Cboe Extends Quote-Only Window for New Stock Debuts
Published Date: 12/23/2025
Notice
Summary
Cboe BZX Exchange is changing its rules to allow more time for a special 'quote-only' period when a brand-new stock starts trading on their platform. This helps traders get better price info before buying or selling. The change kicks in right away and mainly affects new listings, with no extra costs for anyone.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
More Time for IPO Price Discovery
If you trade or invest in new listings, the Exchange can now extend the Quote-Only Period for a security that is the subject of an initial pricing and was not listed on a national securities exchange immediately prior to that initial pricing. This change is established by new Rule 11.23(d)(2)(B)(vi) and is intended to give market participants extra time to see price information and submit or change orders during an IPO auction.
Applies Uniformly to All IPO Participants
The Exchange says the extension authority will apply the same way to all securities that are subject to an initial pricing and were not previously listed, and it will be applied uniformly to all Users and their customers participating in IPO auctions. The Exchange states this is intended to avoid unfair discrimination between customers, issuers, brokers, or dealers.
Rule Effective Immediately Upon Filing
The Exchange filed the proposed rule change on December 16, 2025, and the SEC waived the usual 30-day operative delay, so the rule became operative upon filing. That means the Exchange could extend the Quote-Only Period under the new Rule 11.23(d)(2)(B)(vi) for eligible initial pricings starting from the filing date.
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