Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 21.15(b) To Introduce the Exchange's Clock Service

[Federal Register Volume 91, Number 73 (Thursday, April 16, 2026)]
[Notices]
[Pages 20515-20519]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2026-07346]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-105215; File No. SR-CboeBZX-2026-028]


Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend 
Rule 21.15(b) To Introduce the Exchange's Clock Service

April 13, 2026.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on April 7, 2026, Cboe BZX Exchange, Inc. (the ``Exchange'' or ``BZX'') 
filed with the Securities and Exchange Commission (``SEC'' or 
``Commission'') the proposed rule change as described in Items I, II, 
and III below, which Items have been prepared by the Exchange. The 
Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    Cboe BZX Exchange, Inc. (the ``Exchange'' or ``BZX Options'') 
proposes to amend Rule 21.15(b) to introduce the Exchange's Clock 
Service. The text of the proposed rule change is provided in Exhibit 5.
    The text of the proposed rule change is also available on the 
Commission's website (https://www.sec.gov/rules/sro.shtml), the 
Exchange's website (https://www.cboe.com/us/equities/regulation/rule_filings/bzx/), and at the principal office of the Exchange.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
sections A, B, and C below, of the most significant aspects of such 
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend Rule 21.15(b), to provide for the 
new service called the Clock Service.3 4 The Clock Service 
is an optional product \5\ available to Members and non-Members alike. 
In sum, a subscriber would be able to utilize the proposed Clock 
Service to synchronize their time recording systems to those of the 
Exchange for highly correlated latency

[[Page 20516]]

measurements between the Exchange's and the subscriber's systems time 
measurements related to the same message or order. Time synchronization 
services are well established in the U.S. and utilized in many areas of 
the U.S. economy and infrastructure. The proposed Clock Service is not 
novel to the securities markets and it is similar to the network time 
synchronization service currently offered by MIAX Emerald, LLC (``MIAX 
Emerald'').\6\ The Exchange proposes to provide the Clock Service in 
response to participant demand for more precise and more accurate clock 
synchronization options with the Exchange's network.
---------------------------------------------------------------------------

    \3\ The Exchange also proposes to amend the title of Rule 21.15 
from ``Exchange Data Products'' to ``Exchange Data Products and 
Services.''
    \4\ The Exchange initially filed the proposed changes on 
February 27, 2026 (SR-CboeBZX-2026-015). On April 7, 2026, the 
Exchange withdrew that filing and submitted this proposal.
    \5\ A firm that chooses to subscribe to the proposed Clock 
Service may discontinue the Clock Service at any time if that firm 
determines that it is no longer useful or that alternatives better 
meet their business or system needs. The Exchange intends to submit 
a separate filing with the Commission pursuant to Section 19(b)(1) 
to propose fees for the Clock Service.
    \6\ See Securities Exchange Act Release No. 94915 (May 16, 
2022), 87 FR 31022 (May 20, 2022) (SR-EMERALD-2022-16).
---------------------------------------------------------------------------

    The U.S. Government's Global Positioning System (``GPS'') clock \7\ 
time signal is the benchmark by which the Exchange and most, if not 
all, Members and non-Members use to synchronize their internal primary 
clock devices.\8\ Using the U.S. Government provided GPS time signals 
publicly available through the GPS network is a de facto standard for 
high precision time synchronization across geographically diverse 
locations. Typically, a GPS receiver connected to an antenna serves as 
a time signal source which feeds the Coordinated Universal Time 
(referred to as ``UTC'') to synchronize other clocks using Precision 
Time Protocol (``PTP'').\9\
---------------------------------------------------------------------------

    \7\ For a description of the GPS clock, see Official U.S. 
Government Information About the Global Positioning System (GPS) and 
Related Topic, available at https://www.gps.gov/applications/timing/ 
(providing that ``[i]n addition to longitude, latitude, and 
altitude, the Global Positioning System (GPS) provides a critical 
fourth dimension--time. Each GPS satellite contains multiple atomic 
clocks that contribute very precise time data to the GPS signals. 
GPS receivers decode these signals, effectively synchronizing each 
receiver to the atomic clocks. This enables users to determine the 
time to within 100 billionths of a second, without the cost of 
owning and operating atomic clocks'').
    \8\ See An Evaluation of Dependencies of Critical Infrastructure 
Timing Systems on the Global Positioning System (GPS), noting that 
``the primary time synchronization sources for these systems are 
signals broadcast by Global Positioning System (GPS) satellites. . 
.''
    \9\ A primary clock device is a precision parent clock that 
provides timing signals to synchronized secondary child clocks as 
part of a standalone clock network. The term ``Coordinated Universal 
Time'' is defined as the ``international standard of time that is 
kept by atomic clocks around the world.'' See Merriam-Webster 
Dictionary, available at https://www.merriam-webster.com/dictionary/Coordinated%20Universal%20Time (last visited November 10, 2021). 
Coordinated Universal Time is the primary time standard by which the 
world regulates clocks and time. See https://www.timeanddate.com/time/aboututc.html. ``Precision Time Protocol'' is a method used to 
synchronize clocks through a computer network. See also ``IEEE-1588 
Standard for a Precision Clock Synchronization Protocol for 
Networked Measurement and Control Systems'' available at https://www.nist.gov/system/files/documents/el/isd/ieee/tutorial-basic.pdf.
---------------------------------------------------------------------------

    The Exchange's primary clock \10\ is the time source used to 
synchronize the Exchange's System,\11\ as well as its affiliated 
options and equities exchanges trading systems (collectively, the 
``Cboe Trading System'') and feeds a time signal to the Exchange's 
timestamping devices and servers within the Exchange's own network 
using White Rabbit \12\ and PTP. These capture devices are used to 
timestamp orders and messages as they travel through the Exchange's 
System.
---------------------------------------------------------------------------

    \10\ The Exchange's primary clock ordinarily derives its time 
from the primary Exchange-managed GPS receiver; however, in certain 
failover or impairment scenarios, the system may temporarily 
synchronize to an external time service to maintain continuity.
    \11\ The term ``System'' shall mean the electronic 
communications and trading facility designated by the Board through 
which securities orders of Users are consolidated for ranking, 
execution and, when applicable, routing away. See Rule 1.5(aa).
    \12\ White Rabbit is a high-precision time synchronization 
technology that combines PTP with synchronous ethernet to achieve up 
to sub-nanosecond accuracy.
---------------------------------------------------------------------------

    Time synchronization services are well established in the U.S. and 
utilized in many areas of the U.S. economy and infrastructure. Today, 
the Exchange understands many participants attempt to sync their 
primary clock devices to the U.S. Government provided GPS network. By 
getting the GPS signal through a GPS capable antenna, participants can 
synchronize their primary clock device to the GPS network time to 
within an accuracy of approximately 30 nanoseconds. From there, by 
using a PTP time synchronization protocol, participants can synchronize 
their internal devices to their primary clock devices.
    Because the Exchange and participants independently access time 
signals from the U.S. government provided GPS network to synchronize 
their own primary clock devices, measurement times of market events by 
the Exchange and a participant may vary. This may, in turn, lead to 
incorrect latency measurements that may cause a participant's time 
calculations of how long it took for their order or message to leave 
their systems and reach the trading center to which it was sent to. 
This may impair the participant's ability to fully understand latencies 
within their own systems and whether they need to adjust their systems 
or trading models.
    Under the proposed Clock Service, participants would be able to 
synchronize their own primary clock devices to the Exchange's primary 
clock device, by receiving White Rabbit time signals from the Exchange 
via a 1 gigabit per second (``Gbps'') Physical Port. The proposed Clock 
Service simply provides participants with the Exchange's time signal at 
a more granular level, and, as part of the Clock Service, participants 
will receive a 1 Gbps Physical Port offered by the Exchange in order to 
connect.\13\ The improved time signal would tell the participant the 
Exchange's time at a more granular level at a particular point in time. 
The subscribing participant may then use that time signal to 
synchronize their own primary clock to the Exchange's primary clock.
---------------------------------------------------------------------------

    \13\ The Exchange notes that MIAX Emerald, LLC similarly 
requires a 1 Gbps connection in order to utilize its respective 
clock service.
---------------------------------------------------------------------------

    Some participants may currently have a White Rabbit clock 
synchronization \14\ device within their own network. This device is 
not provided by the Exchange. Other participants that do not currently 
utilize White Rabbit clock synchronization device and optics would need 
to acquire one from a third-party vendor, of which there are several 
providers.\15\
---------------------------------------------------------------------------

    \14\ A White Rabbit clock synchronization device has the 
technological ability to capture time and coordinate time 
synchronization within a network up to a sub-nanosecond level.
    \15\ The Exchange notes that participants are responsible for 
procuring the applicable license(s) as needed.
---------------------------------------------------------------------------

    Participants may use the proposed Clock Service for numerous 
purposes. For one, the proposed Clock Service would allow participants 
to more precisely measure latency between their network and that of the 
Exchange. The proposed Clock Service would allow them to better 
understand the times at which their order or message reached certain 
points when traveling from their network to the Exchange.
    Participants may use the proposed Clock Service to analyze the 
efficiency of their network and connections when not only routing 
orders to the Exchange, but also when receiving messages back from the 
Exchange. These messages include communications regarding whether their 
order was accepted, rejected, or executed. Participants may measure 
message traversal times by comparing their message's (e.g. order, 
quote, cancellation, etc.) timestamp to the Exchange's matching engine 
timestamp from the Exchange-generated acknowledgement messages (e.g. 
order acknowledgment, quote acknowledgment, cancellation 
acknowledgment, etc.).\16\ Participants

[[Page 20517]]

may then enhance their own systems to ensure that they are receiving 
such communications in a timelier manner and to verify that their 
systems are working as intended. Participants may then utilize these 
enhanced latency measurements to better analyze latencies within their 
own systems and use this analysis to optimize their network, models and 
trading patterns to potentially improve their interactions with the 
Exchange. In particular, participants may use these metrics to better 
assess the health of their network and that their systems are working 
as intended. For example, a participant may use this information when 
analyzing the efficacy of their various connections and whether a 
connection is performing as expected or experiencing a delay. A 
subscriber may then decide to rebalance the amount of orders and/or 
messages over its various connections to ensure each connection is 
operating with maximum efficiency. Subscribers may also use the 
proposed Clock Service for other purposes, such as trade surveillance. 
Subscribers may also utilize time synchronization to assist them in 
evaluating compliance with certain clock synchronization 
requirements.\17\
---------------------------------------------------------------------------

    \16\ The Exchange sends Members an acknowledgement message that 
their order or message was received by the Exchange. This 
acknowledgement includes the time of receipt at a microsecond level; 
however, the Exchange intends to update the time of receipt to be at 
a nanosecond by the end of March. The Exchange further notes that 
participants who subscribe to any one of the optional reports 
offered by Cboe Timestamping Services (see Rule 21.15(b)(7)) will 
have additional timestamps to analyze.
    \17\ See Rule 4.6.
---------------------------------------------------------------------------

    The proposed Clock Service would be described under proposed Rule 
21.15(b), which would provide that:

Clock Service utilizes White Rabbit and Precision Time Protocol 
(``PTP'') for synchronizing device clocks by leveraging technology 
designed to maintain tightly aligned timing across systems. Clock 
Service enables subscribers to synchronize their internal devices to 
the same time as the Exchange devices with high precision.

    The Exchange does not propose to provide a new connectivity option 
to receive time signals via the proposed Clock Service; rather, 
dedicated 1 Gbps Physical Ports available will be included as part of 
this Clock Service.\18\ The proposed Clock Service provides enhanced 
time synchronization that may be utilized by subscribing participants 
to adjust their own systems. The Exchange does not propose to include 
additional connectivity options or modify existing connectivity options 
as part of this proposal. Participants may continue to use their 
existing methods to connect to and send orders to the Exchange. The 
proposed Clock Service will not include any trading data regarding the 
subscriber's activity on the Exchange or include any data from other 
trading activity on the Exchange.
---------------------------------------------------------------------------

    \18\ The Exchange notes that the 1 Gbps Physical Port that a 
participant shall receive as part of this Service shall be used 
solely for the purposes of the Clock Service and will not be able to 
be used for any other purpose (e.g., order routing).
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
the Securities Exchange Act of 1934 (the ``Act'') and the rules and 
regulations thereunder applicable to the Exchange and, in particular, 
the requirements of Section 6(b) of the Act.\19\ Specifically, the 
Exchange believes the proposed rule change is consistent with the 
Section 6(b)(5) \20\ requirements that the rules of an exchange be 
designed to prevent fraudulent and manipulative acts and practices, to 
promote just and equitable principles of trade, to foster cooperation 
and coordination with persons engaged in regulating, clearing, 
settling, processing information with respect to, and facilitating 
transactions in securities, to remove impediments to and perfect the 
mechanism of a free and open market and a national market system, and, 
in general, to protect investors and the public interest.
---------------------------------------------------------------------------

    \19\ 15 U.S.C. 78f(b).
    \20\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    Trading technology in the U.S. market is constantly evolving and 
providing market participants with tools to increase speed and reduced 
latency opportunities. Today, the Exchange provides participants 
timestamp information in microseconds.\21\ The Exchange and its 
participants independently access time signals from GPS and use those 
time signals to synchronize their own primary clock devices. Even 
though both the Exchange and participants synchronize to GPS, 
differences among GPS receivers may vary by about 30 nanoseconds, with 
the potential for further deviation based on a participant's 
infrastructure. In today's market, such a potential inaccuracy in a 
subscriber's latency measurements is meaningful and potentially 
impactful to the performance of their trading strategies.
---------------------------------------------------------------------------

    \21\ The Exchange intends to provide this information in 
nanoseconds by the end of March.
---------------------------------------------------------------------------

    The proposed Clock Service addresses this issue by enabling 
subscribers to synchronize their primary clock device with the 
Exchange's by utilizing technology that allows up to a sub-nanosecond 
level. For example, the proposed Clock Service would allow subscribers 
to timestamp a quote sent from their system to the very same quote 
timestamped by the Exchange and have confidence that the time delta 
between timestamps is attributable to latency and not due to a 
potential offset in their primary clocks as discussed above. The 
Exchange, therefore, believes the proposed Clock Service promotes just 
and equitable principles of trade, removes impediments to and perfects 
the mechanism of a free and open market because it would allow latency 
sensitive subscribers to measure latency in a manner consistent with 
their trading behavior and the evolving pace of trading and technology 
in today's markets. Time synchronization removes impediments to and 
perfects the mechanism of a free and open market because it would 
provide Members with a tool to assess and re-calibrate their systems at 
a more acute level that is in line with the increasing speeds at which 
today's markets operate.
    The proposed Clock Service provides participants with the 
Exchange's time signal. The time signal provided by the proposed 
Service could be beneficial in multiple areas, one of which is enabling 
subscribers to more precisely measure latency between their network and 
that of the Exchange by utilizing technology that allows up to a sub-
nanosecond level. The proposed Clock Service would allow them to better 
understand the times at which their order or message reached certain 
points when traveling from their network to the Exchange through more 
granular latency measurements. The proposed Clock Service is, 
therefore, consistent with Section 6(b)(5) of the Act because a more 
granular latency measurement would enable latency sensitive subscribers 
to more precisely calculate and thus better understand and manage their 
own latency.
    Subscribers may utilize these enhanced latency measurements to 
better analyze latencies within their own systems and use this analysis 
to optimize their network, models and trading patterns to potentially 
improve their interactions with the Exchange. The ability to more 
precisely measure network efficiency could provide subscribers with a 
set of metrics that allow them to better assess the health of their 
network and that their systems are working as intended. The Exchange 
anticipates that most, if not all, subscribers to the proposed Clock 
Service would be those whose trading models are latency sensitive; 
however, managed service providers may also subscribe in order to 
redistribute the Cboe Clock to their downstream clients.
    The Exchange believes providing this optional clock synchronization 
service to interested subscribers is, therefore, consistent with 
facilitating transactions

[[Page 20518]]

in securities, removing impediments to and perfecting the mechanism of 
a free and open market and a national market system, and, in general, 
protecting investors and the public interest.
    As noted above, MIAX Emerald currently offers a clock service that 
has been reviewed and approved by the Commission.\22\ MIAX Emerald's 
clock service is substantially similar to the proposed Clock Service as 
both offerings synchronize a subscriber's time recording systems to 
those of the exchange at a more granular level for highly correlated 
latency measurements between the exchange's and the subscriber system's 
time measurements related to the same message or order. Both offerings 
allow subscribers to synchronize their own primary clock devices to the 
exchange's primary clock device, by receiving time signals from the 1 
Gbps connection.
---------------------------------------------------------------------------

    \22\ See Securities Exchange Act Release No. 94335 (March 1, 
2022), 87 FR 12756 (March 7, 2022) (SR-EMERALD-2021-38) (Notice of 
Filing of Amendment No. 1 and Order Granting Accelerated Approval of 
a Proposed Rule Change, as Modified by Amendment No. 1, To Amend 
Exchange Rule 531 To Provide for a New Service Called the High 
Precision Network Time Signal Service) (``Approval Order'').
---------------------------------------------------------------------------

    One key distinction between the Exchange's proposed Clock Service 
and MIAX Emerald's similar offering is that the Exchange includes a 1 
Gbps Physical Port as part of its offering for this Clock Service.\23\ 
Similar to MIAX Emerald, this 1 Gbps Physical Port will be used solely 
for the Clock Service offering.\24\ However, a participant that 
purchases the Exchange's Clock Service will only need one 1 Gbps 
Physical Port to receive this service for the Exchange and its 
affiliated equities and options exchanges.\25\
---------------------------------------------------------------------------

    \23\ As noted above, MIAX also requires a 1 Gbps connection.
    \24\ See Securities Exchange Act Release No. 94915 (May 16, 
2022), 87 FR 31002 (May 20, 2022) (SR-EMERALD-2022-16).
    \25\ MIAX Emerald's affiliates do not offer this service, thus 
the 1 Gbps connection is only used for the MIAX Emerald clock 
service while the Exchange's proposed offering allows for the Clock 
Service to be used for the Exchange and its affiliated options and 
equities exchanges.
---------------------------------------------------------------------------

    Additionally, MIAX Emerald's offering also utilizes White Rabbit 
technology.\26\ with both services synchronizing a subscriber's time 
recording systems to those of the respective exchange at a more 
granular level for highly correlated latency measurements between the 
respective exchange's and the subscriber system's time measurements 
related to the same message or order.
---------------------------------------------------------------------------

    \26\ See 
MIAX_Emerald_Options_EnhancedPTP_WhiteRabbit_08302021.pdf, noting 
the White Rabbit technology that is used for this service offering.
---------------------------------------------------------------------------

    The proposed Clock Service also protects investors and the public 
interest because subscribers may use the Clock Service for determining 
compliance with trade surveillance and to assist them in evaluating 
compliance with certain clock synchronization requirements.\27\
---------------------------------------------------------------------------

    \27\ See Rule 4.6.
---------------------------------------------------------------------------

    Additionally, the Exchange believes the proposed rule change is 
consistent with the Section 6(b)(5) \28\ requirement that the rules of 
an exchange not be designed to permit unfair discrimination between 
customers, issuers, brokers, or dealers as it will be available to all 
Members and non-Members who choose to subscribe. Use of the proposed 
Clock Service would be voluntary and no Member or non-Member would be 
required to subscribe to the proposed Clock Service.\29\ The Exchange 
notes that the proposed Clock Service would be an additional, optional 
tool for participants and some participants may not find it useful 
based on their business needs and trading activity. Participants that 
choose not to subscribe to the proposed Clock Service are free to 
utilize other time synchronization methods or services that may assist 
them in time synchronization of their systems at a more granular level. 
The proposed Clock Service may not provide utility to all participants 
based on their business model, use of existing time synchronization 
methods, or reliance on other methods to test their system's 
performance to ensure it is operating as intended. For example, certain 
participants employ business models that are not latency sensitive, 
such as those that only enter resting liquidity.
---------------------------------------------------------------------------

    \28\ 15 U.S.C. 78f(b)(5).
    \29\ The Exchange intends to submit a separate filing with the 
Commission pursuant to Section 19(b)(1) to propose fees for the 
Clock Service.
---------------------------------------------------------------------------

    Lastly, the Exchange believes the proposed changes to the title of 
Rule 21.15(b) promote just and equitable principles of trade and remove 
impediments to and perfect the mechanism of a free and open market and 
a national market system because the proposed rule changes will provide 
greater clarity to participants and the public regarding the Exchange's 
Rules. It is in the public interest for rules to be accurate and 
concise so as to eliminate the potential for confusion.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act. In this instance, the 
proposed rule change to offer the optional Clock Service is in response 
to participant interest and requests for tools that would enable them 
to better measure traversal times between their network and that of the 
Exchange at a more granular level.
Intra-Market Competition
    The Exchange does not believe the proposed Clock Service will have 
an inappropriate burden on intra-market competition between 
participants that choose to subscribe to the Clock Service and those 
participants that do not. The proposed Clock Service would provide 
participants with the ability to synchronize their primary clock 
devices with the Exchange's primary clock device by utilizing 
technology that allows up to a sub-nanosecond level, which they may 
then use to measure their network's efficiency to determine whether 
their systems are performing as expected.
    The Exchange notes that the proposed Clock Service would be an 
additional, optional tool for participants and some participants may 
not find it useful based on their business needs and trading activity. 
The proposed Clock Service may not provide utility to all participants 
based on their business model, use of existing time synchronization 
methods, or reliance on other methods to test their system's 
performance to ensure it is operating as intended.
    Additionally, some participants may be able to enhance their own 
traversal time calculations without subscribing to the proposed Clock 
Service by using other time synchronization methods or utilize some 
other services that may assist them in time synchronization of their 
systems. Participants may also prefer to utilize or develop other 
methods that would enable them to determine whether their own primary 
clock device is recording time in close proximity to the primary clock 
devices of other market participants. Participants may view these 
alternatives as more in line with their business needs or choose an 
alternative that is more compatible with their existing technology.
Inter-Market Competition
    The Exchange does not believe the proposed Clock Service will have 
an inappropriate burden on inter-market competition. The proposed Clock 
Service will further enhance inter-market competition between exchanges 
by allowing the Exchange to expand its product offerings. As previously 
noted, MIAX Emerald provides a clock service

[[Page 20519]]

to its Members.\30\ The proposed Clock Service would provide 
subscribers with a tool to assist them in recalibrating their own 
models and trading strategies to improve their overall experience on 
the Exchange, thereby potentially improving execution and order fill 
rates. This may improve the Exchange's overall market quality through 
increased liquidity and improved execution opportunities for resting 
orders, enhancing the Exchange's overall competitive position. The 
proposed rule change should enhance competition by promoting further 
initiatives and innovation among market centers and market participants 
as it concerns time measurements and synchronization among trading 
platforms.
---------------------------------------------------------------------------

    \30\ See MIAX Emerald Fee Schedule, Section 8, Services.
---------------------------------------------------------------------------

    Lastly, if the proposed Clock Service is unattractive to 
participants, participants will opt not to subscribe to it. 
Accordingly, the Exchange does not believe that the proposed change 
will impair the ability of participants or competing order execution 
venues to maintain their competitive standing in the financial market.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    The Exchange neither solicited nor received comments on the 
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the foregoing proposed rule change does not:
    A. significantly affect the protection of investors or the public 
interest;
    B. impose any significant burden on competition; and
    C. become operative for 30 days from the date on which it was 
filed, or such shorter time as the Commission may designate, it has 
become effective pursuant to Section 19(b)(3)(A) of the Act \31\ and 
Rule 19b-4(f)(6) \32\ thereunder. At any time within 60 days of the 
filing of the proposed rule change, the Commission summarily may 
temporarily suspend such rule change if it appears to the Commission 
that such action is necessary or appropriate in the public interest, 
for the protection of investors, or otherwise in furtherance of the 
purposes of the Act. If the Commission takes such action, the 
Commission will institute proceedings to determine whether the proposed 
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \31\ 15 U.S.C. 78s(b)(3)(A).
    \32\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

    •  Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
    •  Send an email to rule-comments@sec.gov. Please include 
file number SR-CboeBZX-2026-028 on the subject line.

Paper Comments

    •  Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.

All submissions should refer to file number SR-CboeBZX-2026-028. This 
file number should be included on the subject line if email is used. To 
help the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's internet website (https://www.sec.gov/rules/sro.shtml). Copies of the filing will be available for inspection and 
copying at the principal office of the Exchange. Do not include 
personal identifiable information in submissions; you should submit 
only information that you wish to make available publicly. We may 
redact in part or withhold entirely from publication submitted material 
that is obscene or subject to copyright protection. All submissions 
should refer to file number SR-CboeBZX-2026-028 and should be submitted 
on or before May 7, 2026.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\33\
---------------------------------------------------------------------------

    \33\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-07346 Filed 4-15-26; 8:45 am]
BILLING CODE 8011-01-P