The Cboe Exchange, Inc. has proposed a rule change, now immediately effective, to amend Rule 5.24, which deals with business continuity and disaster recovery plans. The change is primarily aimed at ensuring the exchange can transition smoothly to an all-electronic trading environment if their physical trading floor becomes inoperable, like during the COVID-19 pandemic. By extending the temporary rules to June 30, 2021, the Cboe Exchange hopes to maintain a fair and orderly market during such disruptions. The rule also allows for the potential use of a virtual trading floor if the physical one becomes unusable, ensuring continuity in trading practices.
Simple Explanation
The Cboe Exchange is making sure that if their regular trading place is closed, like during the pandemic, they can keep trading online to make everything fair and work smoothly. They've got some special rules to handle this and plan to keep these rules in place until the end of June 2021, so that they can keep working without problems even if they can't use their usual space.