Cboe BZX Enables Early Trading Jump for IPO Products
Published Date: 9/29/2025
Notice
Summary
Cboe BZX Exchange is giving certain new exchange-traded products (ETPs) the choice to start trading earlier during the BZX Early Trading Session right after their IPO auction. This change helps these products get a jumpstart in the market, potentially boosting trading activity and investor interest. The new option is effective immediately, so eligible ETPs can take advantage of it right away.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Issuers May Start ETPs at 4:00 a.m.
If you issue an exchange-traded product (ETP), you may elect to have that ETP begin trading in the BZX Early Trading Session at 4:00 a.m. Eastern Time on its first day instead of opening via the IPO Auction at 9:30 a.m. Eastern Time. This option is available under the amended Rule 11.23 and became operative upon filing on September 22, 2025.
Investors Get Earlier ETP Trading Access
If you own or trade investments, some new ETPs may begin trading at 4:00 a.m. Eastern Time on their first day instead of waiting for the 9:30 a.m. IPO Auction. The rule change (amendment to Rule 11.23) took effect upon filing on September 22, 2025, and is intended to provide additional opportunities to access liquidity earlier in the day for ETP IPO securities.
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