Cboe Lets Insiders Speed Up Auction Trades for Big Wins
Published Date: 3/24/2026
Notice
Summary
Cboe Exchange just got a green light to let Market-Makers with special appointments have their orders invited as the opposite side in certain auctions. This means faster, smarter trades in auctions like AIM and SAM, helping big orders get better prices. The change kicks in soon and could make trading smoother and more competitive for Market-Makers and their clients.
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
Market-Maker Orders Allowed in Auctions
The SEC approved on March 19, 2026 an amendment to Cboe Rules 5.37, 5.39, 5.73, and 5.74 that allows orders for the accounts of Market-Makers with an appointment in the applicable class on the Exchange to be solicited as the contra-side (the Initiating Order) in simple AIM, simple SAM, FLEX AIM, and FLEX SAM auctions in all classes. Previously, that solicitation was prohibited in all classes except S&P 500 Index options (SPX).
More Auctions Could Mean Better Prices
Permitting solicited Market-Maker contra orders could expand available liquidity and allow more AIM and SAM auctions to take place, which may create more chances for customers to receive price improvement versus the National Best Bid or Offer (NBBO) or for large block orders to execute more efficiently.
Enables Brokers to Solicit Market-Maker Liquidity
The change lets executing brokers or members who cannot commit the capital needed for an Initiating Order instead solicit Market-Makers to provide that necessary contra-side liquidity to commence an auction, which may promote competition among executing brokers.
Protections Against Information Misuse Remain
The Commission emphasized that Trading Permit Holders must comply with Cboe Rule 8.10, which prohibits misuse of material nonpublic information (for example, advanced knowledge of auctioned orders), and that the Exchange will surveil for violations under the approved change.
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
2026-10373 — 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!
2026-11810 — Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe EDGX Exchange just rolled out a new Clock Service that helps users sync their time systems perfectly with the Exchange. Starting May 18, 2026, they’re charging fees for this service but also offering a free trial to get everyone on board. This affects both members and non-members who want precise timing for their trading activities.
2026-11812 — Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe EDGA Exchange just rolled out a new Clock Service to help traders sync their time systems perfectly. Starting May 18, 2026, users can try it for free, but after that, there will be fees for using this handy tool. This change affects anyone who wants precise timing for trading and keeps things running smoothly.
2026-11809 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe BZX Exchange just rolled out a new Clock Service that helps users sync their time systems with the Exchange’s for better accuracy. Starting May 18, 2026, they’re charging fees for this service but offering a free trial to get everyone started. This affects both members and non-members who want precise timing for their trading activities.
Previous / Next Documents
Previous: 2026-05658 — Duke Energy Progress, LLC; H.B. Robinson Steam Electric Plant, Unit No. 2; Exemption
The Nuclear Regulatory Commission gave Duke Energy Progress a break by exempting them from yearly updates during the review of their H.B. Robinson nuclear plant’s license renewal. This means Duke doesn’t have to submit extra paperwork about changes while the NRC reviews their application, speeding up the process without extra costs. The exemption started on March 17, 2026, making things smoother for Duke and the NRC.
Next: 2026-05660 — Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment Nos. 3 and 4, To Modify EDGX Rule 11.21 To Adopt a Retail Price Improvement Program and Modify EDGX Rule 11.6(e)(2) and EDGX Rule 11.10(a)(4)(C)-(D) in Order To Describe the Behavior of Orders Containing a Non-Displayed Instruction; and Order Granting Limited Exemption Pursuant to Rule 612(d) of Regulation NMS
Cboe EDGX Exchange is rolling out a new Retail Price Improvement Program to help everyday investors get better prices when they trade. They’re also updating rules to explain how special hidden orders work. These changes kick in soon and could save traders money by improving price fairness and transparency.