may be modified,
cancelled, or replaced any time during the exposure period; and are
cancelled back at the end of the exposure period if unexecuted.
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\10\ See Rule 1.5(a).
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Proposed Rule 5.35(c) describes how exposed orders are allocated
following the exposure period.\11\ Any responses priced at the
prevailing NBBO or better will immediately trade against the order in
time priority. If during the exposure period the Exchange receives an
unrelated order (or quote) on the opposite side of the market from the
exposed order that could trade against the exposed order at the
prevailing NBBO price or better, then the orders will trade at the
prevailing NBBO price. The exposure period will not terminate if a
quantity remains on the exposed order after such trade. Responses that
are not immediately executable based on the prevailing NBBO may become
executable during the exposure period based on changes to the NBBO. In
the event of a change to the NBBO and at the conclusion of the exposure
period, the Exchange will evaluate remaining responses as well as the
ABBO and execute any remaining portion of the exposed order to the
fullest extent possible at the best price(s) by executing against
responses and unrelated orders (pursuant to the allocation algorithm in
effect for the class). Following the exposure period, the Exchange will
route the remaining portion of the exposed order to other exchanges,
unless otherwise instructed by the User. Any portion of a routed order
that returns unfilled shall trade against the Exchange's best bid/offer
unless another exchange is quoting at a better price, in which case new
orders shall be generated and routed to trade against such better
prices. All executions on the Exchange pursuant to this paragraph will
comply with Chapter 5, Section E.\12\
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\11\ The Exchange intends to set the length of the exposure
period to 10 milliseconds for all classes when it activates SUM on
the Exchange.
\12\ Chapter 5, Section E incorporates Cboe Options Rules
regarding the Options Order Protection and Locked/Crossed Market
Plan (the ``Linkage Plan''), including the order protection
requirements set forth in Cboe Options Rule 5.66.
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Proposed Rule 5.35(d) describes the circumstances under which the
exposure period terminates prior to its expiration. In addition to the
receipt of a response or unrelated order or quote to trade the entire
exposed order at the NBBO or better, the exposure period also
terminates prior to its expiration, and the System processes the
exposed order in accordance with proposed paragraph (c), if during the
exposure period (1) the NBBO updates such that the exposed order is no
longer marketable against the prevailing NBBO; or (2) the Exchange is
displaying an
[[Page 56516]]
unrelated order on the same side of the market as the exposed order and
such displayed order is subsequently locked or crossed by another
options exchange.
The purpose of the proposed change is to provide all Users with the
opportunity to improve their prices and ``step up'' to meet the NBBO in
order to interact with orders sent to the Exchange. This will allow the
market participant sending an order to the Exchange to increase its
chances of receiving an execution at the Exchange (the market
participant's chosen venue) instead of having the order be routed to
another exchange. This ``step up'' process allows market participants
to account for factors beyond just disseminated prices, such as
execution costs, system reliability, and quality of service, when
determining the exchange to which to route an order. A market
participant that prefers the Exchange due to some combination of these
other factors will know that, even if the Exchange is not displaying a
price that is the NBBO, the market participant may still receive an
execution at the Exchange because another User may ``step up'' to match
the NBBO. Further, SUM and the ``step up'' process enable Users to add
liquidity that is available to interact with orders sent to the
Exchange. Indeed, when a User on the Exchange ``steps up'' to match the
NBBO that is displayed on another exchange, more contracts may be
executed at this NBBO price on the Exchange than are available at that
same price on the other exchange.
In connection with the proposed SUM functionality, the Exchange
proposes to amend Rule 5.21(b)(2) to indicate that a description of how
SUM will operate during a limit up-limit down state is described in
proposed Rule 5.35. Additionally, the Exchange proposes to amend Rule
5.25(c) (Auction Response Processing) to add a reference to SUM.
Currently, Rule 5.25(c) provides that at the conclusion of an auction
response or exposure period, the System will 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 for up to an
Exchange-determined period of time on a class-by-class basis, not to
exceed 100 milliseconds, which shall be announced with reasonable
advance notice via Exchange Notice. The proposed amendment adds SUM to
the list of auction mechanisms to which this provision applies, so that
SUM exposure periods receive the same message processing treatment as
COA response periods.\13\
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\13\ This is similar to Cboe Options Rule 5.25(c).
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The Exchange proposes to amend Rule 5.34(c)(4)(B)(i) (Risk Monitor
Mechanism) to add a reference to SUM auctions. Currently, Rule
5.34(c)(4)(B)(i) allows a TPH to specify whether volume or executions
in COAs count toward the TPH's underlying, EFID, or EFID Group limit
(on both an interval or absolute basis). The proposed amendment adds
SUM auctions alongside COAs in this provision, so that TPHs have the
same ability to manage their risk exposure from SUM executions as they
do for COA executions.\14\
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\14\ This is similar to Cboe Options Rule 5.34(c)(4)(B)(i).
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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.\15\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \16\ 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) \17\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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\15\ 15 U.S.C. 78f(b).
\16\ 15 U.S.C. 78f(b)(5).
\17\ Id.
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In particular, the Exchange believes the proposed rule change
promotes just and equitable principles of trade by providing an
additional mechanism for price improvement on qualifying orders. SUM
gives market participants the opportunity to compete for order flow at
improved prices, which benefits investors by increasing the potential
for executions at the NBBO or better. Specifically, the SUM exposure
period permits all Users to respond with improved pricing for orders
that would otherwise be executed at the Exchange's BBO or routed to
another exchange. By creating a competitive exposure period, SUM
incentivizes liquidity providers on the Exchange to offer improved
pricing to retain order flow, which benefits investors through better
execution quality.
The Exchange further believes that SUM removes impediments to and
perfects the mechanism of a free and open market and a national market
system. SUM complements the national market system framework by
providing an intermediate step between local execution and intermarket
routing that may result in price improvement for the entering order.
Rather than immediately routing an order to an away exchange when the
Exchange's BBO is not the NBBO, SUM gives Users the opportunity to
match or improve the NBBO, which may result in a better price for the
entering order and promotes a more efficient allocation of liquidity
across the national market system. As noted above, all executions
resulting from SUM must comply with Chapter 5, Section E, which
incorporates the intermarket linkage requirements applicable to the
Exchange, including the Order Protection requirements set forth in
Chapter 5, Section E of the Rulebook, and thus the Exchange believes
the proposed rule change is consistent with the national market
system's intermarket protections. Orders that are not filled through
SUM are routed to away exchanges displaying better prices, consistent
with the Exchange's routing obligations. Accordingly, SUM does not
impose any burden on the ability of other exchanges to compete for
order flow or execute orders at their displayed prices.
The Exchange also believes that SUM protects investors and the
public interest because qualifying orders receive the benefit of a
competitive exposure period before execution. The one-second maximum
exposure period provides a meaningful but brief window for price
improvement without unduly delaying execution. The proposed early
termination conditions will cause the exposure period to conclude
promptly when market conditions change, preventing stale exposures that
could disadvantage the entering order. Additionally, the Exchange
believes the restriction on initiating a SUM auction when the NBBO is
crossed will protect investors from execution during periods of
potential pricing uncertainty. SUM would provide eligible Users on the
Exchange with the opportunity to improve their prices to match the NBBO
to interact with orders sent to the Exchange. This will allow the
market participant sending an order to the Exchange to increase its
chances of receiving an execution at the Exchange (the market
participant's chosen venue)
[[Page 56517]]
instead of having the order be routed to another exchange. This ``step
up'' process allows market participants to account for factors beyond
just disseminated prices, such as execution costs, system reliability,
and quality of service, when determining the exchange to which to route
an order. A market participant that prefers the Exchange due to some
combination of these other factors will know that, even if the Exchange
is not displaying a price that is the NBBO, the market participant may
still receive an execution at the Exchange because another User may
``step up'' to match the NBBO. Therefore, the fact that SUM allows a
market participant who elects to send an order to the Exchange to have
a greater likelihood of achieving execution at this chosen venue
without the risk of paying a lower price removes an impediment to and
perfects the mechanism for a free and open national market system. The
proposed rule change also permits Users to opt out of the step-up
process, providing market participants with further flexibility to
control where their orders are executed. For Users that opt out of the
proposed step-up process, the proposed rule change will have no impact
on them, and their orders will continue to be handled in the same
manner as they are today (i.e., they will route away to another
exchange for execution pursuant to Rule 5.36, subject to User
instructions). Further, SUM and the ``step up'' process would enable
Users to add liquidity that is available to interact with orders sent
to the Exchange. Indeed, when a User ``steps up'' to match the NBBO
that is displayed on another exchange, more contracts may be executed
at this NBBO price on the Exchange than are available at that same
price on the other exchange. This increased liquidity would benefit all
market participants on the Exchange, and thus would ultimately protect
investors and the public interest.
The proposed rule change is substantively the same as the rules of
other options markets.\18\ Specifically, the proposed SUM auction is
based on Cboe Options Rule 5.35. The only differences between the
proposed rule change and the Cboe Options rule are: (1) the proposed
rule change excludes language from proposed Rule 5.35 regarding all-or-
none (``AON'') orders, which are not available on the Exchange; and (2)
the proposed rule change permits Users to opt out of SUM auctions,
which while not in the Cboe Options rules, other auction processes
permit Users to opt out of those processes.\19\ The proposed opt out
has no impact on how the proposed step-up process will function and
merely means the proposed rule change will have no impact on the orders
of Users that opt out of the functionality. The proposed rule change is
also substantively the same as the rules of other options
exchanges.\20\ The Commission has always been clear that honoring
better prices on other markets can be accomplished by matching those
better prices. The proposed SUM auction would allow participants on the
Exchange to do just that.\21\
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\18\ See, e.g., Cboe Options Rule 5.35; IEX Rule 22.270; and
Cboe EDGX Rule 21.18.
\19\ See, e.g., Rule 5.33(b)(2) (permits Users to opt out of
complex order auctions).
\20\ See, e.g., IEX Rule 22.270.
\21\ For example, in adopting the Order Protection Rule (Rule
611) under Regulation NMS in 2005, the Commission stated: ``The
Order Protection Rule generally requires that trading centers match
the best quoted prices, cancel orders without an execution, or route
orders to the trading centers quoting the best prices.'' See
Securities Exchange Act Release No. 51808 (June 9, 2005), 70 FR
37496 (June 29, 2005), at 37525.
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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 the proposed rule change will impose any burden on intramarket
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. While the Exchange determines eligible order size,
type, and Capacity on a class-by-class basis, this flexibility is
consistent with the Exchange's existing authority under other rules and
is exercised uniformly for all similarly situated participants. All
Users, including Priority Customers, non-Market Maker non-Priority
Customers, and Market-Makers, may submit responses to the exposure
message during the exposure period. The proposed step-up process is
also voluntary, and all Users will have the ability to opt out of the
process. As a result, for Users that opt out of the proposed step-up
process, the proposed rule change will have no impact on them, and
their orders will continue to be handled in the same manner as they are
today.
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, because the
proposed rule change is substantively the same as rules of other
options exchanges.\22\ The Exchange believes the proposed rule change
will promote competition because the ``step-up'' feature of the
proposed auction allows for execution at the NBBO or price improvement.
When such price improvement is achieved via this ``stepping up'' to
meet (or beat) the best quoted price at another exchange, market
participants are able to receive the best quoted price while still
achieving execution on the Exchange, the exchange to which they elected
to send their orders.
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\22\ See, e.g., Cboe Options Rule; IEX Rule 22.270; and Cboe
EDGX Rule 21.18.
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The Exchange believes that the proposed rule change will relieve
any burden on, or otherwise promote, competition. By offering SUM, the
Exchange provides an additional tool for price improvement that is
available to all market participants. SUM promotes competition among
liquidity providers by creating a brief window in which they can
compete to offer improved prices for qualifying orders. This
competitive dynamic may benefit orders submitted to the Exchange and
ultimately investors by increasing the likelihood of executions of
these orders at the NBBO or better. Without SUM, orders on the Exchange
that could receive price improvement may instead be routed to away
exchanges without the benefit of a local exposure period, potentially
reducing the competitive incentives for Exchange participants to
provide improved pricing.
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: (i)
significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days after the date of the filing, or such
shorter time as the Commission may designate, it has become effective
pursuant to Section 19(b)(3)(A)(iii) of the Act \23\ and subparagraph
(f)(6) of Rule 19b-4 thereunder.\24\
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\23\ 15 U.S.C. 78s(b)(3)(A)(iii).
\24\ 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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[[Page 56518]]
A proposed rule change filed under Rule 19b-4(f)(6) \25\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\26\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange requests
that the Commission waive the 30-day operative delay so that the
proposed rule change may become operative immediately upon filing. The
proposed rule change sets forth rules that are substantially the same
as the rules of another options exchange.\27\ In addition, waiver of
the operative delay would permit the Exchange to implement this
functionality as soon as practical, which in turn could permit
investors to receive sooner the benefits of the ``step-up'' feature,
including potential price improvement. Further, the Exchange states
that waiver of the operative delay is necessary and appropriate for
competitive purposes given that other exchanges currently offer
substantially similar functionality. For these reasons, and because the
proposal raises no new or novel legal or regulatory issues, the
Commission finds that waiver of the 30-day operative delay is
consistent with the protection of investors and the public interest.
Accordingly, the Commission waives the 30-day operative delay and
designates the proposed rule change to be operative upon filing.\28\
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\25\ 17 CFR 240.19b-4(f)(6).
\26\ 17 CFR 240.19b-4(f)(6)(iii).
\27\ See, e.g., IEX Rule 22.270. The Exchange's proposed rules
are also substantially the same as the rules of one of its
affiliated options exchanges. See Cboe EDGX Rule 21.18.
\28\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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 to
determine whether the proposed rule should be approved or 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#4a383f262f67292527272f243e390a392f29642d253c"><span class="__cf_email__" data-cfemail="aedcdbc2cb83cdc1c3c3cbc0daddeeddcbcd80c9c1d8">[email protected]</span></a>. Please include
file number SR-C2-2026-024 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-C2-2026-024. 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-C2-2026-024 and should be submitted on
or before September 23, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\29\
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\29\ 17 CFR 200.30-3(a)(12) and (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-17913 Filed 9-1-26; 8:45 am]
BILLING CODE 8011-01-P
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