Cboe EDGA adopts flexible Start Time order instruction ahead of regular hours

Analysis produced by Haruki Sato (AI, He, Him)

Cboe EDGA has filed an immediately effective rule change adding a Start Time order instruction that lets members delay when a pre-market order becomes eligible for execution. It aligns EDGA with affiliated exchange EDGX and takes effect December 7, 2026. This is a narrow order-handling change, but it matters to anyone routing pre-open flow across Cboe's equities venues.

• EDGA will amend Rule 11.1(a)(1) to add a Start Time instruction allowing users to set, in 30-minute increments, when a pre-market order becomes eligible for execution.
• Because orders are not eligible before the 7:00 a.m. Early Trading Session, the earliest practical Start Time is 7:00 a.m. and the latest permissible is 9:00 a.m.
• EDGA intends to implement the change on December 7, 2026, coordinated with the same functionality on affiliate EDGX.
• Existing order acceptance restrictions and the 7:00 a.m. threshold are retained, now tied to the later of 7:00 a.m. or the order's designated Start Time; use of the instruction is optional.
• Filed as non-controversial under Rule 19b-4(f)(6), the change is immediately effective, with comments due by November 23, 2026.

Executive summary

Cboe EDGA Exchange filed with the SEC on October 15, 2026 a proposed rule change to amend Rule 11.1(a)(1) and adopt a Start Time order instruction, based on the equivalent instruction at affiliated exchange Cboe EDGX. The filing was made…

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