Cboe Updates Opening Process for Special Index Options
Published Date: 6/12/2025
Notice
Summary
Cboe BZX Exchange is changing how it opens simple orders for certain special index options that only trade on their platform. This update aims to make the opening process smoother and faster for traders using these exclusive options. The new rules took effect right after filing on May 27, 2025, with no extra costs expected for users.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Automated Forced Open for Exclusive Options
If you trade exclusively listed index options on Cboe BZX, the exchange will automatically force a series to open after an Exchange-determined time period following the opening trigger if (a) the Composite Market is not crossed and no non-M Capacity orders cross the Composite Market midpoint, or (b) there is no Composite Market and no non-M Capacity orders are crossed. The System opens the series without performing the normal opening auction or determining an opening trade price; the Exchange may set a different timer for exclusively listed options (the filing gives a three-minute example). This rule became effective on May 27, 2025.
Order Handling and No Added Fees
Under the forced open, the System will enter users' Queuing Book orders into the Book per existing rules unless a user instructs the System to cancel market orders or all orders; marketable orders will be executed subject to priority rules and non-marketable orders will enter the Book or cancel per user instructions. The filing states the change took effect May 27, 2025 and that no extra costs are expected for users.
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: 2025-10642, Self-Regulatory Organizations; NYSE Texas, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Fee Schedule To Adopt Listing and Annual Fees
NYSE Texas is updating its fee schedule to start charging listing and annual fees for Exchange Traded Products and Structured Products. These new fees kick in right away on June 5, 2025, and include discounts for annual fees. This change affects companies listing these products on NYSE Texas and means they’ll need to budget for these new costs starting now.
Next: 2025-10644, Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Opening Process for Simple Orders in Exclusively Listed Index Option Classes
Cboe EDGX Exchange is changing how it opens simple orders for certain special index options that only trade on their platform. This update aims to make the opening process smoother and faster for traders using these exclusive options. The new rules took effect right after filing on May 27, 2025, so traders can expect quicker and more efficient order handling now.