Cboe Seeks to Pause Trading Openings During Market Turmoil
Published Date: 4/30/2026
Notice
Summary
The Cboe BZX Exchange wants to change how it starts trading each day by delaying the Opening Auction when the market is acting wild or uncertain. This affects traders and investors who use BZX, aiming to make opening prices fairer and more stable. The SEC is now deciding if this change is a good idea, with a decision expected soon—no extra costs or delays for users yet.
Analyzed Economic Effects
3 provisions identified: 0 benefits, 1 costs, 2 mixed.
Opening Auction May Be Delayed Up To 4m30s
If the indicative opening price is outside the Exchange's Collar Price Range, BZX would delay the Opening Auction and run timed checks from 9:30:00 a.m., starting with a five-second period (9:30:00–9:30:05). The system may widen the Collar Price Range by 5% of the Volume Based Tie Breaker at specified intervals and continue checks until 9:34:30, so an Opening Auction could be delayed for up to 4 minutes and 30 seconds and the Exchange aims to still report a reference price by 9:35 a.m.
Order Cancellation and Modification Limits Before Open
Under the proposal, Eligible Auction Orders designated for the Opening Auction may not be cancelled or modified from 9:28 a.m. until the Opening Auction concludes; Regular Hours Only (RHO) limit orders may be modified (but not cancelled) during that time and such modifications would be treated as late-limit-on-open orders.
Official Opening Price Can Be Odd-Lot Trade
BZX proposes changing its definition of the BZX Official Opening Price so it may be determined by execution of either a round-lot or an odd-lot trade and would be the price disseminated to the consolidated tape as the market center open.
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Key Dates
Department and Agencies
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