Cboe BZX Delays Wild Market Openings for Fairer Price Discovery
Published Date: 1/27/2026
Notice
Summary
Cboe BZX Exchange is proposing a new rule to delay the opening auction when the market is acting wild. This pause helps find better prices that truly match what's happening in the market, so traders get fairer deals. If approved, this change will affect all traders using BZX and could improve how stocks open each day without extra costs or delays.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Opening Auction May Be Delayed Up to 9:34:30
The Exchange would delay the Opening Auction when the Indicative Price falls outside the Collar Price Range. The system will check every second from 9:30:00 to 9:30:05, then may widen collars and continue checks up to 9:34:30, so the opening may occur later than 9:30 a.m. ET.
Aims to Reduce LULD Halts and Improve Bands
The Exchange states the change should produce fewer limit up-limit down (LULD) halts and more accurate Collar Price Ranges because opening prices and LULD reference prices will be based on more current market conditions rather than stale closing prices.
Odd-Lot Executions Can Set Opening Price
The Exchange would redefine the BZX Official Opening Price so that either a round-lot or an odd-lot execution from the Opening Auction can set the official opening price disseminated to the consolidated tape. That official opening price will continue to be used to help set LULD reference prices and bands.
Order Submission and Cancellation Timing Rules
Under the proposal, LOO and MOO orders must be submitted by 9:28 a.m.; additional LOO/MOO orders after 9:28 will be rejected. Regular Hours Only (RHO) market orders are rejected from 9:28 a.m. until the Opening Auction concludes, while late-limit-on-open (LLOO) orders may be submitted from 9:28 a.m. until the Opening Auction concludes. Eligible Auction Orders may not be cancelled or modified from 9:28 a.m. until the Opening Auction concludes, except RHO limit orders may be modified but not cancelled.
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
2026-20466, Adviser and Regulated Fund Custody Rules; Crypto Custody Rules
The SEC is updating rules for how investment advisers and funds handle crypto assets, making sure they keep these digital investments safe and properly reported. These changes affect advisers, funds, and anyone managing crypto securities, aiming to modernize rules and improve transparency. Comments on the proposal are open until December 7, 2026, so get ready to weigh in!
2026-19260, Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4
The SEC wants to stop its federal rule that controls how shareholders can make proposals at company meetings, letting state laws and company rules take over instead. They’re also changing rules so companies can sometimes vote on proposals not in their official materials—but shareholders can opt out if they want. This affects investors and companies, with comments open until November 20, 2026, and could shake up how shareholder voices are heard and counted.
2026-18424, Political Contributions by Certain Investment Advisers
The Securities and Exchange Commission (the "Commission" or the "SEC") is proposing to rescind the political contribution rule under the Investment Advisers Act of 1940 (the "Advisers Act"), which prohibits investment advisers from providing investment advisory services for compensation to a government client for two years after an adviser or any covered associate of the adviser makes a contribution to certain categories of elected officials or candidates, among other prohibitions. In the more than fifteen years since the rule was adopted, implementation challenges associated with the political contribution rule have resulted in a range of significant unintended consequences, including compliance practices among some investment advisers that may have had the effect of restricting all political contributions by the investment advisers and their employees. Market participants also have stated that the political contribution rule is burdensome, complex, and both lacks clarity and creates a de facto strict liability standard. The Commission is of the view that other existing requirements of the Advisers Act and its associated rules, including prohibitions on fraud, fiduciary duty requirements, the compliance rule, and the code of ethics rule (defined below), are likely sufficient to address pay-to-play practices while allowing an adviser the flexibility to implement an approach that is more appropriately tailored to its particular risks, rendering the political contribution rule unnecessary. The Commission also is proposing to amend the rule under the Advisers Act pertaining to books and records consistent with the proposed rescission.
2026-18190, Transfer Agent Rules
The U.S. Securities and Exchange Commission ("SEC" or "Commission") is proposing to adopt new rules, amend existing rules, amend the existing form for registration with the Commission as a transfer agent (Form TA-1) and the existing form for reporting activities of transfer agents (Form TA-2), and rescind an existing rule governing registered transfer agents. The proposals are designed to modernize the rules governing registered transfer agents.
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!
Previous / Next Documents
Previous: 2026-01518, Proposed Revision of the Corporation for National and Community Service Strategic Plan; Request for Input
AmeriCorps wants your ideas to help shape their big plan for 2026-2030! They’re updating their goals to better serve communities and need your feedback within 15 days. This is a chance for everyone who cares about national service to pitch in and help guide where AmeriCorps focuses its time and resources next.
Next: 2026-01521, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend Rule 14.11(j) To Eliminate the Requirement That the Exchange Distribute an Information Circular Prior to the Commencement of Trading in Each UTP Derivative Security
Cboe BZX Exchange wants to stop sending info circulars before trading starts on each new UTP derivative security. This change affects traders and investors by speeding up the process and cutting down on paperwork. The rule change was proposed in January 2026 and aims to make trading smoother without extra costs.