Cboe BZX Overhauls Rules for Trading Halts and Definitions
Published Date: 3/23/2026
Notice
Summary
Cboe BZX Exchange is updating its rules to better handle trading halts and to align with new industry definitions. These changes reorganize existing rules and add two new ones to keep trading smooth and clear. The updates take effect immediately and mainly impact traders and market operators, with no new costs involved.
Analyzed Economic Effects
5 provisions identified: 4 benefits, 0 costs, 1 mixed.
Halt Rules Harmonized Across Exchanges
If you trade stocks or other exchange-traded products, the Exchange is adopting new Rules 11.29 and 11.30 to align its trading-halt rules and many definitions with the Amended CTA/CQ Plan so that cross-market halts and related terms are more consistent across exchanges. The change is intended to make handling of cross-market events and Extraordinary Market Activity more uniform among self-regulatory organizations.
Official Start Time Fixed for Halts
If you trade on U.S. exchanges, the Exchange will treat the official start time of a Regulatory Halt as the time the Primary Listing Market declares the halt, even if notice spreads later. This means trades that occur after that declared start time may be reviewed and potentially broken after the fact.
UTP Securities Halted When Primary Market Halts
If you trade a UTP (unlisted trading privilege) security on BZX, the Exchange will halt trading in that UTP security when its Primary Listing Market declares a Regulatory Halt. The rule mirrors existing authority and means trading across venues for that security will be stopped when the primary market halts.
SIP Outage Rules and Resumption Procedures
If the consolidated tape processor (SIP) has an outage or material latency, the Exchange is adopting defined terms (e.g., SIP Outage, Material SIP Latency, SIP Halt Resume Time) and procedures for SIP Halts and for resuming trading. The rules set how the Primary Listing Market determines when trading may resume and the coordination steps among SROs, the SIP, and participants.
Redundant Halt Notices to Participants
If the SIP cannot disseminate a Regulatory Halt notice, the Exchange will use additional notice methods such as proprietary data feeds, posting on a public Exchange website, or system status messages to notify Trading Centers and participants. These extra communication paths aim to increase the chance that participants receive halt and resume information.
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Key Dates
Department and Agencies
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Previous: 2026-05554 — Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Change To Amend Exchange Rules 904, 903G, and 906G Regarding Options on Certain Crypto Assets
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Next: 2026-05556 — Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Rules 11.28 and 11.29 Relating the Regulatory and Operations Trading Halts, Integrate Several Definitions and Concepts From the Amended CTA/CQ Plan, Reorganize Existing Rule 11.18, and To Make Conforming Changes to Related Rules
Cboe BYX Exchange is updating its rules to better handle trading halts and to align with new industry standards. These changes reorganize existing rules, add clear definitions, and make related updates to keep things running smoothly. Traders and market participants should note these updates take effect immediately, with no extra costs involved.
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