Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 11.15 (Clearly Erroneous Executions)
Published Date: 10/9/2026
Notice
Summary
Cboe EDGX Exchange is updating its rule about fixing trading mistakes to match new overnight trading hours. This change affects traders using the Exchange by clarifying how errors during extended hours are handled. The update is effective immediately, helping keep trading fair and smooth without extra costs or delays.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 2 costs, 1 mixed.
Overnight trades generally not cancellable
If a trade executes during Overnight Protected Hours (9:00 p.m. ET through 4:00 a.m. ET) and the Overnight Price Bands were available and correct, that transaction generally will not be reviewable as a "clearly erroneous" execution. This extends the Exchange's existing restriction on cancellation during Regular Trading Hours to the overnight session.
Overnight Price Bands set at ±20% initially
The Overnight Price Bands that apply during Overnight Protected Hours were approved as temporary static bands 20% above and below two reference points; trades executed within those bands will generally not be eligible for clearly erroneous review. The Overnight Price Bands apply from 9:00 p.m. ET through 4:00 a.m. ET.
Rights/warrants keep eligibility for review overnight
Transactions in NMS Stocks not subject to the LULD Plan (for example, rights and warrants) that execute during Overnight Protected Hours remain eligible for clearly erroneous review and will be reviewed using the same Numerical Guidelines that apply to the Early Trading, Pre-Opening, and Post-Closing Sessions.
Rule becomes operative with 23/5 trading start
The Exchange states this amendment to Rule 11.15 would become operative at the commencement of industry-wide 23/5 Trading, scheduled to begin on December 6, 2026. The Exchange filed the proposal on September 24, 2026 and the Commission may suspend the change within 60 days of filing.
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