Federal Register #SR-CboeBZX-2026-057

SEC Notice: Proposed Rule Change by Cboe BZX Exchange, Inc. to Amend Exchange Rule 11.23

This notice concerns a proposed rule change filed by Cboe BZX Exchange, Inc. with the Securities and Exchange Commission (SEC). - Government Buyer: - Securities and Exchange Commission (SEC) - OEM/Vendor: - Cboe BZX Exchange, Inc. - Products/Services Requested: - No products or services are being procured; this is a regulatory notice - Key Details: - The rule change amends Exchange Rule 11.23 - Removes the Collar Midpoint definition from the Collar Price Range - Adopts a standalone definition of Collar Midpoint, allowing Exchange discretion when no Volume Based Tie Breaker is available - Separately articulates price determination standards for IPO Auctions in BZX-listed corporate securities and ETP IPO Auctions - Solicits public comment on the proposed amendments - Unique Requirements: - Public comment is requested on the regulatory change - No purchase quantities, part numbers, or procurement activity involved

Description

The Securities and Exchange Commission has filed a proposed rule change by Cboe BZX Exchange, Inc. to amend Exchange Rule 11.23. The proposed amendments include removing the existing Collar Midpoint definition from the Collar Price Range, adopting a standalone definition of Collar Midpoint that allows the Exchange discretion to set it when no Volume Based Tie Breaker is available, and separately articulating price determination standards for IPO Auctions in BZX-listed corporate securities and ETP IPO Auctions. The rule change has been filed and is effective immediately, and the Commission is soliciting comments on the proposal.

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