Cboe BYX Exchange Adopts Rules 11.28 and 11.29 on Regulatory and Operational Trading Halts, Integrates Amended CTA/CQ Plan Definitions
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The Cboe BYX Exchange is implementing a rule change to reorganize and clarify its trading halt procedures. It adopts new Rules 11.28 (Trading Halts) and 11.29 (Trading Halts Due to Extraordinary Market Volatility), while moving the Limit Up-Limit Down Mechanism to the reorganized Rule 11.18. The update integrates multiple definitions from the Amended CTA/CQ Plan, including Primary Listing Market, Regulatory Halt, Operational Halt, SIP Halt, and Extraordinary Market Activity. The changes establish common criteria across SROs for handling regulatory and operational halts in equity securities, while preserving each exchange's discretion in certain situations. The Exchange will issue a Trade Desk Notice at least 30 business days before implementation.
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Key Changes
- Adopts new Rule 11.28 (Trading Halts) and Rule 11.29 (Trading Halts Due to Extraordinary Market Volatility)
- Reorganizes existing Rule 11.18 to contain only the Limit Up-Limit Down Mechanism
- Integrates 7 definitions from Amended CTA/CQ Plan including Primary Listing Market, Regulatory Halt, Operational Halt, SIP Halt
+ 3 more changes with Pro
Obligations
What this law requires
Adopt and implement Rules 11.28 (Trading Halts) and 11.29 (Trading Halts Due to Extraordinary Market Volatility) as specified in the proposed rule change
Reorganize Rule 11.18 to include only the Limit Up-Limit Down Mechanism, removing Market-Wide Circuit Breaker content
Publish a Trade Desk Notice at least 30 business days prior to implementing all proposed rule changes
Integrate and adopt defined terms from the Amended CTA/CQ Plan including: Primary Listing Market, Regulatory Halt, Operational Halt, SIP Halt, Operating Committee, Processor, SIP Halt Resume Time, and Extraordinary Market Activity
Implement common criteria and procedures for halting and resuming trading in equity securities that are consistent with other SROs in the event of regulatory or operational issues