Cboe EDGX Exchange's Proposal for Trading 23 Hours a Day on Weekdays
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
This proposed rule change allows the Cboe EDGX Exchange to offer trading in equities and exchange-traded products for nearly 24 hours on weekdays. It aims to meet the rising demand from global investors, especially in the Asia-Pacific region, by introducing an Overnight Trading Session. This session will extend trading hours to offer participants more flexibility and market access, potentially benefiting portfolio management and capital formation.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Introduction of a 23x5 trading schedule
- Creation of an Overnight Trading Session
- Extended market access for international investors
Obligations
What this law requires
Cboe EDGX Exchange must file a proposed rule change with the SEC confirming readiness to comply with obligations during the Overnight Trading Session within 18 months of SEC's approval of the proposed rule change.
Cboe EDGX Exchange must ensure that Equity Data Plans establish mechanisms to collect, consolidate, process, and disseminate quotation and transaction information during the Overnight Trading Session.
Cboe EDGX Exchange must include the ability to accept orders during the Order Acceptance Queueing Time starting at 8:55 p.m. on each night preceding a business day.
Cboe EDGX Exchange must enforce that orders entered during the Order Acceptance Queueing Time are queued until the official start of the Overnight Trading Session.
Cboe EDGX Exchange must conduct maintenance and testing of corporate actions between 8:00 p.m. and 9:00 p.m. each weekday.