Cboe Seeks Fancier Auction Orders, SEC Takes Extra Time
Published Date: 6/24/2026
Notice
Summary
The Cboe BYX Exchange wants to add a new optional instruction for certain auction orders and a special 'Auction or Cancel' timing rule to make trading smoother. The SEC is taking extra time to review these changes carefully before giving the green light. Traders and investors could see more flexible and efficient auction order options once approved.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Optional Contingent Instruction Added
Cboe BYX proposed adding an optional “Contingent Instruction” that would apply to Periodic Auction Only Orders. If you place auction-only orders on BYX, this proposed instruction would be an available option under the Exchange’s rule changes filed April 28, 2026.
New 'Auction or Cancel' Time‑in‑Force
The Exchange proposed a new time‑in‑force called “Auction or Cancel” as part of its April 28, 2026 filing. If you trade on BYX, this time‑in‑force would let you submit an order that is only valid for the auction and is canceled if not filled in the auction.
Changes to Periodic Auction Processing
BYX also proposed conforming changes to its Periodic Auction processing behavior to support the new Contingent Instruction and Auction or Cancel time‑in‑force in the rule filing published May 14, 2026. If you trade in BYX periodic auctions, these processing changes would affect how those auction orders are handled if the proposal is approved.
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