2025-24225Notice

Cboe Speeds Up Auctions to One Second: Blink and Miss It

Published Date: 1/5/2026

Notice

Summary

Cboe Exchange is tweaking its auction rules to speed things up and keep some helpful features a bit longer. They’re shortening auction timers to just 1 second and extending certain auction response processes through June 2026. Traders and market makers will feel the impact with faster auctions and smoother order handling, helping markets run more efficiently without extra costs.

Analyzed Economic Effects

3 provisions identified: 3 benefits, 0 costs, 0 mixed.

SPX longer auction processing extended

If you trade SPX options, Cboe extended the special longer auction response processing so the System can continue processing auction responses received before the auction end using the longer buffer through June 30, 2026. For SPX the filing references the combined allowable time of up to 1000 milliseconds and notes the auction response processing time has been set at 900 milliseconds in practice.

Proposal to make longer processing permanent

The Exchange proposed making the longer auction response processing time permanent and applying it to all options classes rather than only to SPX options. This is part of the same filing that extends the temporary SPX treatment through June 30, 2026.

Auction timers capped at 1 second

Cboe will reduce the maximum allowed length of COA, AIM, and C-AIM auctions from three seconds (3000 milliseconds) to one second (1000 milliseconds). The Exchange notes these auctions are currently set to 100 milliseconds, so the change lowers the formal cap to 1000 milliseconds.

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Key Dates

Effective Date
Published Date
12/23/2025
1/5/2026

Department and Agencies

Department
Independent Agency
Agency
Securities and Exchange Commission
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