By Michelle Huckel, Policy Manager, SIAA
In February 2026 Cboe consulted with the market on proposed changes to its trading timetable, the introduction of multi-day orders and other changes.
As a result of the consultation process, Cboe has decided not to proceed with the proposed changes to its trading timetable and has scaled down others.
Changes to its trading timetable
Cboe’s proposal to make changes around the start time of continuous trading and timings after the close was aimed to better align trading sessions across the two markets in response to ASX’s recent Service Release 15 timetable changes.
However, Cboe received a mixed response from industry to this proposal. While several respondents acknowledged the merit of the proposal and did not raise concerns about making the necessary changes, some respondents expressed concerns about making these changes now, in light of Cboe’s future platform migration, the risk of redundant work, and concerns that certain systems and vendors may require additional time to adapt to a new timetable. Some trading applications used by participants have existing trading times hard-coded and would require development work to process new market timings. Some respondents considered that there may be some benefit from the changes, but not enough to outweigh the work required to implement them.
As a result, Cboe has decided not to proceed with any timetable changes at this time and will instead seek to make these changes alongside any future platform migration.
Multi-day orders
Cboe received a variety of responses to the multi-day orders proposal, with about half of respondents supporting it and the other half raising concerns. Those in favour noted their use of multi-day orders (good-till-cancel and good-till-date) on other markets and agreed with the order management windows proposed by Cboe. However, concerns were raised in relation to price discovery and risk management. Those not supporting the proposal raised a concern that the 60% persistence band may be too generous, that the lack of access to auctions may increase stale order risk, and risk of poor execution outcomes for investors. One respondent suggested that Cboe should consider operating auctions in these products to mitigate these risks.
Cboe considered the feedback and will modify the proposal so that multi-day orders will only be offered in ASX funds initially. Cboe will maintain the overnight 60% order persistence band and order management windows as proposed, noting these are largely consistent with existing market practice. Cboe will closely observe behaviour and outcomes in these orders before considering whether to expand multi-day orders into ASX corporate symbols at a future time.
Subject to testing, Cboe expects to make this available in production from Q3 2026.
Order conversion service, focussed nearpoint and pegged order trading priority
Cboe will proceed to implement the order conversion service, the focussed nearpoint and trading priority proposals.
The order conversion service proposal will be made available in production from 13 April 2026. The focussed nearpoint proposal will be available in production from June 2026. The trading priority proposal will be made available in production from 27 April 2026.
Broader Feedback from industry
Cboe received broader feedback from industry as part of the consultation on the proposed changes. Some respondents stated that they have limited capacity for technology upgrades and could not commit to supporting the trading enhancements at this time, noting that Cboe will need to migrate to a different trading platform in the future. They requested further information about the progress of the sale, the future infrastructure of the exchange, and the nature of transitional arrangements up to the point of the platform migration.
Cboe responded that while it cannot provide the market with further information about the sale process or a future trading platform at this time, it can state that there will be a platform migration in the longer term, and that the current Cboe trading platform will operate until then.
The link to Cboe’s response paper to the trading enhancements consultation is here.
The link to Cboe’s updated roadmap is here.
