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.
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
2026-12163 — 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!
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!
2026-12640 — Self-Regulatory Organizations; Nasdaq Texas, LLC; Order Granting Approval of a Proposed Rule Change To Adopt Rules To Permit the Listing and Trading of Certain Exchange-Traded Products
Nasdaq Texas just got the green light to let certain exchange-traded products (ETPs) be listed and traded on its platform, joining other big exchanges in the game. This means investors will have more places to buy and sell these products, with rules closely matching those of Nasdaq’s main market. The change kicks in soon, making trading smoother and more flexible without extra costs.
2026-12631 — Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend Rule 11.8(c) To Permit an Intermarket Sweep Order (“ISO”) To Be Entered as a Non-Displayed Order and To Establish the Price Level at Which the System Will Consider an ISO Available for Other Orders To Be Entered
Cboe EDGX Exchange is updating its rules to let special fast trades called Intermarket Sweep Orders (ISOs) be hidden from public view and to set clear price levels for when these orders can trigger other trades. This change helps traders act quicker and smarter without showing all their moves. The update could speed up trading and improve market efficiency starting soon after approval.
Previous / Next Documents
Previous: 2026-12628 — Notice of OFAC Sanctions Action
The U.S. Treasury’s Office of Foreign Assets Control (OFAC) just added new people to its blacklist, meaning their money and property in the U.S. are frozen. Americans can’t do business with these folks anymore, starting June 18, 2026. This move aims to stop bad actors from using the U.S. financial system and could impact any money tied to them.
Next: 2026-12630 — Notice of Agreements Filed
Big shipping companies like Maersk, Hapag Lloyd, MSC, and Zim are updating their teamwork agreements to improve how they share space and routes between the U.S., South America, India, and the Caribbean. These changes kick in between late July and early August 2026 and could affect shipping schedules and costs. If you’re interested, you’ve got about a week or two to send your thoughts to the Federal Maritime Commission.