Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Certain Rules Regarding the Global Trading Hours (“GTH”) and Curb Trading Hours Sessions

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<title>Federal Register, Volume 91 Issue 196 (Tuesday, October 13, 2026)</title>
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[Federal Register Volume 91, Number 196 (Tuesday, October 13, 2026)]
[Notices]
[Pages 64960-64965]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-20795]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-106620; File No. SR-CBOE-2026-078]


Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend 
Certain Rules Regarding the Global Trading Hours (``GTH'') and Curb 
Trading Hours Sessions

October 7, 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 September 25, 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 
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 Exchange, Inc. (``Cboe'' or the ``Exchange'') is filing with 
the Securities and Exchange Commission (``Commission'' or ``SEC'') a 
proposed rule change to amend certain rules regarding the Global 
Trading Hours (``GTH'') \3\ and Curb Trading Hours sessions.\4\ 
Specifically, the Exchange proposes to (i) adopt two new order 
instructions, ``GTH Only'' and ``GTH and RTH Only'',\5\ enabling Users 
\6\ to designate orders as eligible for specific session combinations 
that are not currently available; (ii) amend Rules 5.7 and 5.31 to 
provide that the start of the pre-opening order Queuing Period \7\ and 
order entry time for index options eligible for Global Trading Hours 
begins no earlier than 6:00 p.m. (previous day) and for classes other 
than index options eligible for Global Trading Hours begins no earlier 
than 6:00 a.m.; (iii) amend Rule 5.1(e) to provide for the availability 
of the Curb \8\ session on trading days with shortened Regular Trading 
Hours (e.g., half-day sessions); and (iv) amend Rule 5.54(a)(6) to 
apply the Designated Primary Market-Makers' (``DPMs'') \9\ opening 
quote obligation to each applicable trading session rather than just 
the Regular Trading Hours (``RTH'') session. The Exchange will announce 
all times it determines pursuant to this filing via a circular, 
pursuant to Rule 1.5. The text of the proposed rule change is provided 
in Exhibit 5.
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    \3\ The terms ``Global Trading Hours'' and ``GTH'' mean the 
trading session consisting of the hours outside of Regular Trading 
Hours and Curb Trading Hours during which transactions in options 
may be effected on the Exchange and are set forth in Rule 5.1. See 
Exchange Rule 1.1.
    \4\ All times referenced herein are Eastern Time, unless 
otherwise specifically noted.
    \5\ The terms ``Regular Trading Hours'' and ``RTH'' mean the 
trading session consisting of the regular hours during which 
transactions in options may be effected on the Exchange and are set 
forth in Rule 5.1. See Exchange Rule 1.1.
    \6\ The term ``User'' means any TPH or Sponsored User who is 
authorized to obtain access to the System pursuant to Rule 5.5. See 
Exchange Rule 1.1.
    \7\ The term ``Queuing Period'' means the time period prior to 
the initiation of an opening rotation during which the System 
accepts orders and quotes in the Queuing Book for participation in 
the opening rotation for the applicable trading session. See 
Exchange Rule 5.31.
    \8\ The terms ``Curb Trading Hours'' and ``Curb'' mean the 
trading session consisting of the hours outside of Regular Trading 
Hours and Global Trading Hours during which transactions in options 
may be effected on the Exchange and are set forth in Rule 5.1. See 
Exchange Rule 1.1.
    \9\ The terms ``Designated Primary Market-Maker'' and ``DPM'' 
mean a TPH organization that is approved by the Exchange to function 
in appointed securities as a Market-Maker per trading session and is 
subject to the obligations under Rule 5.54 or as otherwise provided 
under the Rules. A DPM generally will operate on the Exchange's 
trading floor (``On-Floor DPM'') during the RTH session. However, as 
provided in Rule 5.53, a DPM can request that the Exchange authorize 
the DPM to function remotely away from the Exchange's trading floor 
during RTH (``Off-Floor DPM'') on a class-by-class basis. DPM 
designations that are specified as GTH or Curb are also Off-Floor 
DPMs. Unless otherwise specified, references to DPM in the Rules 
include both ``On Floor DPM'' and ``Off-Floor DPM.'' The Exchange 
makes determinations concerning whether to grant or withdraw the 
approval to act as a DPM in accordance with Rule 3.54. The Exchange 
appoints securities to DPMs in accordance with Rule 5.50. See 
Exchange Rule 1.1.
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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/options/regulation/rule_filings/cone/">https://www.cboe.com/us/options/regulation/rule_filings/cone/</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

[[Page 64961]]

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 its rules regarding the GTH and Curb 
sessions in four respects. Each change is a structural, conforming, or 
clarifying amendment to the existing session framework that responds to 
customer demand. Additionally, certain changes align the Exchange's 
rules with features of other U.S. options exchanges.
Background
    The Exchange offers three trading sessions, each set forth in Rule 
5.1: Regular Trading Hours (``RTH''), Global Trading Hours (``GTH''), 
and Curb Trading Hours (``Curb''). RTH for equity options generally 
occurs from 9:30 a.m. to 4:00 p.m. GTH for index options occurs from 
8:15 p.m. (previous day) to 9:25 a.m., and, upon the operative date of 
the ``Previous GTH Filing'',\10\ GTH for designated equity options will 
occur from 7:30 a.m. to 9:25 a.m., Monday through Friday. Curb Trading 
Hours are from 4:15 p.m. to 5:00 p.m. for index options and 4:00 p.m. 
to 4:15 p.m. for equity options.\11\
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    \10\ See Securities Exchange Act Nos. 105153 (April 6, 2026) 91 
FR 18010 (April 9, 2026) (SR-CBOE-2025-079) (Notice of Filing of 
Amendment No. 1 to a Proposed Rule Change To Allow for Extended 
Trading of Multi-Listed Equity Options); 105569 (May 28, 2026) 91 FR 
33005 (June 2, 2026) (Order Approving a Proposed Rule Change, as 
Modified by Amendment No. 1, To Allow for Extended Trading of Multi-
Listed Equity Options) (together, the ``Previous GTH Filing'').
    \11\ The Exchange expects to launch GTH and Curb trading 
sessions for equity options in the third quarter of 2026.
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    Following the Exchange's adoption of extended trading hours for 
multiply listed equity options in the Previous GTH Filing and the 
application of DPM obligations and participation entitlements to the 
GTH and Curb sessions,\12\ the Exchange is proposing further 
refinements to rules regarding the GTH and Curb sessions to provide 
additional session eligibility options, earlier order acceptance times, 
and the availability of Curb sessions on shortened trading days (e.g., 
half-day trading sessions). Two of these refinements are consistent 
with features included in the rules of other U.S. options exchanges, 
including NYSE American LLC (``NYSE American'') and Nasdaq MRX, LLC 
(``MRX'').
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    \12\ See Securities Exchange Act No. 105763 (June 24, 2026) 91 
FR 39152 (June 29, 2026) (SR-CBOE-2026-016) (Notice of Filing of 
Amendment No. 2 and Order Granting Accelerated Approval of a 
Proposed Rule Change, as Superseded by Amendment No. 1 and Modified 
by Amendment No. 2, To Amend its Rules Relating to Designated 
Primary Market-Maker Appointments in Global Trading Hours and Curb 
Sessions) (the ``Previous DPM Filing'').
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1. New ``GTH Only'' and ``GTH and RTH Only'' Order Instructions
    Under Rule 5.6(c), Users currently may designate orders with one of 
three session instructions: ``All Sessions'' \13\ (eligible for all 
trading sessions, including GTH, RTH, and Curb, for eligible options), 
``RTH Only'' (eligible during RTH only), or ``RTH and Curb'' (eligible 
during RTH and Curb only, for eligible options). Accordingly, if a User 
wants an order for a GTH-eligible option to be available to trade 
during GTH, the User must use ``All Sessions,'' which also makes the 
order eligible for RTH and Curb. There is no existing order instruction 
that allows a User to designate an order as eligible for only the GTH 
session or for the GTH and RTH sessions without the Curb session.
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    \13\ An ``All Sessions'' order (including a bulk message) is an 
order a User designates as eligible to trade during all trading 
sessions. An unexecuted All Sessions order on the Book at the end of 
a GTH trading session enters the RTH Queuing Book and becomes 
eligible for execution during the RTH opening rotation and trading 
session on that same trading day, subject to a User's instructions. 
An unexecuted All Sessions order on the Book at the end of the RTH 
trading session remains on the Book and becomes eligible for 
execution during the Curb trading session on that same trading day, 
subject to a User's instructions. An unexecuted All Sessions order 
on the Book at the end of the Curb trading session enters the GTH 
Queuing Book and becomes eligible for execution during the GTH 
opening rotation and trading session on the next trading day, 
subject to a User's instructions. All Sessions Day orders on the 
Book at the conclusion of the Curb trading session will be canceled. 
A User may not designate an All Sessions order as Direct to PAR. See 
Exchange Rule 5.6(c).
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    The Exchange proposes to add two new order instructions to Rule 
5.6(c). First, a ``GTH Only'' order is an order (including a bulk 
message) a User designates as eligible to trade only during GTH. An 
unexecuted GTH Only order with a Time-in-Force of Day \14\ on the Book 
\15\ at the end of the GTH trading session is cancelled. For example, a 
GTH Only order for index options with a Time-in-Force of Day entered 
during the overnight portion of GTH (which begins at 8:15 p.m. the 
previous calendar day) would be cancelled at the end of the GTH session 
at 9:25 a.m., because the overnight session is part of the GTH session 
for the next trading day. An unexecuted GTH Only order with a Time-in-
Force of Good-til-Cancelled (``GTC'') \16\ or Good-til-Date (``GTD'') 
\17\ on the Book at the end of the GTH trading session enters the GTH 
Queuing Book \18\ and becomes eligible for execution during the GTH 
opening rotation and GTH trading session on the following trading day 
(but not during the RTH or Curb trading sessions on the same trading 
day), subject to a User's instructions. For eligible index options, 
this would occur at 8:15 p.m. on the same calendar day, as the 
overnight session is part of the GTH session for the following trading 
day.
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    \14\ The term ``Day'' means, for an order so designated, an 
order or quote that, if not executed, expires at the RTH market 
close for all RTH Only orders and expires at the Curb market close 
for all All Sessions and RTH and Curb orders. Users may designate 
bulk messages as Day. See Exchange Rule 5.6(d).
    \15\ The terms ``Book'' and ``Simple Book'' mean the electronic 
book of simple orders and quotes maintained by the System, which 
single book is used during all trading sessions. See Exchange Rule 
1.1.
    \16\ The terms ``Good-til-Cancelled'' and ``GTC'' mean, for an 
order so designated, if after entry into the System, the order is 
not fully executed, the order (or unexecuted portion) remains 
available for potential display or execution (with the same 
timestamp) unless cancelled by the entering User, or until the 
option expires, whichever comes first. Users may not designate bulk 
messages as GTC. See Exchange Rule 5.6(d).
    \17\ The terms ``Good-til-Date'' and ``GTD'' mean, for an order 
so designated, if after entry into the System, the order is not 
fully executed, the order (or unexecuted portion) remains available 
for potential display or execution (with the same timestamp) until a 
date and time specified by the entering User unless cancelled by the 
entering User. Users may not designate bulk messages as GTD. A User 
may not designate a GTD order as Direct to PAR. See Exchange Rule 
5.6(d).
    \18\ The term ``Queuing Book'' means the book into which Users 
may submit orders and quotes (and onto which GTC and GTD orders 
remaining on the Book from the previous trading session or trading 
day, as applicable, are entered) during the Queuing Period for 
participation in the applicable opening rotation. Orders and quotes 
on the Queuing Book may not execute until the opening rotation. The 
Queuing Book for the GTH opening auction process may be referred to 
as the ``GTH Queuing Book,'' and the Queuing Book for the RTH 
opening auction process may be referred to as the ``RTH Queuing 
Book.'' See Exchange Rule 5.31.
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    Second, a ``GTH and RTH Only'' order is an order (including a bulk 
message) a User designates as eligible to trade during both the GTH and 
RTH trading sessions, but not during the Curb trading session. An 
unexecuted GTH and RTH Only order with a Time-in-Force of Day on the 
Book at the end of a GTH trading session remains on the Book and 
becomes eligible for execution during the RTH opening rotation and RTH 
trading session on that same trading day, subject to a User's

[[Page 64962]]

instructions. An unexecuted GTH and RTH Only order with a Time-in-Force 
of GTC or GTD on the Book at the end of a GTH trading session remains 
on the Book and becomes eligible for execution during the RTH opening 
rotation and RTH trading session on the same trading day, subject to a 
User's instructions. An unexecuted GTH and RTH Only order with a Time-
in-Force of GTC or GTD on the Book at the end of an RTH trading session 
enters the GTH Queuing Book and becomes eligible for execution during 
the GTH opening rotation and GTH trading session on the following 
trading day (but not during the Curb trading session on the same 
trading day), subject to a User's instructions. All GTH and RTH Only 
orders with a Time-in-Force of Day on the Book at the conclusion of the 
RTH trading session will be canceled. For example, a GTH and RTH Only 
order for an eligible index option with a Time-in-Force of Day entered 
during the overnight portion of GTH (which begins at 8:15 p.m. the 
previous calendar day) would remain on the Book at the end of the GTH 
session at 9:25 a.m., become eligible for execution during the RTH 
opening rotation and RTH trading session on the same calendar day, and 
be cancelled at the end of the RTH trading session if unexecuted. For 
index options, a GTC or GTD order would enter the GTH Queuing Book at 
8:15 p.m. on the same calendar day, as the overnight session is part of 
the GTH session for the following trading day.
    These new instructions parallel the existing session-eligibility 
framework in Rule 5.6(c) and supplement the current set of session 
designations. Today, a User wishing to limit an order to the GTH 
session must use ``All Sessions,'' which makes the order eligible for 
RTH and Curb as well, and then cancel the order prior to RTH if it was 
not executed during GTH. Similarly, there is no instruction that 
permits an order to participate in both GTH and RTH while excluding 
Curb. The new instructions give Users granular control and additional 
flexibility over session eligibility, which is responsive to customer 
demand and consistent with NYSE American's provision of GTH-only 
session support in its extended hours framework.\19\
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    \19\ See NYSE American Rule 901.1NY(b).
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    To conform to the new order instructions, the Exchange also 
proposes to amend Rule 5.30 (Availability of Orders and Quotes for 
Electronic Processing) to add the new instructions to the session-
specific availability lists. Specifically, the Exchange proposes to 
amend Rule 5.30(a)(2) to add ``GTH and RTH Only'' to the list of Order 
Instructions available during RTH, and to amend Rule 5.30(b)(2) to add 
``GTH Only'' and ``GTH and RTH Only'' to the list of Order Instructions 
available during GTH.
2. Pre-Opening Queuing Period Start Time
    The Exchange proposes to amend Rule 5.31(b)(1) to provide that the 
start of the pre-opening order Queuing Period for index options 
eligible for GTH begins no earlier than 6:00 p.m. (previous day) and 
for all other classes (i.e., all option classes other than index 
options eligible for Global Trading Hours) begins no earlier than 6:00 
a.m., in each case at a time the Exchange determines. Under current 
Rule 5.31(b)(1), the Queuing Period begins at 8:00 p.m. (previous day) 
for All Sessions Classes for index options, at 7:15 a.m. for GTH for 
All Sessions Classes for equity options, and at 7:30 a.m. for RTH Only 
Classes. The Queuing Period is the time period prior to the initiation 
of an opening rotation during which the System accepts orders and 
quotes in the Queuing Book for participation in the opening rotation 
for the applicable trading session. Upon the operative date of the 
Previous GTH Filing, GTH for equity options will commence at 7:30 a.m.; 
the current 7:15 a.m. Queuing Period start will afford 15 minutes for 
order and quote entry ahead of the GTH opening rotation.
    Moving the start to no earlier than 6:00 p.m. (previous day) for 
index options and no earlier than 6:00 a.m. for all other classes 
(i.e., all option classes other than index options eligible for Global 
Trading Hours) allows the Exchange to lengthen the pre-opening Queuing 
Period, affording market participants additional time to enter, modify, 
and cancel orders and quotes for participation in the GTH opening 
rotation and promoting a smoother, more orderly opening. This change is 
administrative and ministerial in nature--it adjusts only the time 
window during which orders and quotes are accepted for the Queuing Book 
and does not alter trading mechanics, order priority, execution logic, 
or price formation. Participants are not required to submit orders 
earlier; the extended window simply provides additional flexibility for 
those who choose to use it. This change affects only when orders and 
quotes are accepted for the Queuing Book, not when trading begins; the 
GTH and RTH opening rotation times remain unchanged. The Exchange's 
approach provides for a start time determined by Exchange notice rather 
than a fixed time, affording the Exchange operational flexibility.
    For consistency, the Exchange also proposes to amend the opening-
auction-update dissemination time in Rule 5.31(c) to begin at such time 
as the Exchange determines, but no earlier than 6:00 p.m. Eastern Time 
(previous day) for the GTH trading session for index options and no 
earlier than 6:00 a.m. Eastern Time for all other classes, so that the 
Exchange begins disseminating opening auction updates at the start of 
the Queuing Period (and thus incorporating orders and quotes submitted 
during the entire Queuing Period in those updates).
    The Exchange also proposes to amend Rule 5.7 (Entry of Orders and 
Quotes) to update the order and quote entry times to conform to the 
proposed Queuing Period changes in Rule 5.31. Under current Rule 
5.7(a), Users may enter orders and quotes from 8:00 p.m. (previous day) 
until Curb Trading Hours market close for All Sessions Classes and from 
7:30 a.m. until Regular Trading Hours market close for RTH Classes. The 
Exchange proposes to amend Rule 5.7(a) to provide that Users may enter 
orders and quotes (1) from such time as the Exchange determines (but no 
earlier than 6:00 p.m. (previous day)) until market close for index 
options eligible for Global Trading Hours, and (2) from such time as 
the Exchange determines (but no earlier than 6:00 a.m.) until market 
close for all other classes (i.e., all option classes other than index 
options eligible for Global Trading Hours). This change conforms the 
order and quote entry times in Rule 5.7 to the proposed Queuing Period 
changes in Rule 5.31 and ensures that Users can begin entering orders 
and quotes at the same time the System begins accepting orders and 
quotes into the Queuing Book.
    These changes are administrative in nature. The Queuing Period 
concept already exists for all trading sessions, and the opening-
auction-update dissemination process is unchanged in substance. The 
change raises no novel policy questions--it merely expands an existing 
administrative preparation window without affecting how orders are 
prioritized, matched, or executed. The Exchange notes that while NYSE 
American's extended trading hours framework provides for a fixed 6:00 
a.m. order acceptance time rather than a time determined by Exchange 
notice, the Exchange believes its discretionary approach is 
appropriate. The rule merely sets a floor (``no earlier than 6:00 p.m. 
(previous day)'' for index options and ``no earlier than 6:00 a.m.'' 
for all other classes (i.e., all option classes

[[Page 64963]]

other than index options eligible for Global Trading Hours))--it does 
not mandate the Exchange to begin queuing at those times. The ``no 
earlier than 6:00 p.m. (previous day)'' floor for index options affects 
only when orders and quotes are accepted for the Queuing Book, not when 
trading begins; GTH for index options will continue to open at 8:15 
p.m. (previous day). All Exchange determinations regarding the time at 
which the Queuing Period will begin will be announced pursuant to Rule 
1.5, so market participants will have advance notice and transparency 
regarding the applicable start time. In addition, the Exchange believes 
providing the Exchange with discretion affords operational flexibility 
to adjust the start time in response to feedback from market 
participants and evolving market conditions, which benefits investors 
by allowing the Exchange to optimize the preparation window based on 
actual market participant needs.
3. Curb Session on Shortened Regular Trading Hours (Half-Day) Sessions
    The Exchange proposes to amend Rule 5.1(e), retitled ``Holidays and 
Shortened Regular Trading Hours'', to add new subparagraph (e)(3) 
addressing the treatment of trading sessions on a trading day with 
shortened Regular Trading Hours (e.g., a half-day session, such as the 
trading day before Christmas Day).
    Current Rule 5.1(e) addresses the holiday session structure for 
full holidays (domestic and international) but does not expressly 
address shortened trading days on which RTH close earlier than their 
regularly scheduled close. New Rule 5.1(e)(3) provides that on a 
trading day with shortened Regular Trading Hours (e.g., the Exchange is 
open for a half day of regular trading between 9:30 a.m. through 1:00 
p.m.):
    (A) the Global Trading Hours session for GTH-eligible options will 
occur prior to the shortened Regular Trading Hours;
    (B) the Regular Trading Hours session will occur during the hours 
designated by the Exchange for Regular Trading Hours (e.g., 9:30 a.m. 
through 1:00 p.m., or 1:15 p.m. for options on ETFs, ETNs, Index 
Portfolio Shares, Index Portfolio Receipts, and Trust Issued Receipts 
designated to remain open for trading beyond 4:00 p.m. pursuant to 
subparagraph (b)(1)); and
    (C) the Curb Trading Hours session for Curb-eligible options will 
commence at the end of the shortened Regular Trading Hours session and 
continue for 15 minutes (e.g., 1:00 p.m. to 1:15 p.m.).
    This change fills a gap in the existing session structure and makes 
explicit that the Curb session remains available on half-day sessions, 
shifted to follow the shortened RTH close. This approach is identical 
to the treatment adopted by NYSE American and MRX in their respective 
extended trading hours filings.\20\ The Exchange's adoption of the same 
approach creates consistency across the industry and provides certainty 
to market participants regarding the availability of the Curb session 
on half-day trading days.
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    \20\ NYSE American proposed Rule 901.1NY(c)(2) provides that on 
a trading day with a shortened Core Trading Session, the Late 
Trading Session will commence at the end of the shortened Core 
Trading Session and continue for 15 minutes (e.g., 1:00 p.m. to 1:15 
p.m.). MRX proposed Options 3C, Section 2(c)(2) provides that on a 
trading day with shortened Regular Trading Hours, the Extended Close 
will commence at the end of the shortened Regular Trading Hours and 
continue for 15 minutes.
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4. DPM Opening-Quote Obligation Extended to GTH (Rule 5.54(a)(6))
    The Exchange proposes to amend Rule 5.54(a)(6) to expressly include 
DPMs within the opening-quote obligation applicable during the GTH 
session. Rule 5.54(a)(6) currently obligates a DPM to ``enter opening 
quotes for the Regular Trading Hours trading session'' in any series 
that is not open due to the lack of a quote pursuant to Rule 5.31, 
within a specified time period (determined by the Exchange on a class-
by-class basis) for index options, and one minute for equity options, 
of the initiation of an opening rotation.
    As described in the Previous DPM Filing, the Exchange may appoint 
DPMs to any trading session, including GTH and Curb. The Exchange 
inadvertently did not update Rule 5.54(a)(6) to apply the opening quote 
obligation to all trading sessions, so the Exchange proposes to correct 
this omission by amending Rule 5.54(a)(6) to state that each DPM must 
enter opening quotes for each of the Regular Trading Hours and Global 
Trading Hours trading sessions, as applicable (as one class may have 
different DPMs in different trading sessions). Because there is 
continuous trading from RTH to Curb and no opening rotation for Curb, 
this opening quote obligation does not apply to the Curb session.
    This change makes the DPM opening-quote obligation consistent with 
how DPM obligations otherwise apply across trading sessions. The 
Exchange notes that Rule 5.52(b) provides that LMMs are not required to 
comply with the continuous quoting and other Market-Maker obligations 
set forth in Rule 5.52(a) during the GTH and Curb trading sessions. 
However, the opening quote obligation set forth in Rule 5.54(a)(6) is a 
DPM-specific obligation distinct from the LMM obligations in Rule 5.52, 
and there is no similar exclusion for DPMs. The Exchange notes that the 
DPM assigned to a particular class in the RTH session may not 
necessarily be the same DPM assigned to that class in the GTH session. 
The change will require a DPM appointed to a class for the GTH session 
to enter opening quotes in that class to help facilitate the GTH 
opening of any series that is not open due to the lack of a quote, 
promoting fair and orderly openings in the GTH session.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
the Act and the rules and regulations thereunder applicable to the 
Exchange and, in particular, the requirements of Section 6(b) of the 
Act.\21\ Specifically, the Exchange believes the proposed rule change 
is consistent with the Section 6(b)(5) \22\ 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) \23\ requirement that the rules of 
an exchange not be designed to permit unfair discrimination between 
customers, issuers, brokers, or dealers.
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    \21\ 15 U.S.C. 78f(b).
    \22\ 15 U.S.C. 78f(b)(5).
    \23\ Id.
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    In particular, the adoption of the ``GTH Only'' and ``GTH and RTH 
Only'' order instructions and the conforming amendments to Rules 5.7 
and 5.30 remove impediments to and perfect the mechanism of a free and 
open market and protect investors by giving Users additional 
granularity and flexibility over session eligibility for their orders 
in All Sessions classes. Further, the new instructions respond to 
customer demand and will maintain competitive parity with NYSE 
American's provision of analogous session-eligibility 
functionality.\24\ The change applies equally to all Users and is not 
unfairly discriminatory.
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    \24\ Supra note 20.
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    Moving the start of the Queuing Period to no earlier than 6:00 p.m. 
(previous day) for index options and no earlier than 6:00 a.m. for all 
other

[[Page 64964]]

classes (i.e., all option classes other than index options eligible for 
Global Trading Hours) (and conforming the related opening-auction-
update time in Rule 5.31(c) and order-entry time in Rule 5.7) protects 
investors and the public interest and promotes just and equitable 
principles of trade, as it will permit the Exchange to afford market 
participants additional time to enter, modify, and cancel orders and 
quotes ahead of the GTH and RTH opening rotations. The change is 
administrative and ministerial--it adjusts only a technical parameter 
(the time window during which orders queue) without altering trading 
mechanics, order priority, execution logic, or the price discovery 
process. This change affects only when orders and quotes are accepted 
for the Queuing Book, not when trading begins; the GTH and RTH opening 
rotation times remain unchanged. Participants are not required to 
submit orders during the extended window; the change simply provides 
additional flexibility for those who choose to use it, with no 
corresponding investor risk. The change has no impact on how the 
Queuing Period will work, applies uniformly to all Users, and is not 
unfairly discriminatory. The Exchange's approach provides for a start 
time determined by Exchange notice rather than a fixed time, affording 
the Exchange operational flexibility to adjust the preparation window 
based on participant feedback and market conditions.
    Adding new Rule 5.1(e)(3) to provide for the Curb session on half-
day sessions removes impediments to and perfects the mechanism of a 
free and open market by providing certainty to market participants 
regarding the availability of the Curb session on shortened trading 
days by conforming the trading sessions available on shortened trading 
days with those available on full trading days, and thus providing 
additional trading time for Curb-eligible classes on these shortened 
days. Participation in Curb sessions on shortened trading days is 
voluntary and within the discretion of Users that otherwise participate 
in Curb sessions. The proposed rule change has no impact on how Curb 
sessions will operate. The change is substantively the same as rules 
adopted by NYSE American and MRX in their respective approved or 
immediately effective extended trading hours filings.\25\
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    \25\ Supra note 21.
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    Expressly including DPMs within the GTH opening-quote obligation in 
Rule 5.54(a)(6) promotes just and equitable principles of trade and 
fair and orderly markets by requiring a DPM appointed to GTH in an 
option class to enter opening quotes to facilitate the GTH opening of 
any series not open for lack of a quote. Because there is continuous 
trading from RTH to Curb with no opening rotation, this obligation does 
not apply to Curb. The change applies to all DPMs equally and is not 
unfairly discriminatory.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act.
    The Exchange does not believe that the proposed rule change will 
impose any burden on intramarket competition because it will apply 
equally to all similarly situated market participants. Specifically, 
the new ``GTH Only'' and ``GTH and RTH Only'' order instructions are 
available to all Users on the same terms; the changes to the Queuing 
Period start time, order entry time, and opening-auction-update 
dissemination time apply uniformly to all Users entering orders and 
quotes for the GTH and RTH openings (and entering, modifying, or 
cancelling orders during an extended Queuing Period is within the 
discretion of Users--no participant is required to act earlier, and the 
extended window creates no advantage for any subset of participants); 
the DPM opening-obligation change applies to all DPMs in each trading 
session to which they are appointed as a DPM to an options class; and 
the Curb session and half-day clarification applies uniformly to all 
market participants trading options in the Curb session (and 
participation in any such Curb session is within the discretion of 
Users).
    The Exchange does not believe that the proposed rule change will 
impose any burden on intermarket competition. In several instances, the 
changes align the Exchange's rules with features of NYSE American and 
MRX (specifically, GTH-only session eligibility and Curb on half-
days).\26\ While NYSE American provides for a fixed 6:00 a.m. order 
acceptance time, the Exchange's approach provides for a start time 
determined by Exchange notice, which does not impose any burden on 
competition because it merely provides the Exchange with operational 
flexibility to adjust order acceptance times and affects only when 
orders and quotes are accepted, not when trading begins. The DPM 
opening-quote obligation applies only to DPMs on the Exchange and 
applies the opening quote obligation currently applicable to DPMs 
during RTH to GTH as well. Market participants on other exchanges are 
welcome to become Trading Permit Holders and trade at the Exchange if 
they determine that this proposed rule change has made the Exchange 
more attractive or favorable.
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    \26\ See NYSE American Rule 901.1NY(b); MRX Options 3C, Section 
2(c)(2).
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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

    The Exchange has designated this rule filing as non-controversial 
under Section 19(b)(3)(A) \27\ of the Act and Rule 19b-4(f)(6) \28\ 
thereunder. Because the 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 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 and Rule 19b-
4(f)(6) \29\ thereunder.
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    \27\ 15 U.S.C. 78s(b)(3)(A).
    \28\ 17 CFR 240.19b-4(f)(6).
    \29\ 17 CFR 240.19b-4(f)(6). 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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    A proposed rule change filed under Rule 19b-4(f)(6) \30\ normally 
does not become operative prior to 30 days after the date of the 
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\31\ 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 its proposed rule amendments are structural, conforming, 
and clarifying amendments to the Exchange's existing framework, and 
their immediate implementation will allow investors to benefit from 
these

[[Page 64965]]

enhancements without unnecessary delay. The proposed rule amendments 
regarding the new time-in-force order instructions and availability of 
the Curb session on shortened trading days are designed to make the 
Exchange's rules consistent with the rules of other exchanges,\32\ and 
the proposed rule amendments regarding earlier Queuing Period start 
times and the DPM opening-quote obligation for GTH sessions are 
designed to promote fair and orderly markets. For these reasons, and 
because the proposed rule change raises no novel legal or regulatory 
issues, the Commission finds that waiver of the 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.\33\
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    \30\ 17 CFR 240.19b-4(f)(6).
    \31\ 17 CFR 240.19b-4(f)(6)(iii).
    \32\ See NYSE American Rule 901.1NY; MRX Options 3C, Section 
2(c)(2).
    \33\ 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 the proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act. If the Commission 
takes such action, the Commission shall institute proceedings under 
Section 19(b)(2)(B) \34\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
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    \34\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

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#8af8ffe6efa7e9e5e7e7efe4fef9caf9efe9a4ede5fc"><span class="__cf_email__" data-cfemail="b4c6c1d8d199d7dbd9d9d1dac0c7f4c7d1d79ad3dbc2">[email&#160;protected]</span></a>. Please include 
file number SR-CBOE-2026-078 on the subject line.

Paper Comments

    <bullet> Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.

All submissions should refer to file number SR-CBOE-2026-078. 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-2026-078 and should be submitted on 
or before November 3, 2026.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\35\
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    \35\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-20795 Filed 10-9-26; 8:45 am]
BILLING CODE 8011-01-P


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