SRO Monitor Digest

24X National Exchange filed two immediately effective fee changes doubling down on negative net capture to attract order flow. Index 0 adopts an initial retail order fee schedule ($0.00295/share to take, $0.0038/share rebate to add displayed liquidity for Retail Member Organizations), while index 2 raises the general displayed add rebate from $0.00295 to $0.0034 and cuts the midpoint rebate from $0.00295 to $0.0025. Both are live now with the SEC retaining a 60-day suspension right.

Cboe BZX proposed a rule change in January 2026 to modify its opening auction process so that under certain market conditions, the auction would be delayed to improve price discovery and produce execution prices that better reflect current market conditions. The SEC is extending its review deadline from March 13 to April 27, 2026 — this is a routine procedural extension, not a substantive judgment on the merits; the proposal is still alive and the SEC simply needs more time to evaluate it. Nothing changes for market participants yet, and the proposal could still be approved, disapproved, or sent to formal proceedings by the new deadline.