SEC Hits Pause on Cboe's Anti-Disruptive Trading Rule
Published Date: 3/25/2026
Notice
Summary
The SEC has paused Cboe Exchange’s new Rule 8.23, which aims to stop disruptive trading behaviors by setting clear limits on order and quote entries. This affects traders on Cboe who must now wait while the SEC decides if the rule is fair and effective. The decision could impact how trading happens and might influence market fairness and order flow soon.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 0 costs, 2 mixed.
Proposed Rule 8.23 would ban disruptive orders
Cboe's proposed Rule 8.23 would make it a Rule that Trading Permit Holders must submit orders and quotes only for bona fide transactions or legitimate purposes and lists non-exhaustive examples of non-bona fide purposes. The proposal also sets out factors the Exchange would consider when deciding if conduct is disruptive or manipulative, describes activities that alone would not violate the rule, and includes interpretations and policies to guide enforcement if the rule is approved.
SEC temporarily suspends Cboe Rule 8.23
The Securities and Exchange Commission temporarily suspended Cboe Exchange's proposed Rule 8.23 on March 20, 2026, pausing its immediate effect while the SEC reviews it. The proposal had been filed on January 20, 2026 and published for comment on February 2, 2026; the suspension allows the SEC up to 60 days after filing to halt the rule while it considers investor protection and competition standards.
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