Cboe BYX Refines Trading Halt Rules and Industry Standards
Published Date: 3/23/2026
Notice
Summary
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.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Operational Halts Cancel BYX Orders
The Exchange added an Operational Halt category that applies only to BYX and states that while a security is subject to an Operational Halt, orders will not be queued before resumption and any open orders on the BYX Book will be cancelled. The Exchange will resume trading when it determines trading may resume in a fair and orderly manner and will follow Rule 11.23(f) for re-opening.
SIP Halts and Resumption Rules
The Exchange adopts the SIP Halt concept (for SIP Outages or Material SIP Latency) and will honor SIP Halts declared by a Primary Listing Market. During Regular Trading Hours the Exchange may resume trading after the Primary Listing Market resumes or notifies that trading may resume; outside Regular Trading Hours the Exchange may resume immediately after the SIP Halt Resume Time.
Clearer, Harmonized Trading Halts
On March 6, 2026, the Exchange adopted Rules 11.28 and 11.29 to reorganize Rule 11.18 and to add definitions from the Amended CTA/CQ Plan so regulatory and operational trading halts are handled more consistently across exchanges. The changes aim to make it clearer when halts start, how they are categorized, and how resumption decisions are made.
Regulatory Halt Start Time Fixed
The Exchange states that the official start time of a Regulatory Halt is the time the Primary Listing Market declares the halt, regardless of whether notice is immediately disseminated. Fixing the start time lets exchanges revisit trades after the fact to determine whether trades should stand.
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Key Dates
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Previous: 2026-05555 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Rules 11.29 and 11.30 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 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.
Next: 2026-05557 — Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Exchange Rules 5.32-O, 5.35-O, and 6.8-O Regarding Options on Certain Crypto Assets
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