Notice2026-18806
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rules 11.1(a), 11.9(b), 11.23, and 11.24 To Add a New Time-in-Force Designation Known as “Regular `til Post Market”
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 15, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 177 (Tuesday, September 15, 2026)</title>
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[Federal Register Volume 91, Number 177 (Tuesday, September 15, 2026)]
[Notices]
[Pages 58501-58505]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-18806]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-106322; File No. SR-CboeBZX-2026-070]
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Exchange Rules 11.1(a), 11.9(b), 11.23, and 11.24 To Add a New Time-in-
Force Designation Known as ``Regular `til Post Market''
September 10, 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 August 28, 2026, Cboe BZX Exchange, Inc. (the ``Exchange'' or
``BZX'') 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 self-regulatory
organization. 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 BZX Exchange, Inc. (``BZX'' or the ``Exchange'') proposes to
amend Exchange Rules 11.1(a), 11.9(b), 11.23, and 11.24 to add a new
Time-in-Force (``TIF'') designation known as ``Regular `til Post
Market'' (``RTP''). The Exchange has designated the proposed rule
change as noncontroversial and provided the Commission with the notice
required by Rule 19b-4(f)(6)(iii) under the Act.\3\ The text of the
proposed rule change is provided in Exhibit 5.
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\3\ 17 CFR 240.19b-4(f)(6)(iii).
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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/equities/regulation/rule_filings/bzx/">https://www.cboe.com/us/equities/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 amend Rule 11.9(b) (``Time-in-Force'') to
add a new TIF designation known as ``Regular `til Post Market'' or
``RTP.'' As proposed, an RTP order would be a limit order designated
for execution during both Regular Trading Hours \4\
[[Page 58502]]
and the After Hours Trading Session,\5\ with any unexecuted portion
expiring at the end of the After Hours Trading Session. In connection
with the introduction of the RTP TIF, the Exchange also proposes
conforming amendments to Rules 11.1(a), 11.23, and 11.24 to reflect the
availability of the RTP TIF across the Exchange's order handling,
auction, and opening process rules.
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\4\ See Exchange Rule 1.5(w). ``Regular Trading Hours'' means
the time between 9:30 a.m. and 4:00 p.m. Eastern Time.
\5\ See Exchange Rule 1.5(c). The term ``After Hours Trading
Session'' shall mean the time between 4:00 p.m. and 8:00 p.m.
Eastern Time.
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Currently, Rule 11.9(b) provides Users \6\ with the following TIF
options for order entry. An ``Immediate-or-Cancel'' (``IOC'') order \7\
is a limit order designated for immediate execution. Any unexecuted
portion of an IOC order is cancelled. A ``Day'' order \8\ is a limit
order designated for execution only during Regular Trading Hours on the
day it is entered. A ``Good `til Cancel'' (``GTC'') order \9\ is a
limit order which, if not executed, will be cancelled by the close of
Regular Trading Hours. A ``Good `til Day'' (``GTD'') order \10\ is a
limit order which, if not executed, will be cancelled at the expiration
time assigned to the order, which can be no later than the close of the
After Hours Trading Session. A ``Good `til Extended Day'' (``GTX'')
order \11\ is a limit order which, if not executed, will be cancelled
by the close of the After Hours Trading Session. A ``Fill-or-Kill''
(``FOK'') order \12\ is a limit order designated for immediate
execution in its entirety or cancellation as soon as it is received by
the Exchange. A ``Regular Hours Only'' (``RHO'') order \13\ is a limit
or market order designated for execution during Regular Trading Hours
only. A ``Pre-Opening Session Plus'' (``PRE'') order \14\ is a limit
order designated for execution only during the Pre-Opening Session \15\
and Regular Trading Hours. Any portion not executed expires at the end
of Regular Trading Hours. A ``Pre-Opening Session `til Extended Day''
(``PTX'') order \16\ is a limit order designated for execution during
the Pre-Opening Session, Regular Trading Hours, and the After Hours
Trading Session. Any portion not executed expires at the end of the
After Hours Trading Session. A ``Pre-Opening Session `til Day'' order
\17\ is a limit order designated for execution during the Pre-Opening
Session, Regular Trading Hours, and the After Hours Trading Session.
Any portion not executed will be cancelled at the expiration time
assigned to the order, which can be no later than the close of the
After Hours Trading Session. While BZX currently offers a wide range of
TIF designations, the Exchange does not presently offer a TIF that
specifically combines Regular Trading Hours with the After Hours
Trading Session in a single, dedicated designation.
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\6\ See Exchange Rule 1.5(cc). ``User'' is defined as ``any
Member or Sponsored Participant who is authorized to obtain access
to the System pursuant to Rule 11.3.'' The ``System'' is ``the
electronic communications and trading facility designated by the
Board through which securities orders of Users are consolidated for
ranking, execution and, when applicable, routing away.'' See
Exchange Rule 1.5(aa). The term ``Member'' means any registered
broker or dealer that has been admitted to membership in the
Exchange. See Exchange Rule 1.5(n).
\7\ See Exchange Rule 11.9(b)(1).
\8\ See Exchange Rule 11.9(b)(2).
\9\ See Exchange Rule 11.9(b)(3).
\10\ See Exchange Rule 11.9(b)(4).
\11\ See Exchange Rule 11.9(b)(5).
\12\ See Exchange Rule 11.9(b)(6).
\13\ See Exchange Rule 11.9(b)(7).
\14\ See Exchange Rule 11.9(b)(8).
\15\ See Exchange Rule 1.5(r). The term ``Pre-Opening Session''
shall mean the time between 8:00 a.m. and 9:30 a.m. Eastern Time.
\16\ See Exchange Rule 11.9(b)(9).
\17\ See Exchange Rule 11.9(b)(10).
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Against this backdrop, the Exchange proposes to introduce the RTP
TIF as a new, dedicated TIF option on BZX. As proposed, the RTP TIF
would permit a User to submit a single limit order that is eligible for
execution during Regular Trading Hours and that, if not fully executed
during Regular Trading Hours, would remain active and eligible for
execution during the After Hours Trading Session. Any portion of an RTP
order not executed by the end of the After Hours Trading Session would
expire. An RTP order may be modified or cancelled in accordance with
Rule 11.9(e) and order priority will be determined pursuant to Rule
11.12(a), just as is the case for RHO orders currently. The Exchange
believes that adding the RTP TIF to its suite of available TIF
designations in Rule 11.9(b) would provide Users with a convenient,
single-instruction mechanism to participate in both Regular Trading
Hours and the After Hours Trading Session without the need to submit
separate orders for each session.
In connection with the introduction of the RTP TIF, the Exchange
also proposes to amend Rule 11.1(a) (``Hours of Trading and Trading
Days'') to add RTP to the list of TIF designations that are subject to
restrictions on order entry prior to 7:00 a.m. Eastern Time. Rule
11.1(a) currently provides that the Exchange will not accept, prior to
7:00 a.m. Eastern Time, among other orders, Minimum Quantity Orders
that also include a Time in Force of Regular Hours Only.\18\ Because an
RTP order, like an RHO order, is designed for execution during Regular
Trading Hours (and, in the case of RTP, extending into the After Hours
Trading Session), the Exchange proposes to add RTP to this restriction
so that Minimum Quantity Orders that also include a Time in Force of
RTP will also not be accepted prior to 7:00 a.m. Eastern Time. This
proposed change is consistent with the treatment of RHO orders and
ensures that orders combining the Minimum Quantity condition with the
RTP TIF are not entered into the System during the pre-7:00 a.m. period
before the applicable trading sessions for such orders have commenced.
The Exchange also proposes a technical, non-substantive correction to
Rule 11.1(a) to capitalize ``Start'' in the reference to the start time
at which orders become eligible for execution in the Early Trading
Session,\19\ consistent with the capitalized usage of ``4:00 a.m.
Start'' and ``7:00 a.m. Start'' earlier in the paragraph. The Exchange
further proposes to amend the pre-open order acceptance restriction in
Rule 11.1(a) to provide that the enumerated order types will not be
accepted prior to 4:00 a.m. Eastern Time, or prior to 7:00 a.m. Eastern
Time for orders eligible for a 7:00 a.m. Start, rather than solely
prior to 7:00 a.m. Eastern Time. This clarification conforms the
restriction to the 4:00 a.m. Start and 7:00 a.m. Start framework set
forth earlier in the paragraph and to the parallel provision of the
rules of the Exchange's affiliate, Cboe EDGX Exchange, Inc.\20\
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\18\ See Exchange Rule 11.1(a). Rule 11.1(a) provides in part
that the Exchange will not accept Minimum Quantity Orders that also
include a Time in Force of Regular Hours Only prior to 7:00 a.m.
Eastern Time.
\19\ See Exchange Rule 1.5(ff). The term ``Early Trading
Session'' shall mean the time between 4:00 a.m. and 8:00 a.m.
Eastern Time.
\20\ See EDGX Exchange Rule 11.1(a).
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The Exchange also proposes to amend the definition of ``Eligible
Auction Order'' in Rule 11.23(a)(8) to add RTP orders as a category of
order eligible to participate in Opening Auctions and Closing Auctions,
alongside existing RHO orders.\21\ As proposed, any RTP order submitted
prior to the Opening Auction would constitute an Eligible Auction Order
in the same manner as an RHO order. This change reflects that an RTP
order, which is designated for execution beginning at the commencement
of Regular Trading
[[Page 58503]]
Hours, is appropriately treated as an Eligible Auction Order for
purposes of the Opening Auction and Closing Auction. Because an RTP
order by definition is eligible for execution during Regular Trading
Hours, it is appropriate to permit such orders to participate in the
auctions that mark the opening and closing of Regular Trading Hours.
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\21\ See Exchange Rule 11.23(a)(8). The term ``Eligible Auction
Order'' currently means any MOO, LOO, LLOO, MOC, LOC, or LLOC order
entered in compliance with its respective cutoff for an Opening or
Closing Auction, any RHO order prior to the Opening Auction, and any
limit or market order not designated to exclusively participate in
the Closing Auction entered during the Quote-Only Period of an IPO
Auction or Halt Auction.
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The Exchange proposes to amend Rules 11.23(b)(1)(A) and
11.23(b)(1)(B) to apply to RTP orders the same pre-Opening Auction
order entry and modification restrictions that currently apply to RHO
orders.<SUP>22 23</SUP> Specifically, under the proposed amendments:
(i) RTP orders submitted between 9:28 a.m. and 9:30 a.m. Eastern Time
will be treated as Late Limit On Open (``LLOO'') orders until the
Opening Auction has concluded; and (ii) RTP orders designated for the
Opening Auction may be modified, but not cancelled, between 9:28 a.m.
and 9:30 a.m. Eastern Time, and any such modified RTP orders will be
treated as LLOO orders until the Opening Auction has concluded. These
restrictions are consistent with the existing treatment of RHO orders
and reflect the Exchange's determination that, because RTP orders are
eligible for execution beginning at the open of Regular Trading Hours,
they should be subject to the same order entry and modification
limitations during the pre-Opening Auction that apply to RHO orders.
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\22\ See Exchange Rule 11.23(b)(1)(A). Currently, RHO market
orders are rejected between 9:28 a.m. and 9:30 a.m. and RHO limit
orders submitted during that window are treated as LLOO orders until
the Opening Auction has concluded.
\23\ See Exchange Rule 11.23(b)(1)(B). Currently, RHO limit
orders designated for the Opening Auction may be modified, but not
cancelled, between 9:28 a.m. and 9:30 a.m.
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The Exchange proposes to amend Rule 11.23(b)(2)(C)(i) to provide
that RTP orders, like RHO limit orders, will have equal priority with
limit orders, LOO orders, and LLOO orders in the second tier of Opening
Auction execution priority.\24\ Because the RTP TIF encompasses Regular
Trading Hours--including the Opening Auction--it is appropriate to
treat RTP orders consistent with RHO orders for purposes of Opening
Auction execution priority. RTP orders, which are subject to a price
limit, receive equal priority with other limit orders in the second
tier.
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\24\ See Exchange Rule 11.23(b)(2)(C) and Exchange Rule
11.23(b)(2)(C)(i). Currently, MOO and market RHO orders have first
priority in the Opening Auction, followed by limit orders, LOO
orders, LLOO orders, and limit RHO orders at equal priority.
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The Exchange further proposes to amend Rule 11.23(b)(3)(B) to
provide that unexecuted RTP order shares, like unexecuted RHO order
shares, will be added to the Continuous Book at the conclusion of the
Opening Auction, subject to the User's instructions.\25\ Consistent
with the existing treatment of RHO orders, the proposed amendment
further provides that, where the Opening Auction would have occurred at
a price level but for such price level being outside the Collar Price
Range, buy (sell) RTP orders with a limit price more aggressive than
the BZX Official Opening Price that are not executed in the Opening
Auction will be cancelled. This treatment is appropriate because RTP
orders, like RHO orders, are designated for execution during Regular
Trading Hours, and the transition of unexecuted portions to the
Continuous Book is consistent with the intended operation of the RTP
TIF.
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\25\ See Exchange Rule 11.23(b)(3)(B). Currently, unexecuted RHO
order shares are added to the Continuous Book at the conclusion of
the Opening Auction, subject to the User's instructions, except that
limit RHO orders priced more aggressively than the BZX Official
Opening Price that are not executed when the Collar Price Range is
triggered will be cancelled.
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The Exchange also proposes to amend Rule 11.23(c)(2)(C)(i) to
provide that RTP orders, like limit RHO orders, receive equal priority
in the Closing Auction with limit orders, LOC orders, and LLOC orders,
after the execution of all MOC orders.\26\ This treatment is consistent
with how limit RHO orders are handled in the Closing Auction and
reflects that RTP orders are eligible for execution during Regular
Trading Hours, of which the Closing Auction is a part.
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\26\ See Exchange Rule 11.23(c)(2)(C) and Exchange Rule
11.23(c)(2)(C)(i). Currently, limit RHO orders receive equal
priority with other limit orders, LOC orders, and LLOC orders in the
Closing Auction after all MOC orders have been executed.
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The Exchange also proposes conforming amendments to Rule 11.24
(``Opening Process for Non-BZX-Listed Securities'') to add RTP
alongside RHO throughout that rule's provisions governing eligibility
for and participation in the Opening Process and the Re-Opening
Process.\27\ Specifically, the Exchange proposes to amend Rule 11.24(a)
to provide that, prior to the beginning of Regular Trading Hours, Users
wishing to participate in the Opening Process for non-BZX-listed
securities may enter orders designated as either RHO or RTP. All
existing restrictions applicable to RHO orders in Rules 11.24(a)(1) and
11.24(a)(2) would apply equally to RTP orders, including the
restriction prohibiting BZX Post Only Orders, ISOs, and Minimum
Quantity Orders from participating in the Opening Process. The Exchange
further proposes to amend Rule 11.24(e)(1)(A) to provide that,
consistent with RHO orders, non-RTP orders will be eligible for
participation in the Re-Opening Process following a halt, subject to
the same exceptions and limitations that currently apply to non-RHO
orders.\28\ These amendments ensure that the RTP TIF is integrated
consistently into the Exchange's opening and re-opening processes for
non-BZX-listed securities, on the same terms applicable to RHO orders.
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\27\ See Exchange Rule 11.24(a). Currently, only orders
designated as RHO are eligible to participate in the Opening Process
for non-BZX-listed securities prior to the beginning of Regular
Trading Hours.
\28\ See Exchange Rule 11.24(e)(1)(A). Currently, non-RHO orders
are eligible for participation in the Re-Opening Process, but IOC,
FOK, BZX Post Only Orders, and Minimum Quantity Orders will be
cancelled or rejected, and ISOs that are not IOC or FOK will be
converted.
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Comparison to Other Exchange Times-in-Force
The Exchange has also considered how other national securities
exchanges handle TIF requirements for order entry when it comes to
spanning the regular and after-hours trading sessions. NYSE Arca's
trading rules provide for three trading sessions: the Early Trading
Session, the Core Trading Session, and the Late Trading Session.\29\
Under NYSE Arca's framework, orders entered into the NYSE Arca
Marketplace must include a designation for which trading session(s) the
order will remain in effect.\30\ An order is eligible to participate in
the designated trading session(s) only and may remain in effect for one
or more consecutive trading sessions on a particular day.\31\ Orders
may be accepted by the exchange that are not eligible to trade until a
later trading session begins.\32\ Thus, NYSE Arca offers comparable
functionality as proposed by the Exchange as it permits orders to be
entered during its Early Trading Session that are eligible to trade in
both the Core Trading Session and the Late Trading Session, which is
[[Page 58504]]
analogous to the Exchange's proposed RTP TIF.
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\29\ See NYSE Arca Rule 7.34-E(a). NYSE Arca's Early Trading
Session runs from 4:00 a.m. to 9:30 a.m. Eastern Time, its Core
Trading Session runs from 9:30 a.m. to 4:00 p.m. Eastern Time, and
its Late Trading Session runs from the conclusion of the Core
Trading Session until 8:00 p.m. Eastern Time. Under Rule 7.34-E, all
order types and modifiers defined in Rule 7.31-E that are designated
for the Early Trading Session are eligible to participate in the
Early Trading Session, subject to certain order-type restrictions.
\30\ See NYSE Arca Rule 7.34-E(b)(1).
\31\ Id.
\32\ Id.
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Similarly, Nasdaq's Time-in-Force framework, set forth in Nasdaq
Equity Rule 4703(a), provides that the TIF assigned to an order
designates the period of time that the Nasdaq Market Center will hold
the order for potential execution, with Participants specifying both a
time at which the order becomes active and a time at which the order
ceases to be active.\33\ Nasdaq does refer to certain periods of times
with explicit TIFs throughout its rulebook, including ``IOC,'' ``System
Hours Day,'' ``System Hours Expire Time,'' and, ``Market Hours Day'',
however these terms are derived from the specific start and end times
appended to orders, similar to the NYSE Arca functionality described
supra. As such, Nasdaq offers comparable functionality as proposed by
the Exchange but does so through the ability of orders to be entered
with specific start and end times as opposed to a specific TIF as
proposed by the Exchange.
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\33\ See Nasdaq Equity Rule 4703(a). Nasdaq provides a list of
acceptable times to activate and deactivate orders, which includes
Regular Market Hours (similar to the Exchange's RHO TIF) and the end
of System Hours (pursuant to Nasdaq Equity 1, Section 1(a)(9), the
end of System Hours is defined as 8:00 p.m. ET, which is identical
to the end time of the Exchange's After Hours Trading Session).
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Implementation
The Exchange plans to implement the proposed rule change during the
early fourth quarter of 2026 and will announce the implementation date
via Trade Desk Notice.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\34\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\35\ in particular, in that it
is 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.
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\34\ 15 U.S.C. 78f.
\35\ 15 U.S.C. 78f(b)(5).
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The Exchange believes the proposed rule change promotes just and
equitable principles of trade, removes impediments to and perfects the
mechanism of a free and open market and national market system, and
protects investors and the public interest by providing Users with a
convenient, streamlined mechanism to participate in both Regular
Trading Hours and the After Hours Trading Session through the
submission of a single order. Currently, Users seeking to maintain
trading interest across both Regular Trading Hours and the After Hours
Trading Session must either submit separate orders for each session or
utilize broader TIF designations that may include trading sessions not
desired by the User. The introduction of the RTP TIF in Rule 11.9
directly addresses this gap by offering a dedicated, purpose-built TIF
designation that permits a User to submit a single order eligible for
execution during Regular Trading Hours and, if not fully executed, to
have such order remain active through the end of the After Hours
Trading Session. This streamlined approach promotes just and equitable
principles of trade by enabling Users to efficiently express their
trading interest across the regular and post-close sessions in a single
instruction, thereby reducing operational complexity, administrative
burden, and the potential for order entry errors that may arise from
the need to manage multiple orders across trading sessions.
Furthermore, the conforming amendments to Rules 11.1(a), 11.23, and
11.24 ensure that the RTP TIF is fully integrated into the Exchange's
existing order handling, auction, and opening process framework in a
manner that is consistent with the treatment of the existing limit RHO
TIF. By aligning the treatment of RTP orders with RHO limit orders for
purposes of pre-Opening Auction order entry restrictions, Opening and
Closing Auction eligibility and priority, IPO Auction conversions, and
participation in the Opening Process and Re-Opening Process for non-
BZX-listed securities, the Exchange ensures that RTP orders are
processed in a manner that is transparent, predictable, and fair to all
Users. The consistent treatment of RTP orders across the Exchange's
rules promotes just and equitable principles of trade by providing
Users with certainty as to how their RTP orders will be handled
throughout the trading day.
Moreover, the proposed rule change perfects the mechanism of a free
and open market and supports a national market system by offering Users
functionality that is comparable to that available on other national
securities exchanges. As discussed above, NYSE Arca permits orders to
be entered during its Early Trading Session that are eligible to trade
in both the Core Trading Session and the Late Trading Session,
providing comparable functionality to the Exchange's proposed RTP TIF.
Similarly, Nasdaq's Time-in-Force framework permits Participants to
specify both a time at which an order becomes active and a time at
which the order ceases to be active, enabling comparable order entry
flexibility. The Exchange's adoption of the RTP TIF ensures that Users
have access to trading functionality on BZX that is consistent with
industry practice and supports the efficient operation of the national
market system by enabling Users to express their trading interest in a
manner that is compatible with the trading mechanisms employed by other
market centers.
Finally, the Exchange believes that the proposed rule change is not
designed to permit unfair discrimination. The RTP TIF would be
available to all Users on an equal and non-discriminatory basis. The
use of the RTP TIF is entirely optional, and no User is required to
utilize the RTP TIF in connection with order submission to the
Exchange. Users who do not wish to use the RTP TIF may continue to
submit orders using any of the other TIF designations currently offered
by the Exchange, including the Day, RHO, and PTX TIF designations.
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 RTP TIF is an optional
designation offered by the Exchange, and Users are free to decide
whether to use the RTP TIF in connection with order submission to the
Exchange.
The Exchange believes that the proposed RTP TIF and associated
conforming amendments do not impose any intramarket burden on
competition as they represent an enhancement to existing functionality
that would be available to all Users on an equal and non-discriminatory
basis. The proposed changes do not alter the way in which orders are
prioritized, executed, or otherwise processed on the Exchange; they
simply provide Users with an additional TIF option and integrate that
option consistently into existing rules.
The Exchange believes that the proposed rule change does not impose
any undue burden on intermarket competition. On the contrary, the
proposed changes are being made to provide Users with enhanced order
entry flexibility that may improve their ability to interact across
Regular Trading Hours and the After Hours Trading
[[Page 58505]]
Session that is comparable to order entry flexibility on competitor
exchanges, therefore promoting competition between venues.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from Members or other interested
parties.
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 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)(iii) of the Act \36\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\37\
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\36\ 15 U.S.C. 78s(b)(3)(A)(iii).
\37\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
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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A proposed rule change filed under Rule 19b-4(f)(6) \38\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b4(f)(6)(iii),\39\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposed
rule change may become operative immediately upon filing. The Exchange
states that it is seeking to introduce the proposed functionality early
in the fourth quarter of 2026 and waiver of the operative delay will
permit the proposed rule changes to become effective immediately. The
Exchange further states that waiver of the operative delay will allow
the Exchange to offer a TIF that is competitive with TIF offerings of
Nasdaq \40\ and NYSE Arca,\41\ each of which permits Users to submit
orders during the respective Pre-Opening Session that become active
during Regular Trading Hours and remain active through the end of the
After Hours Trading Session. The Commission believes that waiving the
30-day operative delay is consistent with the protection of investors
and the public interest as the proposal does not raise any new or novel
issues. Therefore, the Commission hereby waives the 30-day operative
delay and designates the proposed rule change to be operative upon
filing.\42\
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\38\ 17 CFR 240.19b-4(f)(6).
\39\ 17 CFR 240.19b-4(f)(6)(iii).
\40\ Supra note 33.
\41\ Supra note 29.
\42\ For purposes only of waiving the 30-day operative delay,
the Commission has also 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 such 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) \43\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\43\ 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#6c1e190009410f0301010902181f2c1f090f420b031a"><span class="__cf_email__" data-cfemail="1d6f687178307e7270707873696e5d6e787e337a726b">[email protected]</span></a>. Please include
file number SR-CboeBZX-2026-070 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-CboeBZX-2026-070. 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-CboeBZX-2026-070 and should be submitted
on or before October 6, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\44\
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\44\ 17 CFR 200.30-3(a)(12), (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-18806 Filed 9-14-26; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on September 15, 2026.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.