SECURITIES AND EXCHANGE COMMISSION

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-106444; File No. SR-CBOE-2026-024]

Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Designation of a Longer

Period for Commission Action on Proceedings to Determine Whether to Approve or

Disapprove a Proposed Rule Change to Accommodate Stop-Limit Complex Orders and to

Establish Stop Complex Order Auctions as a New Type of Auction Mechanism

September 21, 2026.

On March 9, 2026, Cboe Exchange, Inc. (the “Exchange” or “Cboe Options”) filed with

the Securities and Exchange Commission (“Commission”), pursuant to Section 19(b)(1) of the

Securities Exchange Act of 1934 (the “Act”),1 and Rule 19b-4 thereunder,2 a proposed rule

change to establish stop-limit complex orders as a type of complex order and to establish the

Stop-Limit Complex Order Auction as a type of auction mechanism to facilitate auctions for

stop-limit complex orders. The proposed rule change was published for comment in the Federal

Register on March 26, 2026.3 The Commission received no comments regarding the proposed

rule change.

On May 5, 2026, pursuant to Section 19(b)(2) of the Act,4 the Commission designated a

longer period within which to approve the proposed rule change, disapprove the proposed rule

change, or institute proceedings to determine whether to approve or disapprove the proposed rule

1

15 U.S.C. 78s(b)(1).

2

17 CFR 240.19b-4.

3

See Securities Exchange Act Release No. 105064 (Mar. 23, 2026), 91 FR 14736 (“Notice”).

4

15 U.S.C. 78s(b)(2).

change.5 On June 24, 2026, the Commission instituted proceedings under Section 19(b)(2)(B) of

the Act6 to determine whether to approve or disapprove the proposed rule change.7

Section 19(b)(2) of the Act8 provides that, after initiating proceedings, the Commission

shall issue an order approving or disapproving the proposed rule change not later than 180 days

after the date of publication of notice of filing of the proposed rule change. The Commission

may extend the period for issuing an order approving or disapproving the proposed rule change,

however, by not more than 60 days if the Commission determines that a longer period is

appropriate and publishes the reasons for such determination. The proposed rule change was

published for comment in the Federal Register on March 26, 2026.9 The 180th day after

publication of the proposed rule change is September 22, 2026. The Commission is extending the

time period for approving or disapproving the proposed rule change for an additional 60 days.

The Commission finds that it is appropriate to designate a longer period within which to

issue an order approving or disapproving the proposed rule change so that it has sufficient time

to consider the proposed rule change and the issues raised therein. Accordingly, the

5

See Securities Exchange Act Release No. 105371 (May 5, 2026), 91 FR 25393 (May 8, 2026).

6

15 U.S.C. 78s(b)(2)(B).

7

See Securities Exchange Act Release No. 105771 (June 24, 2026), 91 FR 39143 (June 29, 2026).

8

15 U.S.C. 78s(b)(2).

9

See supra note 3.

Commission, pursuant to Section 19(b)(2) of the Act,10 designates November 21, 2026, as the

date by which the Commission shall either approve or disapprove the proposed rule change (File

No. SR-CBOE-2026-024).

For the Commission, by the Division of Trading and Markets, pursuant to delegated

authority.11

Sherry R. Haywood,

Assistant Secretary.

10

15 U.S.C. 78s(b)(2).

11

17 CFR 200.30-3(a)(57).