The Securities and Exchange Commission (SEC) has announced that the Cboe BZX Exchange, Inc. has proposed a rule change. This change aims to align its rules for listing equity options with $1 strike prices with those of its affiliated exchange, Cboe Exchange, Inc. The SEC has allowed this proposed rule change to take effect immediately to ensure consistency across exchanges without introducing new regulatory concerns. Public comments on the proposal are invited until February 19, 2025.
Simple Explanation
Cboe BZX Exchange wants to change its rules to match its sister exchange, Cboe, so they both have the same way of letting people trade options (like choosing from different prices). This means the rules will be similar and easier for everyone, and the government is okay with this change happening right away.