Federal Register #SR-CboeEDGA-2026-031

Cboe EDGA Proposal to Extend Clearly Erroneous Trade Review Protections to Overnight Trading

This SEC notice concerns a proposed Cboe EDGA rule change for overnight trading, not a government procurement. - Organizations: Cboe EDGA Exchange, Inc. proposed the change; the Securities and Exchange Commission published it for public comment. FINRA and other national securities exchanges are mentioned as expected to file similar proposals. - Proposal: Amend Rule 11.15, which governs review of clearly erroneous trades, to extend certain Limit Up-Limit Down (LULD) protections to Overnight Protected Hours under the LULD Plan for 23/5 trading. - Requested changes: Define related trading-hour and price-band terms; update applicable percentage parameters; and clarify review procedures and numerical guidelines for overnight transactions in NMS stocks not covered by the LULD Plan. - Purpose: Align overnight trade reviews with existing protections and provide greater consistency and certainty for market participants. - Procurement details: No products, services, quantities, part numbers, OEMs, or contract value are identified.

Description

Cboe EDGA Exchange, Inc. proposes to amend Rule 11.15 (Clearly Erroneous Executions) following approval of Overnight Protected Bands under the LULD Plan for 23/5 trading. The changes would extend LULD-based limits on clearly erroneous execution review to Overnight Protected Hours and define related terms and price-band parameters. The proposal also addresses review procedures and numerical guidelines for transactions in NMS stocks not subject to the LULD Plan during overnight hours. The rule change is scheduled to become operative when 23/5 trading begins, currently scheduled for December 6, 2026.

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