Cboe BZX Equities Updates Limit Order Behavior for Closing Auctions

Upon the effective date, for BZX Corporate Listings, LOC orders received between 3:55 p.m. and 3:59 p.m. will be accepted at their respective limit prices, unless the limit price is more aggressive than the 3:55 p.m. Reference Price. If a LOC order is priced more aggressive than the 3:55 p.m. Reference Price, the order will be re-priced to the 3:55 p.m. Reference Price. Please note that LOC orders cannot be canceled or modified after 3:55 p.m. and the LOC cutoff time will remain at 3:59 p.m.

For more information about how the Reference Price is calculated, please see the Cboe Titanium U.S. Equities Auction Process Specification.

Upon the effective date, for BZX Exchange Traded Products (ETPs), LOC orders received between 3:55 p.m. and 3:59 p.m. with any limit price will be accepted. Please note that LOC orders cannot be canceled or modified after 3:55 p.m. and the LOC cutoff time will remain at 3:59 p.m.

BZX will implement new behavior for LLOC orders as follows:

• LLOC orders will be accepted beginning at 3:55 p.m.

• LLOC orders cannot be modified or canceled after 3:55 p.m.

• The system will continuously adjust LLOC orders to the less aggressive of the limit price specified or the NBB (NBO) for buys (sells).