Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Amend Its Rules Relating to Designated Primary Market-Makers (DPMs) and DPM Appointments in Global Trading Hours and Curb Sessions
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The SEC has extended the review period for Cboe Exchange's proposed rule change filed on January 30, 2026. The proposal would allow Cboe to appoint Designated Primary Market-Makers (DPMs) specifically for Global Trading Hours (GTH) and Curb Trading Hours sessions. These DPMs can be the same or different from those assigned to Regular Trading Hours for any given option class. The change would extend DPM obligations and participation entitlements to these extended trading sessions. The original 45-day review period ended on March 30, 2026. The Commission is now extending the deadline to May 14, 2026 to allow more time for review. No public comments have been received on the proposal.
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Key Changes
- Allows appointment of DPMs specifically for Global Trading Hours (GTH) and Curb sessions
- Permits DPMs to be the same or different across Regular Trading Hours, GTH, and Curb sessions for an option class
- Extends DPM obligations to GTH and Curb trading sessions
+ 3 more changes with Pro
Obligations
What this law requires
Cboe Exchange must implement rule amendments to allow appointment of Designated Primary Market-Makers (DPMs) to Global Trading Hours (GTH) and Curb Trading Hours sessions, separate from or identical to DPMs assigned to Regular Trading Hours for any given option class
Cboe Exchange must extend DPM obligations and participation entitlements to apply to Global Trading Hours (GTH) and Curb Trading Hours sessions in addition to Regular Trading Hours
SEC Division of Trading and Markets must render a decision (approve, disapprove, or institute proceedings to determine disapproval) on Cboe's proposed rule change by May 14, 2026
Cboe Exchange must comply with Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4 procedures for filing proposed rule changes with the SEC
Cboe Exchange must implement certain administrative changes as part of the proposed rule change to DPM rules relating to GTH and Curb sessions