By clicking on an item in the search results or suggestions, you will be directed to the relevant content. Alternatively, hitting enter in the search bar will also lead you to the search results. For more detailed information, please refer to the Search & Navigation guide.
This publication can be found in the Federal Register. The official electronic format is available in the PDF linked in the document sidebar.
- Document Information
Information about the document from the Securities and Exchange Commission includes Release No. 34-103509, File No. SR-CBOE-2025-047, Document Citation 90 FR 34924, Document Number 2025-13898, Document Type Notice, Pages 34924-34928 (5 pages), and Publication Date 07/24/2025.
The table of contents serves as a guide for navigating Federal Register documents. It does not hold any legal significance and is not applicable to this particular document. Additional details are currently not accessible for this document. The document had 26 page views as of 07/25/2025 at 6:15 am EDT.
Various formats of this document are available. More information and documentation can be accessed on our developer tools pages. The current PDF document was viewed 4 times while on Public Inspection.
When conducting legal research using public inspection listings, it is important to verify the contents of documents against the official edition of the Federal Register. Official editions are the only ones that provide legal and judicial notice under 44 U.S.C. 1503 & 1507.
Document headings may differ depending on the document type, but they might include agency details and docket numbers, information about the CFR title and amendments, the agency RIN, and so on.
Securities and Exchange Commission
- [Release No. 34-103509; File No. SR-CBOE-2025-047]
Cboe Exchange, Inc. is proposing modifications to its opening process for simple orders in specific index option classes. The details of the proposed rule change can be found in Exhibit 5.
SubTitle_1
The Exchange provided statements on the proposed rule change and received feedback on it. Detailed statements are available for review, along with summaries of the key points raised.
SubSubtitle_2
No feedback was received on the proposed rule change.
Benefits of the Proposed Rule Change
The Exchange’s proposed rule change offers several benefits to investors and market participants. By automating the forced opening process for simple orders in exclusively listed option series, the Exchange aims to provide earlier trading opportunities and enhance market liquidity. This will enable investors to execute trades, hedge their exposure, and manage their positions more effectively.
Furthermore, the proposed rule change aligns with the Securities Exchange Act of 1934 and is designed to prevent fraud, promote fair trading practices, and protect investors. By maintaining the Exchange’s authority to deviate from the standard opening process for the purpose of ensuring a fair and orderly market, the proposed rule change enhances transparency and customer protection.
Overall, the introduction of the forced opening process for exclusively listed option series is expected to modernize the Exchange’s opening procedures, improve market efficiency, and provide market participants with greater flexibility in managing their orders.
Implications for Market Participants
Market participants should be aware of the changes introduced by the proposed rule change. With the automation of the forced opening process for exclusively listed option series, investors can expect a more streamlined and transparent opening process, reducing the need for manual intervention in certain scenarios.
Additionally, market participants should familiarize themselves with the specific conditions under which a series may be forcibly opened, such as the absence of a Composite Market or non-M Capacity orders crossing. Understanding these criteria will help investors better navigate the opening process for exclusively listed options and make informed trading decisions.
In conclusion, market participants stand to benefit from the proposed rule change through increased trading opportunities, improved market liquidity, and enhanced order management capabilities in exclusively listed option series.
SubTitle_3
The proposed rule change does not have a significant impact on investor protection, public interest, or competition. It will come into effect after 30 days unless the Commission takes action within 60 days.
SubTitle_4
Individuals interested in providing written feedback on the proposed rule change’s compliance with the Act can do so. Comments can be mailed to the SEC Secretary or submitted online using the provided file number.
SubSubtitle_3
SubSubtitle_4
- Send three copies of paper comments to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should reference file number SR-CBOE-2025-047 and must be submitted by August 14, 2025, using only one method. Submitted materials may be posted on the Commission’s website.
For the Commission’s information, by the Division of Trading and Markets, under delegated authority. [31]