Cboe Invents 'Regular til Post Market' – Trading Hours Stretch On!
Published Date: 9/15/2026
Notice
Summary
No summary available.
Analyzed Economic Effects
7 provisions identified: 4 benefits, 3 costs, 0 mixed.
New RTP time-in-force spans regular and after-hours
The Exchange added a new Time-in-Force called "Regular `til Post Market" (RTP). An RTP limit order is eligible to execute during Regular Trading Hours (9:30 a.m. to 4:00 p.m. ET) and, if not fully executed, will remain active during the After Hours Trading Session (4:00 p.m. to 8:00 p.m. ET) and expire at the end of the After Hours session.
RTP orders allowed in opening and closing auctions
RTP orders are added as "Eligible Auction Orders" and may participate in the Opening Auction and Closing Auction. RTP orders submitted prior to the Opening Auction will be treated like Regular Hours Only (RHO) orders for auction eligibility and priority.
9:28–9:30 a.m. pre-open limits for RTP orders
RTP orders submitted between 9:28 a.m. and 9:30 a.m. ET will be treated as Late Limit On Open (LLOO) orders until the Opening Auction concludes. RTP orders designated for the Opening Auction may be modified but not cancelled between 9:28 a.m. and 9:30 a.m. ET.
Unexecuted RTP shares move to Continuous Book
Unexecuted RTP order shares will be added to the Continuous Book at the conclusion of the Opening Auction, subject to the User's instructions. This is the same treatment that currently applies to unexecuted RHO orders.
RTP orders can be cancelled when outside opening collar
If the Opening Auction would have occurred at a price level that is outside the Collar Price Range, buy (sell) RTP limit orders with a limit price more aggressive than the BZX Official Opening Price that are not executed in the Opening Auction will be cancelled. This mirrors existing treatment for RHO limit orders.
Minimum quantity and pre-open entry time changes
Minimum Quantity Orders that include a Time-in-Force of RTP will not be accepted prior to 7:00 a.m. Eastern Time. The Exchange also clarified that enumerated order types will not be accepted prior to 4:00 a.m. ET, or prior to 7:00 a.m. ET for orders eligible for a 7:00 a.m. Start.
Immediate operability and rollout timing
The Exchange planned to implement RTP in early fourth quarter 2026 and will announce the exact implementation date via a Trade Desk Notice. The Commission waived the 30-day operative delay and designated the proposed rule change to be operative upon filing (filed August 28, 2026).
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