SRO Proposes to Make Permanent Pilot Program on Market-Wide Circuit Breakers

The Cboe BYX Exchange (the "Exchange") filed a proposal with the SEC to adopt the pilot program for Market-Wide Circuit Breakers ("MWCB") on a permanent basis.

The proposal would amend Exchange rules to provide for the automatic mechanism to be invoked during periods of extreme market-wide decline. As stated in the proposal, the MWCB rules "are designed to slow the effects of extreme price declines through coordinated trading halts across both cash equity and equity options securities markets." The Exchange noted that the proposal is substantively identical to the NYSE Market-Wide Circuit Breakers program previously approved by the SEC.