Cboe C2 Streamlines Simple Orders in Special Index Classes
Published Date: 7/24/2025
Notice
Summary
Cboe C2 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 July 9, 2025, with no extra costs for users but better trading flow expected.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 0 costs, 1 mixed.
Faster opens for exclusive index options
If you trade exclusively listed index options on Cboe C2, the Exchange will open those series sooner under an automated process that began on July 9, 2025. The Exchange says this should make openings smoother and faster and avoid multi-minute delays (it notes delays as long as ten to fifteen minutes) with no extra costs for users.
Automated forced opening may occur without a trade
Under the new rule, if an exclusively listed option series fails to satisfy the Exchange's opening checks within an Exchange-determined time, the System will force the series to open after that time when (a) the Composite Market is not crossed and no non-M Capacity orders are crossed, or (b) there is no Composite Market and no non-M Capacity orders are crossed. For a forced opening, the opening auction price determination does not occur and the System opens the series without a trade; queued orders are entered into the Book, marketable orders will execute subject to priority rules, and Users may instruct the System to cancel market orders or all orders.
Exchange may use different forced-open timers
The Exchange may set a different forced-opening time period for exclusively listed options than it uses for equity and ETP options; for example, the filing uses a three-minute example (an opening trigger at 9:30:05 would force-open at 9:33:05 if conditions are met). The Exchange retains authority to manually compel openings under Rule 5.31(h).
No ABBO requirement; non-M orders must not be crossed
For exclusively listed option series, the forced-open process will not rely on observing an ABBO (there is none for exclusively listed products). The Exchange may force open a series even if there is no Composite Market so long as there are no non-M Capacity orders that are crossed.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
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!
2026-10241 — Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the DTC Operational Arrangements (Necessary for Securities to Become and Remain Eligible for DTC Services)
The Depository Trust Company (DTC) is updating its rules to make it easier and clearer for agents handling corporate offers like tenders and subscriptions through its automated systems. This change affects companies and agents using DTC services to process these offers and starts right away with no extra costs. It’s all about smoother, faster, and more reliable processing for everyone involved!
2026-10244 — Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Fee Schedule Applicable to Members Concerning Equities Transaction Pricing
Investors Exchange (IEX) is updating its fee schedule starting June 1, 2026. Members who trade stocks will see changes in how they qualify for rebates and fee discounts based on their trading volume. These tweaks aim to make fees fairer and encourage more trading activity on the exchange.
2026-10245 — Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 3120 To Increase the Position and Exercise Limits for Options on the iShares Bitcoin Trust ETF
BOX Exchange is raising the limits on how many options traders can hold and exercise for the iShares Bitcoin Trust ETF. This change lets bigger players trade more freely and takes effect immediately, matching similar moves by other exchanges. If you trade these options, get ready for bigger opportunities starting now!
2026-10129 — The Goldman Sachs Group, Inc.
Goldman Sachs is asking the SEC for special permission to create investment funds just for its employees, letting them skip some usual rules. This change mainly affects Goldman Sachs workers and could speed up how these funds work without changing important protections. If no one objects by June 12, 2026, the SEC will approve this request.
2026-10168 — Agency Information Collection Activities; Submission for OMB Review; Comment Request; Extension: Rule 17a-2
The SEC is asking to keep the rules that require underwriters to keep records about certain stock market activities for three years. About 647 companies spend around 3,235 hours and $530,000 yearly to follow these rules. This extension keeps things running smoothly without adding new costs or changes.
Previous / Next Documents
Previous: 2025-13898 — Self-Regulatory Organizations; Cboe 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 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 away on July 9, 2025, helping traders get better order handling without any extra costs.
Next: 2025-13900 — Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Temporarily Lower the Options Regulatory Fee (ORF)
Starting July 16, 2025, NYSE Arca is temporarily lowering the Options Regulatory Fee from $0.0038 to $0.0023 per contract. This change helps traders save a bit on fees while the Exchange continues funding its important oversight work. If you trade options on NYSE Arca, this fee drop means more money stays in your pocket—for now!