Cboe Gives Traders Extra Second for Option Auction Responses
Published Date: 5/7/2025
Notice
Summary
Cboe Exchange is giving traders a bit more time—up to 1 second—to respond during certain option auctions until the end of 2025. This change affects anyone trading non-FLEX SPX options and aims to make auctions smoother without changing costs. The update kicks in right away, helping the market work better and faster.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
SPX auctions get up to 1 second
The Exchange may allow up to 1,000 milliseconds (1 second) total for the auction response exposure period plus post-exposure processing for non-FLEX S&P 500 Index (SPX) options. This applies to SPX/SPXW auction mechanisms such as AIM and COA and is intended to increase the chance that timely-submitted auction responses are processed and can execute.
Change is immediate and temporary
The rule change became operative upon filing (filed April 29, 2025) and the increased 1,000 millisecond processing cap will remain in place until December 31, 2025. The Exchange may file future rule changes to extend or make the change permanent.
FLEX SPX auctions are excluded
The increased auction response processing cap does not apply to FLEX SPX options; FLEX auctions (which can last from three seconds to five minutes) are explicitly excluded from this change. Traders using FLEX SPX auctions will not receive the extended post-exposure processing under this rule.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-17203, Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Update Its Fees Schedule in Connection With Binary Options That Overlie the Mini-S&P 500 Index
Cboe Exchange is updating its fees for binary options tied to the Mini-S&P 500 Index, called XSP binary options. They’re adding standard transaction fees and removing these options from some special fee programs. These changes took effect right away on August 12, 2026, and will impact traders using these specific options.
Previous / Next Documents
Previous: 2025-07907, Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Update Its Fee Schedule To Provide a Discount on Fees Assessed to Qualifying Academic Purchasers for Purchases of Ad Hoc Historical U.S. Equity Short Volume and Trades Reports
Cboe EDGA Exchange is giving a special discount to qualifying academic buyers who want to purchase historical U.S. Equity Short Volume and Trades Reports. This change helps students and researchers save money when accessing important market data. The new discounted fees are effective immediately, making it easier and cheaper for academics to get the info they need.
Next: 2025-07909, Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Update Its Fee Schedule To Provide a Discount on Fees Assessed to Qualifying Academic Purchasers for Purchases of Ad Hoc Historical U.S. Equity Short Volume and Trades Reports
Cboe BYX Exchange is giving a special discount to qualified academic buyers who want to purchase historical U.S. stock short volume and trade reports. This change helps schools and researchers save money when accessing important market data. The new discounted fees are effective immediately, making it easier and cheaper for academics to get the info they need.