Cboe Extends IPO Wait Times for Shaky Derivatives
Published Date: 9/17/2025
Notice
Summary
Cboe BZX Exchange is updating its rules to clearly say it can extend the 'quote-only' period during an IPO auction if a new derivative security doesn’t meet listing requirements. This change helps the Exchange manage IPOs better and keeps things fair for traders. It’s effective immediately, so anyone involved in IPO auctions on Cboe BZX should take note!
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
BZX can pause IPO auctions for derivative listing issues
If you trade or plan to trade in IPO auctions on the Cboe BZX Exchange, the Exchange amended Rule 11.23 to explicitly allow it to extend the Quote-Only Period for an IPO Auction when a Derivative Security fails to meet the Exchange's listing qualification requirements in Rule 14.11. The change was filed on September 3, 2025 and the SEC waived the normal 30-day delay, so the amendment is operative upon filing.
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