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 October 9, 2026, Cboe Exchange, Inc. (“Exchange” or “Cboe Options”) filed with the Securities and Exchange Commission (“Commission”) the proposed rule change as described in Items I and II 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.

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 (i) Rule 5.33(g) to allow a complex order consisting of legs in different groups of series in the class to Leg into the Simple Book, in addition to being posted to the ( printed page 66745) Complex Order Book (“COB”), where the Exchange has designated those groups as a related group and (ii) Rule 5.34 to allow for the Exchange (and Users, when applicable) to set risk control parameters on a related group basis when the Exchange is permitted to set parameters on a group basis. 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 proposes to amend Rule 5.33, which governs the trading of complex orders. The proposed additions to Rule 5.33(g)(6) would establish a related group framework under which a complex order consisting of legs in different groups of series in the class may Leg into the Simple Book, in addition to being posted to the COB, if the Exchange has designated those groups as a related group and the other applicable legging restrictions that are currently enumerated under Rule 5.33 are satisfied.

Additionally, the Exchange also proposes to add interpretative guidance under Rule 5.34 to establish that, when the Exchange sets parameters for risk controls on a group basis, that the Exchange (or Users, when applicable) may also set parameters for a related group.

Background

Currently, the Exchange has authority under Rule 4.13(f) to list SPX or VIX on a group basis.^[3] The Exchange currently lists SPX on a group basis; specifically, the Exchange lists A.M.-settled SPX options under the symbol SPX and lists P.M.-settled SPX options under the symbol SPXW. While SPX and SPXW options are part of the same S&P 500 Index options class, the Exchange may apply different trading parameters to SPXW options than those it applies to SPX options (pursuant to Rule 1.5).^[4] SPX options reside on one matching engine while SPXW is on a separate matching engine. The Exchange intends to launch Weekly A.M.-settled SPX options (“SPXO”) ^[5] and list SPXO options as a separate group from both SPX and SPXW. However, SPXO and SPX options will both be on the same matching engine.

Legging

Under Rule 5.33(g) (“Legging”), a complex order may execute against orders and quotes resting in the Simple Book (pursuant to subparagraphs (d)(5)(A) and (e)) if it can execute in full or in a permissible ratio and has no more than the maximum number of legs, as the Exchange determines on a class-by-class basis, and is subject to a list of restrictions. Specifically, one such restriction under Rule 5.33(g)(6) states that “[i]f the Exchange determines to list SPX or VIX on a group basis pursuant to Rule 4.13, a complex order consisting of legs in different groups of series in the class may not Leg into the Simple Book. A complex order consisting of legs in the same group of series may Leg, subject to the other restrictions in this paragraph (g).” Pursuant to this provision, a complex order that consists of SPX and SPXW option legs is currently unable to leg into each underlying leg's Simple Book. The primary reason for this provision is because the Simple Books for SPX and SPXW are on different matching engines, as noted above.

However, SPXO options will be on the same matching engine as SPX options. As a result, Exchange technology will allow complex orders comprised of legs from these two different groups (SPXO and SPX) to leg into their respective Simple Books.^[6] Complex orders that include an SPX or SPXO leg and an SPXW leg will continue to not be able to leg into their respective Simple Books.

In order to account for this, the Exchange proposes to add the related group framework to Rule 5.33(g)(6) so that a complex order consisting of legs in different groups of series in the class that Cboe has designated as related groups may Leg into the Simple Book, in addition to being posted to the COB. The proposed related group framework reflects the current technological limitations of the Exchange's system. The Exchange will announce groups designated as related groups via Exchange Notice. The proposed change does not alter the existing Legging restrictions in Rule 5.33(g); rather, it adds a framework under proposed paragraph (g)(6) for the Exchange to designate groups as related, and thus permit complex orders comprised of legs from different groups to leg into their respective Simple Books, if Exchange technology can accommodate legging of complex orders comprised of legs for different groups. Because the Exchange remains unable to leg complex orders comprised of legs for groups that reside on different matching engines, only groups whose relevant series are processed by the same matching engine may be eligible for designation as a related group.

Risk Controls

Currently, Rule 1.5(c) grants the Exchange authority to set trading parameters on a group basis if parameters are set on a class-by-class basis and the Exchange determines to list SPX or VIX on a group basis pursuant to Rule 4.13. Rule 5.34 allows the Exchange to set several limits on a class by class basis.^[7] Under current Rule 1.5, the Exchange has authority to set those parameters on a group basis when SPX or VIX is listed on a group basis.

The Exchange proposes to add interpretive guidance to allow for the Exchange (or Users, when applicable) to determine trading parameters under Rule 5.34 on a related group basis or on a group basis. The Exchange may designate groups as related for technological reasons, such as if they reside on the same matching engine. The Exchange will announce groups designated as related groups via Exchange Notice. Using SPX and SPXW ( printed page 66746) as an example, the Exchange looks at these as independent groups as they are on different matching engines (as described above) and because they are on different matching engines, the different risk checks enumerated under Rule 5.34 are applied to each group independently of each other.^[8] However, currently, if groups reside on the same matching engine, such as SPX and SPXO will, the Exchange will designate them as a related group because the Exchange technology does not permit separate settings for different groups on the same matching engine. If the Exchange or User determines parameters on a related group basis, the products designated within a related group will be aggregated for the purpose of Rule 5.34.

For example, under Rule 5.34(c)(4)(A), the Exchange allows for class limits to be set on EFIDs for the notional contract volume. Under the proposed interpretation (and existing Rule 1.5), the Exchange may set these on a group-by-group basis. This would mean that SPX and SPXO would have their own independent limits (similar to the current practice for SPX and SPXW). However, under the proposed language, the Exchange also would have the ability to designate SPX and SPXO as a related group and then aggregate the volumes for SPX and SPXO together for the purpose of reviewing a specific risk check. Consider the following: a limit of $1,000,000 of notional contract volume for SPX is set for User A, this means, that User A's notional contract volume for both SPX and SPXO cannot exceed $1,000,000.

Lastly, when the Rules under 5.34 allow Users to set limits, they may also do so on a related group basis when applicable. For example, Rule 5.34(b)(6) permits Users to establish a higher or lower amount than the Exchange default buffer amount for a complex order to buy (sell) that is above (below) the SNBO (SNBB). Users may set this on a group basis, or under the proposed interpretative guidance, may also do so on a related group basis. When the Exchange sets limits on a related group basis, Users may also adjust these same related group limits.

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.^[9] Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) ^[10] 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) ^[11] requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers.

In particular, the Exchange believes the proposed rule change will remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, protect investors and the public interest, because allowing a complex order consisting of legs in different groups of series to Leg into the Simple Book when the Exchange has designated those groups as a related group will provide complex orders comprised of legs in groups that are related with greater opportunity to execute and contributes additional liquidity to the Simple Books, to the benefit of all market participants that interact with those books. While the Exchange may determine to list series of a class as groups to accommodate the different characteristics of those series, the Exchange believes it will benefit investors if it can technologically accommodate the legging of complex orders comprised of legs of those different groups to improve the likelihood of execution.

Additionally, by permitting the Exchange (and Users, when applicable) to determine parameters for a related group (and to aggregate volumes across a related group for the purpose of applicable risk checks) the proposed rule change protects investors by clarifying that the Exchange will link related groups for the purpose of risk checks due to technology reasons. Users, as needed, may adjust their risk settings accordingly to account for the aggregation of groups designated as a related group ( e.g., a firm may increase their limit if they plan to trade both products).

The Exchange believes the proposed rule change is not designed to permit unfair discrimination because the enhanced Legging opportunity will be available to all complex orders consisting of legs in groups that the Exchange designates as a related group. Similarly, the interpretive guidance that the Exchange (and Users, when applicable) may determine parameters for a related group, applies uniformly to all market participants. The proposed rule change does not otherwise alter the restrictions applicable to Legging under Rule 5.33(g) or the risk controls under Rule 5.34.

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 burden on intramarket competition that is not necessary or appropriate in furtherance of the purposes of the Act because the proposed rule change will apply to market participants in the same manner.

The Exchange does not believe that the proposed rule change will impose any burden on intermarket competition that is not necessary or appropriate in furtherance of the purposes of the Act because the proposed rule change concerns the operation of the Exchange's own legging functionality and risk controls. To the extent the proposed rule change makes the Exchange a more attractive marketplace, market participants on other exchanges are welcome to become Trading Permit Holders.

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 written 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 ( printed page 66747) 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 ^[12] and subparagraph (f)(6) of Rule 19b-4 thereunder.^[13]

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 shall institute proceedings to determine whether the proposed rule 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-2026-081 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-2026-081. 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-2026-081 and should be submitted on or before November 12, 2026.