Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Introduce Enhancements to the Missed Liquidity Report Offered as Part of the Cboe Timestamping Service

Issuing agencies

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<title>Federal Register, Volume 91 Issue 212 (Wednesday, November 4, 2026)</title>
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[Federal Register Volume 91, Number 212 (Wednesday, November 4, 2026)]
[Notices]
[Pages 69606-69610]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-22459]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-106786; File No. SR-C2-2026-028]


Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change To 
Introduce Enhancements to the Missed Liquidity Report Offered as Part 
of the Cboe Timestamping Service

October 30, 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 October 21, 2026, Cboe C2 Exchange, Inc. (``Exchange'' or 
``C2'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Items I, II, 
and III below, which Items have been prepared by the Exchange. The 
Exchange filed the proposal as a ``non-controversial'' proposed rule 
change pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 
19b-4(f)(6) thereunder.\4\ The Commission is publishing this notice to 
solicit comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    Cboe C2 Exchange, Inc. (the ``Exchange'' or ``C2'') proposes to 
introduce enhancements to the Missed Liquidity Report offered as part 
of the Cboe Timestamping Service.
    The text of the proposed rule change is also available on the 
Commission's website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>), the 
Exchange's website (<a href="https://www.cboe.com/us/options/regulation/rule_filings/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 introduce enhancements to the Cboe 
Timestamping Service, which is a market data service comprised of the 
Missed Liquidity Report, Missed Cancels Report and All Cancels Report. 
Specifically, the Exchange seeks to update the Missed Liquidity Report 
to now include Complex Order Auction (``COA'') \5\ events, as well as a 
new price field that, for records related to COA, includes each price 
of the subscribing

[[Page 69607]]

Member's orders, modify messages, and quotes, as well as each price 
level at which options orders were executed during a COA. The Exchange 
is not proposing any enhancements to either the Missed Cancels Report 
or the All Cancels Report.\6\
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    \5\ The terms ``Complex Order Auction'' or ``COA'' mean an 
auction of a complex order as set forth in Rule 5.33(d). By way of 
background, COA provides enhanced automatic execution possibilities 
for complex orders, while continuing to provide potential for price 
improvement. See generally, ``Complex Order Handling,'' available 
at: <a href="https://www.cboe.com/markets/us/options/trading/complex-orders/">https://www.cboe.com/markets/us/options/trading/complex-orders/</a>.
    \6\ At this time, the Exchange is not proposing any fee 
increases for the Cboe Timestamping Service.
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Background
    Currently, the Cboe Timestamping Service provides timestamp 
information for orders, quotes and cancels for market participants. 
More specifically, the Cboe Timestamping Service reports provide 
various timestamps relating to the message lifecycle throughout the 
Exchange System.\7\ The reports are optional products that are 
available to all Members and Members may opt to choose any combination 
of reports or no reports at all. Corresponding fees are assessed based 
on the number of reports selected.\8\
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    \7\ The term ``System'' means the automated trading system the 
Exchange users for the trading of options contracts. See Rule 1.1, 
definition of, ``System.''
    \8\ The Exchange plans to submit a separate filing with the 
Commission pursuant to Section 19(b)(1) to propose fees for the 
Missed Liquidity Report and Cancels Report.
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    Notably, the data included in these reports is based only on the 
data of the market participant that opts to subscribe to the reports 
(``Recipient Member'') and does not include information related to any 
Member other than the Recipient Member. The Exchange restricts all 
other market participants from receiving another market participant's 
data. Additionally, no report includes real-time market data. Rather, 
the reports contain only historical data from the prior trading day and 
are only available after the end of the trading day, generally on a T+1 
basis.
    Specifically, the Missed Liquidity Report provides time details for 
executions of orders and quotes that rest on the C2 Book \9\ where the 
Member receiving the report attempted to execute against that resting 
order within an Exchange-determined amount of time (not to exceed 1 
millisecond) after receipt of the first attempt to execute against the 
resting order or quote and within an Exchange-determined amount of time 
(not to exceed 100 microseconds) before receipt of the first attempt to 
execute against the resting order or quote.\10\ For example, if a 
Member sends in a marketable order, but an order resting on the 
Exchange order book was subsequently executed, the Missed Liquidity 
Report can assist the Member in determining by how much time that order 
missed an execution.\11\
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    \9\ The terms ``Book'' and ``Simple Book'' mean the electronic 
book of simple orders and quotes maintained by the System on which 
orders and quotes may execute during the applicable trading session. 
The Book during GTH may be referred to as the ``GTH Book,'' and the 
Book during RTH may be referred to as the ``RTH Book.'' See C2 Rule 
1.1, definition of, ``Book and Simple Book.''
    \10\ The Exchange will announce the Exchange-determined 
timeframes with reasonable advance notice via Exchange Notice.
    \11\ For example, Participant A submits an order that is posted 
to the Exchange's Book. Participant B at some point thereafter 
enters a marketable order to execute against Participant A's resting 
order. Within 500 microseconds of Participant B's submission, 
Participant C, also sends a marketable order to execute against 
Participant A's resting order. Because Participant B's order is 
received by the Exchange before Participant C's order, Participant 
B's order executes against Participant A's resting order. The 
proposed Report would provide Participant C (the Recipient Member of 
the report) the data points necessary for that firm to calculate by 
how much time they missed executing against Participant A's resting 
order.
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    The Missed Liquidity Report includes the following data elements 
for orders and quotes \12\ and cancel messages,\13\ respectively: (1) 
Message Type; \14\ (2) Date; (3) Recipient Member ID; (4) Session Sub 
ID; \15\ (5) Clearing Identifier; \16\ (6) Client Identifier; \17\ (7) 
Trade Condition; \18\ (8) Auction ID,\19\ (9) Symbol; (10) Cboe Order 
ID; \20\ (11) Execution ID; \21\ (12) Exchange System Timestamps for 
orders, quotes, and cancels; \22\ (13) Matching Unit Number; \23\ (14) 
Queued; \24\ (15) Port Type; \25\ and (16) Aggressor Order Type.\26\ No 
specific information about resting orders on the Exchange book will be 
provided.
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    \12\ The currently available Missed Liquidity Report will only 
include trade events which are triggered by an order or quote that 
removed liquidity on entry and will exclude trade events resulting 
from: elected stop orders, orders routed and executed at away 
venues, and peg order movements, and auctions (except step up), 
floor trades, customer-to-customer automated improvement mechanism 
(immediate cross), qualified contingent cross order trades, and 
compression trades. Further, in the event of a quote packet, only 
the first quote within a packet would be included as a potential 
trade event.
    \13\ Includes individual order cancellations, mass cancels, 
purge orders, and quote updates (when quantity and price fields are 
both zero) messages that are sent via Financial Information Exchange 
(``FIX'') protocol or Binary Order Entry (``BOE'') protocol by a 
subscriber.
    \14\ The Missed Liquidity Report will indicate if the message is 
a firm order record, firm modify record, firm quote record or trade 
record with aggressor information.
    \15\ Session Sub ID is the ID of the originating logical port.
    \16\ EFID identified on the message.
    \17\ Unique CIOrdID (for order), QuoteUpdateID (for quotes) or 
MassCancelID (for mass cancels or purges) assigned by the client.
    \18\ The Trade Condition will indicate if it is an electronic 
trade, or complex to complex electronic trade, or SUM Auction.
    \19\ This field will include the auction ID for a SUM auction; 
field will not be populated for any other order or trade type.
    \20\ Assigned to the order by Cboe and will be blank for trade 
records.
    \21\ The Execution ID is a unique reference number assigned by 
the Exchange for each trade.
    \22\ Includes Network Discovery Time (which is a network 
hardware switch timestamp taken at the network capture point); Order 
Handler NIC Timestamp (which is a hardware timestamp that represents 
when a BOE 3 convenience or BOE 2 order handler server NIC observed 
the message and may not be available for certain reject cases); 
Boe3u NIC Timestamp (which is a hardware timestamp that represents 
when a BOE 3 unitized order handler server NIC observed the message 
and may not be available for certain reject cases); Order Handler 
Received Timestamp (which is software timestamp that represents when 
the FIX, BOE 3 convenience, or BOE 2 order handler has begun 
processing the order after the socket read and may not be available 
for certain reject cases); Boe3u Received Timestamp (which is a 
software timestamp that represents when the BOE 3 unitized order 
handler has begun processing the order after the socket read and may 
not be available for certain reject cases); Order Handler Send 
Timestamp (which represents when the FIX, BOE 3 convenience, or BOE 
2 order handler has finished processing the order and begun sending 
to the matching engine or BOE 3 unitized order handler and may not 
be available for certain reject cases); Boe3u Send Timestamp (which 
represents when the BOE 3 unitized order handler has finished 
processing the order and begun sending to the matching engine and 
may not be available for certain reject cases); Matching Engine NIC 
Timestamp (which is a hardware timestamp that represents when the 
target matching engine server NIC observed the message); and 
Matching Engine Transaction Timestamp (which is a software timestamp 
that represents when the matching engine has started processing an 
event).
    \23\ Represents the matching unit number.
    \24\ Flag to indicate whether a message was delayed due to 
message in flight limits (i.e., a limit on the total number of 
messages in flight between an order handler and a matching engine); 
this will be blank for trade records.
    \25\ Refers to the port type used by the session to send the 
applicable message (BOE2 Order, BOE3 Convenience, BOE3 Utilized 
Order, BOE3 Unitized Quote, FIX, or BOE2 Quote for the Missed 
Liquidity Report and BOE2 Order, BOE3 Convenience, BOE3 Unitized 
Order, BOE3 Unitized Quote, FIX, BOE2 Quote, BOE2 Purge, BOE3 
Unitized Purge or FIX Purge for the Cancels Report).
    \26\ Indicates whether the order type of the response order that 
executed against the resting order was a new order, modify order, or 
quote update message.
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Enhancements
    As noted above, the Exchange now seeks to update the Cboe 
Timestamping Service by adding additional data elements to the Missed 
Liquidity Report. Specifically, the Exchange seeks to enhance the 
Missed Liquidity Report to include COA events, as well as a new price 
field that includes each price level at which options orders were 
executed during a COA in addition to the Recipient Member's orders, 
modify message and quotes related to the COA. Importantly, no other 
changes will be made to the Missed Liquidity Report, and aside from 
these proposed enhancements, the Missed Liquidity Report will remain as 
described above.

[[Page 69608]]

    As proposed, a Member's options orders, quotes and modify messages 
that are eligible to participate in a COA will now appear in the Missed 
Liquidity Report. The Missed Liquidity Report will now show the Member 
the time details for their eligible options orders, quotes and modify 
messages for a COA, as well as the time details for executions of other 
COA-eligible options orders resting on the Complex Order Book 
(``COB''),\27\ that the Member receiving the Missed Liquidity Report 
attempted to execute against within an Exchange-determined amount of 
time (not to exceed 1 millisecond) after receipt of the first attempt 
to execute against the resting options order and within an Exchange-
determined amount of time (not to exceed 100 microseconds) before 
receipt of the first attempt to execute against the resting options 
order.\28\ For example, if a Member sends in a COA-eligible options 
order, but a resting options order participating in the COA was 
subsequently executed, the Missed Liquidity Report can assist the 
Member in determining by how much time their options order missed an 
execution.
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    \27\ The terms ``Complex Order Book'' and ``COB'' mean the 
Exchange's electronic book of complex orders and used for all 
trading sessions. See C2 Rule 5.33(a), definition of, ``Complex 
Order Book'' and ``COB.''
    \28\ The Exchange will announce the Exchange-determined 
timeframes with reasonable advance notice via Exchange Notice.
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    Additionally, for COAs clearing across multiple price levels, the 
Missed Liquidity Report will now also include a new price field that 
shows each price level at which (i) the COA-eligible options orders 
were executed during a COA and (ii) the Recipient Member's order, 
modify messages and quotes were at. This will enable a Member to see 
where their orders, modify messages, and quotes sat relative to the 
price levels at which other options orders executed in the COA.
    Generally speaking, the Exchange believes that market participants 
utilize liquidity accessing orders when there is a high probability 
that they will execute against an order or quote resting on the 
Exchange order book. In this regard, the Missed Liquidity Report helps 
subscribing market participants to better understand by how much time 
they missed executing against certain resting orders or quotes. The 
Exchange therefore believes this report will provide greater visibility 
into what was missed in trading so market participants can better 
determine whether they want to invest in the technology to mitigate the 
misses. It may also allow them to optimize their models and trading 
patterns to yield better execution results. Notably, the proposed 
additional data elements will further enhance the utility of the Missed 
Liquidity Report, and provide subscribers with similar insight into the 
COA, as well as better enable them to utilize the data to optimize 
their models and trading patterns to yield better execution results.
    The Exchange notes that even with the enhancements to the Missed 
Liquidity Report, the data contained within the proposed Missed 
Liquidity Report is substantially the same data provided by the 
Exchange today.
Implementation
    The Exchange will announce via Exchange Notice the implementation 
date of the proposed rule change, which shall occur no later than 60 
days after the operative date of this rule filing.
2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\29\ in general, and furthers the 
objectives of Section 6(b)(5) of the Act,\30\ in particular, in that it 
is designed to prevent fraudulent and manipulative acts and practices, 
to promote just and equitable principles of trade, to remove 
impediments to and perfect the mechanism of a free and open market and 
a national market system, and to protect investors and the public 
interest, and that it is not designed to permit unfair discrimination 
among customers, brokers, or dealers. The Exchange also believes this 
proposal is consistent with Section 6(b)(5) of the Act because it 
protects investors and the public interest and promotes just and 
equitable principles of trade by providing investors with an enhanced 
option for receiving market data as requested by market participants 
and Section 6(b)(8) of the Act, which requires that the rules of an 
exchange not impose any burden on competition that is not necessary or 
appropriate in furtherance of the purposes of the Act.\31\ This 
proposal is in keeping with those principles in that it promotes 
increased transparency by enhancing the optional Missed Liquidity 
Report, which will continue to be available to any Member interested in 
paying to receive it, to include COA events and a new price field 
reflecting each price level at which options orders were executed 
during a COA.
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    \29\ 15 U.S.C. 78f.
    \30\ 15 U.S.C. 78f(b)(5).
    \31\ 15 U.S.C. 78f(b)(8).
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    The Exchange also believes this proposal is consistent with Section 
6(b)(5) of the Act because it protects investors and the public 
interest and promotes just and equitable principles of trade by 
providing investors with enhanced options for receiving market data as 
requested by potential purchasers. The proposed enhancements would 
benefit investors by facilitating their prompt access to additional 
value-added information regarding their participation in COAs, which is 
not currently included in the Missed Liquidity Report. The enhanced 
report will allow Members to access information regarding their COA 
trading activity that they may utilize to evaluate their own trading 
behavior and order interactions in the same manner they currently can 
for options orders and quotes executing against interest resting on the 
Exchange order book. It also promotes just and equitable principles of 
trade because it would provide latency and execution price level 
information in a systematized way and standardized format to any Member 
that chooses to subscribe to the Missed Liquidity Report. As discussed, 
the proposed reports is not a real-time market data product, but rather 
provides only historical trading data for the previous trading day, 
generally on a T+1 basis, and the COA data will be provided on the same 
basis. In addition, the data in the report regarding incoming orders or 
quotes that failed to execute including options orders that failed to 
execute in a COA, would be specific to the Recipient Member's messages. 
As noted above, no specific information about the resting orders on the 
Exchange book will be provided and any information relating to another 
Member would be anonymized.
    With respect to the first enhancement, the Exchange believes that 
including COA events in the Missed Liquidity Report is also consistent 
with Section 6(b)(5) of the Act because it simply extends the report's 
existing functionality to an additional execution mechanism on the 
Exchange. Currently, a Member that submits COA-eligible options orders 
receives no insight through the Missed Liquidity Report into how much 
time its options orders missed executing against other COA-eligible 
options orders resting on the COB. As proposed, the report will show a 
Member the time details for its eligible options orders, quotes and 
modify messages in a COA, as well as time details for executions of 
other COA-eligible options orders resting on the COB that the Member 
attempted to execute against, using the same Exchange-determined time 
parameters (not to exceed 1 millisecond after, and 100 microseconds 
before, receipt of the

[[Page 69609]]

first attempt to execute) that currently apply to the report. By 
applying the same methodology to COA activity, the enhancement will 
provide Members with greater visibility into what was missed in COA 
trading, enabling them to better determine whether to invest in 
technology to mitigate those misses and to optimize their models and 
trading patterns to yield better execution results in COAs. The 
Exchange believes that better informed Members are more likely to 
participate efficiently in COAs, which may in turn contribute to more 
robust price competition in the auction, to the benefit of investors 
whose complex orders are exposed in a COA. This furthers the protection 
of investors and the public interest and removes impediments to and 
perfects the mechanism of a free and open market and a national market 
system.
    With respect to the second enhancement, the Exchange believes that 
adding a new price field showing each price level at which COA-eligible 
options orders were executed during a COA clearing across multiple 
price levels, is likewise consistent with Section 6(b)(5) of the Act. 
Because a COA may clear at more than one price, timing information 
alone may not give a Member a complete picture of why its options order 
did not execute. The new price field will enable a Member to see where 
its options orders, quotes and modify messages sat relative to the 
price levels at which other options orders executed in the COA, which 
will help the Member understand whether a missed execution was 
attributable to timing, price, or both, and to refine its pricing and 
order submission strategies accordingly. The Exchange notes that the 
price field identifies only (i) the Member's own pricing for its 
quotes, orders and modify messages and (ii) the price levels at which 
executions occurred; it does not identify the Member or other market 
participant on the other side of any execution, and the report will 
continue to restrict all market participants from receiving another 
market participant's data. Accordingly, the Exchange believes the new 
price field increases the utility and transparency of the report for 
subscribing Members without disclosing sensitive information about 
other market participants, thereby promoting just and equitable 
principles of trade and protecting investors and the public interest.
    The Exchange further notes that the proposed enhancements are 
limited in scope. No other changes will be made to the Missed Liquidity 
Report, and the Exchange is not proposing any enhancements to the 
Missed Cancels Report or the All Cancels Report. The enhanced Missed 
Liquidity Report will continue to be an optional product equally 
available to all Members on the same terms.
    The Exchange notes that the Cboe Timestamping Service, including 
the Missed Liquidity Report that is the subject of the proposed 
enhancements, is an existing Exchange market data product that was 
previously filed \32\ with, and reviewed by, the Commission. In that 
filing, the Commission waived the 30-day operative delay so that the 
Exchange could launch the Missed Liquidity Report and Missed Cancels 
Report on January 27, 2025, finding that doing so was consistent with 
the protection of investors and the public interest and noting that the 
filing did not introduce any novel regulatory issues.\33\ The proposed 
rule change does not alter the fundamental structure or purpose of the 
Missed Liquidity Report as previously filed. Rather, it applies the 
report's existing methodology to an additional execution mechanism 
(i.e., COAs) and adds a related price field, while retaining the same 
core features already reviewed by the Commission: the report remains 
optional, is available to all Members, contains only historical data 
provided on a T+1 basis, and includes only data specific to the 
Recipient Member.
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    \32\ See Securities Exchange Act Release No. 102238 (January 17, 
2025), 90 FR 8070 (January 23, 2025) (SR-C2-2025-001).
    \33\ Id.
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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 proposed rule changes do 
not introduce a new product. Rather, the proposed amendments seek to 
enhance the existing Missed Liquidity Report, which was previously 
filed with the Commission and became effected upon filing. Accordingly, 
the Exchange believes the proposed rule changes do not raise any new 
competitive issues. With respect to intermarket competition, the 
Exchange believes the proposed additions will enhance competition 
between exchanges by improving the quality and utility of the 
Exchange's market data offerings, thereby allowing the Exchange to 
better compete with other exchanges that offer similar trading-related 
reports, such as MIAX Emerald's Liquidity Taker Event Report.\34\ 
Market participants have numerous alternative venues for trading 
complex orders, and other exchanges remain free to develop and offer 
similar competing data products.
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    \34\ See e.g., MIAX Emerald Rule 531.
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    Additionally, the Exchange believes the proposed rule change does 
not impose any burden on intramarket competition that is not necessary 
or appropriate in furtherance of the purposes of the Act. The enhanced 
Missed Liquidity Report will be available to all Members on the same 
terms, and any Member that subscribes to the report will automatically 
receive the COA data for its own COA-eligible options orders, quotes 
and modify messages. The COA data, including the new price field, will 
be specific to the Recipient Member's own orders, quotes and modify 
messages, will be provided only on a historical, T+1 basis, and will 
not identify any other market participant. As such, the enhancements 
will not provide any Member with an informational advantage over other 
market participants in real-time trading. Moreover, market participants 
are not required to purchase the Missed Liquidity Report, and the 
Exchange is not required to make the Missed Liquidity Report available 
to investors. Rather, the Exchange is voluntarily making the Missed 
Liquidity Report available, as requested by Members, and Members may 
choose to receive (and pay for) this data based on their own business 
needs. Potential purchasers may request the data at any time if they 
believe it to be valuable or may decline to purchase such data.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    The Exchange neither solicited nor received comments on the 
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the foregoing proposed rule change does not:
    A. significantly affect the protection of investors or the public 
interest;
    B. impose any significant burden on competition; and
    C. become operative for 30 days from the date on which it was 
filed, or such shorter time as the Commission may designate, it has 
become effective pursuant to Section 19(b)(3)(A) of the Act \35\ and 
Rule 19b-4(f)(6) \36\ thereunder. At any time within 60 days of the 
filing of the proposed rule change,

[[Page 69610]]

the Commission summarily may temporarily suspend such rule change if it 
appears to the Commission that such action is necessary or appropriate 
in the public interest, for the protection of investors, or otherwise 
in furtherance of the purposes of the Act. If the Commission takes such 
action, the Commission will institute proceedings to determine whether 
the proposed rule change should be approved or disapproved.
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    \35\ 15 U.S.C. 78s(b)(3)(A).
    \36\ 17 CFR 240.19b-4(f)(6).
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IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

    <bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
    <bullet> Send an email to <a href="/cdn-cgi/l/email-protection#fa888f969fd7999597979f948e89ba899f99d49d958c"><span class="__cf_email__" data-cfemail="3b494e575e16585456565e554f487b485e58155c544d">[email&#160;protected]</span></a>. Please include 
file number SR-C2-2026-028 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-C2-2026-028. 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-C2-2026-028 and 
should be submitted on or before November 25, 2026.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\37\
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    \37\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-22459 Filed 11-3-26; 8:45 am]
BILLING CODE 8011-01-P


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