# 2026-12629: Cboe Seeks Fancier Auction Orders, SEC Takes Extra Time

2026-12629, Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change To Amend Rule 11.25 To Introduce an Optional, Contingent Instruction Applicable to Periodic Auction Only Orders, Introduce a Time-in-Force of Auction or Cancel, and Make Conforming Changes to Its Periodic Auction Processing Behavior To Support the Proposed Contingent Instruction, is a Federal Register notice from Securities and Exchange Commission published 2026-06-24, effective 2026-08-12; PRIA reads it as touching household money (as of 2026-07-01).

- Canonical: https://policyrisk.com/federal-register/2026-12629
- As of: 2026-07-01
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2026-12629
- Title: Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change To Amend Rule 11.25 To Introduce an Optional, Contingent Instruction Applicable to Periodic Auction Only Orders, Introduce a Time-in-Force of Auction or Cancel, and Make Conforming Changes to Its Periodic Auction Processing Behavior To Support the Proposed Contingent Instruction
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 91 FR 38043
- Published: 2026-06-24
- Effective: 2026-08-12
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-07-01

## In one line

Cboe Seeks Fancier Auction Orders, SEC Takes Extra Time

## 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.

## Effects PRIA read

- Optional Contingent Instruction Added: benefit, medium. 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: benefit, medium. 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: benefit, medium. 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 or…

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## Sources
- [2026-12629 on federalregister.gov](https://www.federalregister.gov/documents/2026/06/24/2026-12629/self-regulatory-organizations-cboe-byx-exchange-inc-notice-of-designation-of-longer-period-for)
- [2026-12629 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-06-24/pdf/2026-12629.pdf)

## Related
- [Previous: 2026-12628, Notice of OFAC Sanctions Action](https://policyrisk.com/federal-register/2026-12628)
- [Next: 2026-12630, Notice of Agreements Filed](https://policyrisk.com/federal-register/2026-12630)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2026-12629 (as of 2026-07-01).