Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the “Act”),^[1] and Rule 19b-4 thereunder,^[2] notice is hereby given that on July 31, 2026, Cboe Exchange, Inc. (the “Exchange” or “Cboe Options”) filed with the Securities and Exchange Commission (the “Commission”) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Exchange filed the proposal as a “non-controversial” proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act ^[3] and Rule 19b-4(f)(6) thereunder.^[4] The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.

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

Cboe Exchange, Inc. (the “Exchange” or “Cboe Options”) proposes to amend its Rules relating to Trading Permit Holder (“TPH”) transaction reporting duties. 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 ( www.sec.gov/​rules/​sro.shtml), the Exchange's website ( www.cboe.com/​us/​options/​regulation/​rule_​filings/​cone/​), 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 is proposing to amend its Rules relating to TPH reporting duties.

Background

By way of background, Rule 6.1 generally requires TPHs to report trades after execution. Particularly, Rule 6.1(a) requires that a participant in each transaction designated by the Exchange report or ensure the transaction is reported to the Exchange within 90 seconds of execution so that the trade information may be reported to time and sales reports (which is often referred to as “the tape” or OPRA (the Options Price Reporting Authority)).^[5] Current Rule 6.1(b) requires that for each transaction on the Exchange in which a TPH participates, the TPH must report the transaction promptly to the TPH for whom such transaction was made and/or to the TPH that will clear such transaction in a form and manner prescribed by the Exchange. Rule 6.1(c) sets forth further detail and procedures the Exchange has established for reporting trade information required under Rule 6.1(a) and (b). Rule 6.1(d) requires that for each transaction in which a TPH participates off the Exchange in any option pertaining to an underlying security which is currently approved for Exchange transactions, such TPH shall report the transaction to the Exchange in a form and manner prescribed by the Exchange. Rule 6.1(e) describes the trade information that ( printed page 52105) TPHs must report to allow the Exchange to properly match and clear trades. Rule 6.1(g) describes the procedures the Exchange has established for reporting trade information required under Rule 6.1(e).^[6] Further, Rule 6.1(f) clarifies that TPHs must submit trade information in such form and manner prescribed by the Exchange in order to allow the Exchange to properly prioritize and route orders and report resulting transactions to the Clearing Corporation; Rule 6.1(h) and (i) address reporting duties when certain required reporting information is unknown; and Rule 6.1(j) clarifies when trade information is considered to have been received by the Exchange.

Proposed Rule Change

Applicability and Form

The Exchange first clarifies in the introduction of Rule 6.1 that the transaction reports TPHs must submit pursuant to Rule 6.1 (in a form and manner prescribed by the Exchange) must be submitted for all transactions executed in open outcry on the Exchange's trading floor. While all transaction information for electronic transactions executed on the Exchange must also be reported for purposes of times and sales, matching, and clearing, the Exchange's System has all necessary information for electronic transactions executed on the Exchange, so TPHs need to take no additional steps to report transaction information to the Exchange after execution of these transactions. This is consistent with current behavior, and the proposed rule change merely clarifies the current applicability of the Rule. Additionally, pursuant to current Rule 6.1 (including in current paragraphs (a), (b), (c), (e), and (g) ^[7] ), the Exchange will designate the form and manner of reports. The proposed rule change deletes outdated language, such as “electronic data transmission link” and “electronic data storage medium,” as the form and manner of these reports is set forth in technical specifications, notices, and regulatory circulars, as applicable, available on the Exchange's website.

Reports

Next, the Exchange proposes to amend Rule 6.1 to distinguish between three sets of transaction information the Rule requires, including the deadlines for submission for reporting each set of information and the party or parties to the transaction that must submit this information to the Exchange.

OPRA Reporting

First, the proposed rule change amends Rule 6.1(a) to describe the transaction information that must be reported to the Exchange, and the required timing of these reports, so that the Exchange may report it to OPRA for time and sales reporting. Specifically, proposed Rule 6.1 requires the seller in each transaction, or the buyer if designated by the Exchange, to report or ensure that the following trade information is reported to the Exchange no more than 90 seconds after execution (the “OPRA report”) so that the Exchange may report this trade information to OPRA:

• the identity of the executing broker;
• the underlying security or index;
• the exercise price;
• the expiration month;
• whether a put or a call;
• the number of option contracts;
• the premium per unit;
• whether a purchase or a writing transaction;
• the time of purchase or sale; and
• such other information as the Exchange may require.

This is consistent with current Rule 6.1(a) (which requires transaction information be reported within 90 seconds of execution so the Exchange can report it for purposes of time and sales) and Rule 6.1(c) (which identifies the seller, or the buyer if designated by the Exchange, as the TPH to report information for purposes of time and sales and lists this transaction information as being reportable no more than 90 seconds after execution),^[8] except the proposed rule change limits the transaction information that must be included in the OPRA report. The information TPHs no longer need to report to the Exchange within 90 seconds, as proposed (such as information regarding the contra party to a transaction), does not get sent by the Exchange to OPRA for purposes of time and sales reporting.^[9] Additionally, this information is not publicly disseminated. Therefore, the Exchange believes it is unnecessary to require TPHs to report this information within 90 seconds of execution.^[10] The only impact on TPHs of proposed Rule 6.1(a) is the exclusion of certain information from what must be reported to the Exchange within 90 seconds of execution (as discussed below, this information must still be reported to the Exchange but no later than five minutes following the transaction time).^[11]

Match and Clearance Reports

Second, the proposed rule change adopts Rule 6.1(b) to describe the transaction information that must be reported to the Exchange and contra parties for purposes of matching and clearing. Specifically, proposed Rule 6.1(b) requires each of the buyer and seller in a transaction to report or ensure that the following trade information is reported to each of the Exchange and the TPH for which the transaction was made and/or the TPH that will clear the transaction no more than five minutes after execution (the “transaction report”) so the Exchange may match and report the trade for clearance:

• the information contained in proposed Rule 6.1(a)(2);
• the identity of the executing brokers representing both the purchasing (writing) transaction and the contra-side writing (purchasing) transactions; ^[12]
• the identity of the purchasing (writing) Clearing Trading Permit Holder;
• the Capacity for the purchasing (writing) account;
• if applicable, the Market-Maker account acronym for a transaction executed by or for a Market-Maker or for a non-Trading Permit Holder Market-Maker;
• except for a transaction executed by or for a Market-Maker or for a non- ( printed page 52106) Trading Permit Holder Marker-Maker that does not include the information, whether an opening or closing transaction; and
• such other information as the Exchange may require.

Current Rule 6.1(b), (c), and (e) requires TPHs to report this information to the Exchange and to the TPH for which a transaction is made or that will clear the transaction. The proposed rule change extends the time for which TPHs may report this trade information from no more than 90 seconds to no more than five minutes after execution. The Exchange understands it may be difficult for a TPH to report this information within 90 seconds, particularly for executions that involve multiple contra parties. For these trades, on top of reporting all other required trade information, an executing TPH must identify each of the multiple contra parties, their corresponding contra Clearing TPHs, and the corresponding number of contracts allocated to each. This difficulty further increases for complex trades, including when there are many components to the strategy. The Exchange does not believe 90 seconds is sufficient for a TPH to enter all of the information associated with these trades given the potential complexity of open outcry transactions, nor does the Exchange believe this information needs to be reported within 90 seconds since it is not reported to OPRA. This additional time will have no negative impact on the Exchange's ability to match and clear trades in the same manner as it does today. Therefore, the Exchange believes it is appropriate to provide TPHs with additional time to report this information. Pursuant to proposed Rule 6.1(a), as discussed above, any near real-time transaction information that requires public dissemination via OPRA will continue to be required to be reported within 90 seconds. Moreover, the Exchange notes that allowing TPHs to report the identity of the executing TPH(s) and Clearing TPH(s) within five minutes of the execution (rather than 90 seconds) will have no effect on the Exchange's ability to properly match and clear trades.^[13]

Reorganization

The proposed rule change also reorganizes Rule 6.1 and makes nonsubstantive changes to provisions that are moved to other locations within Rule 6.1 to simplify language and make language more plain English, as well as update cross-references and terminology to conform to the changes described above.^[14] The following chart provides the current location in Rule 6.1 and proposed Rule 6.1.^[15]

Modernization

The proposed rule change amends Rule 6.1 to modernize and simplify the Rule, as follows:

• The proposed rule change deletes current Rule 6.1(c)(1) and (2), and (5). Current Rule 6.1(c)(1) references an electronic data transmission link approved by the Exchange or use of a paper form copy for reporting required information to the Exchange, and current Rule 6.1(c)(2) describes how TPHs not using electronic media for submission OPRA and transaction reports should report the required information. These forms of reporting outdated are obsolete. Additionally, as discussed above, the proposed change to the introductory language to Rule 6.1 indicates the Exchange determines the form and manner of reporting (which the Exchange makes public on its website), making this language in these rule provisions redundant and thus unnecessary.^[16]
• The proposed rule change deletes current Rule 6.1(c)(3), which requires a TPH that receives a report from another TPH to immediately forward the report to the Clearing TPH that will clear the transaction, as this provision is covered within proposed Rule 6.1(b)(1). While proposed Rule 6.1(b)(1) requires TPHs to send transaction reports to the contra executing TPH and/or the contra Clearing TPH, TPHs and their Clearing TPH arrange for how the Clearing TPHs will get transaction reports. Therefore, current Rule 6.1(c)(3) is unnecessary.
• The proposed rule change deletes Rule 6.1(c)(4) regarding the requirement for TPHs to use best efforts to make sure the DPM for a class is aware of a transaction and its price. DPMs are in the trading pit for the relevant class and have the opportunity to hear all transactions for that class. Additionally, transactions and their prices are publicly disseminated quickly after transactions are execution. This provision is therefore obsolete and unnecessary.
• The proposed rule change deletes Rule 6.1(c)(5), which provides that a Trading Pemrit [sic] Holder must submit transaction record information for price reporting purposes in the manner prescribed above whenever the transaction represents the partial execution of a large order. Partial execution of any order is considered an execution under Exchange Rules, which would trigger reporting of the information required by Rule 6.1 (currently and as proposed). Therefore, the Exchange believes this provision is unnecessary.
• The proposed rule change deletes current Rule 6.1(d) regarding the reporting of transactions made off the Exchange. Other Rules (such as Rule 6.7) describe the requirements for off-floor transfers of positions (options transactions are otherwise not permissible off Exchange) and supersede this provision.
• The proposed rule change deletes current Rule 6.1(f) regarding the submission of orders to the Exchange. Other Rules (such as Rule 5.7) describe the requirements for order entry and supersede this provision. ( printed page 52107)

The proposed rule change deletes current Rule 6.1(j)(2) that addresses an event in which a Clearing TPH is unable to get through to the Exchange to submit trade information. In the current Exchange environment, this would only occur in what the proposed rule change defines as an “outage” in proposed Rule 6.1(e), which sets forth what TPHs should do in the event of an outage. Therefore, this provision is no longer necessary.

2. Statutory Basic

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.^[17] Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) ^[18] 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. Additionally, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) ^[19] requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers.

The Exchange believes the proposed rule change will promote just and equitable principles of trades and will foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities. The proposed rule change provides all TPHs that execute transactions in open outcry with additional time to send certain transaction information to the Exchange and contra parties, which information is not required in real- or near real-time. This delay in reporting of certain pieces of transaction information will have no negative impact on the Exchange's audit trail, the Exchange's ability to match or clear trades, or the Exchange's ability submit required information to OPRA for public dissemination in a timely manner. As noted above, the information TPHs no longer need to report to the Exchange within 90 seconds (such as information regarding the contra party to a transaction) does not get sent by the Exchange to OPRA for purposes of time and sales reporting. Additionally, this information is not publicly disseminated. Therefore, the Exchange believes it is unnecessary to require TPHs to report this information within 90 seconds of execution. The Exchange understands from TPHs that receiving transaction reports no more than five minutes after the time of execution will not negatively impact them or their operations.

The Exchange believes the nonsubstantive changes to reorganize the provisions of Rule 6.1 and to make the language simpler and more plain English, as well as to delete redundant language, will protect investors and the public interest by providing further clarity and transparency and alleviating potential investor confusion. The Exchange believes clearer, more readable rules improve TPHs' ability to comply with obligations set forth in the Rules. Similarly, the Exchange believes the proposed changes to modernize Rule 6.1 and delete outdated provisions will similarly alleviate potential investor confusion and thus benefit investors and the public interest.

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. The Exchange does not believe that the proposed rule change will impose any unnecessary burden on intramarket competition because it will apply equally to all TPHs that execute transactions in open outcry on the Exchange's trading floor. The Exchange does not believe that the proposed rule change will impose any unnecessary burden on intermarket competition because it relates solely to how and when TPHs must report information to the Exchange and contra parties for transactions executed on the Exchange's trading floor. The proposed rule change is not intended for competitive purposes and instead is intended to clarify and modify the Exchange's transaction reporting Rules. TPHs will continue to be required to send the same transaction information to the Exchange; as proposed, TPHs will merely have additional time to submit report certain information. TPHs will continue to report this information to the Exchange in the same form they do today.

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: (i) significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) 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)(iii) of the Act ^[20] and subparagraph (f)(6) of Rule 19b-4 thereunder.^[21]

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.

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 (www.sec.gov/​rules/​sro.shtml); or
• Send an email torule-comments@sec.gov. Please include file number SR-CBOE-2026-067 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-CBOE-2026-067. 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 ( 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-CBOE-2026-067 and should be submitted on or before September 2, 2026.