On July 17, 2020, the Cboe BYX Exchange proposed a new rule to introduce periodic auctions for trading U.S. equity securities. This proposal was filed with the Securities and Exchange Commission (SEC) and was published for public comment in August 2020. After receiving comments and amending the proposal twice, the SEC is now considering whether to approve or disapprove it. The decision deadline has been extended to April 1, 2021, to allow the SEC more time for evaluation.
Simple Explanation
The Cboe BYX Exchange wants to try a new way of trading where they hold little auctions during the day, and the people who decide the rules for these things are taking more time to think about it. They have until April 1, 2021, to make up their minds if it's a good idea or not.