PTG Comments Again on Cboe Disruptive Trading Rule Proposal
Apr 15, 2026
In a letter filed with the Securities and Exchange Commission (SEC) today, PTG commends the SEC for suspending and instituting proceedings on Cboe’s proposed Rule 8.23, which is intended to clarify what constitutes prohibited order and quote activity; but expresses concern that the proposal, as drafted, fails to achieve that goal.
PTG argues that several examples of prohibited conduct are vague, overly broad, duplicative, or already covered by existing exchange rules, creating the risk of unintended consequences and regulatory uncertainty for Trading Permit Holders. The letter highlights specific issues and recommends deletions, consolidation, or narrower drafting to ensure the rule clearly targets genuinely disruptive conduct rather than ordinary, permitted market practices.