All-Session Orders Get Priority in Cboe's Trading Tweaks
Published Date: 2/13/2026
Notice
Summary
Cboe Exchange is updating its rules to make it clear that orders set to trade during all sessions get priority over those limited to regular trading hours when the market switches sessions. This change affects traders using All Sessions, Regular Trading Hours, or Curb order instructions and kicks in right away with no extra costs. It’s a smart move to keep trading fair and smooth as the market moves between sessions.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
All Sessions Orders Get Priority
If you enter an All Sessions order, it is prioritized over orders designated RTH Only or RTH and Curb when the market transitions from the Global Trading Hours (GTH) session to Regular Trading Hours (RTH). This priority applies for GTC and GTD orders and continues until the All Sessions order fully executes.
RTH-Only Orders Lose Priority Outside RTH
RTH Only and RTH and Curb orders that are entered outside the RTH trading session lose priority to All Sessions orders when the exchange moves from GTH to RTH. RTH Only and RTH and Curb orders entered during the RTH trading session keep their normal price and time priority.
Priority Rule Formalized in Rule Text
The Exchange adds explicit language to the GTC/GTD Times-in-Force text and adopts a new Additional Priority Rule (Exchange Rule 5.32(a)(3)(D)) to state that All Sessions orders at a given price have priority over RTH Only and RTH and Curb orders when transitioning from GTH to RTH. This change memorializes existing System behavior and makes the priority treatment clearer and more transparent.
Rule Effective Immediately Upon Filing
The Commission waived the normal 30-day operative delay and designated the proposed rule change as operative upon filing; the Exchange filed the proposal on January 29, 2026. Market participants are subject to the clarified priority rules immediately after that filing date.
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