The Securities and Exchange Commission (SEC) is considering a proposed rule change filed by BOX Exchange LLC. This change involves amendments to BOX Rule 7620, which would allow Floor Brokers to enter opening cabinet orders on behalf of customers and floor market makers, and clarify that these orders will execute in open outcry. Although the proposed rule was published for comment, the SEC received no responses. To ensure a thorough evaluation, the SEC is extending the decision period until March 30, 2021, to determine whether to approve or disapprove the proposal.
Simple Explanation
The SEC is taking more time to decide on a new rule for the BOX Exchange, which will let special brokers, called Floor Brokers, make certain trades for customers and other traders in a more open and public way. They want to think carefully about this change, so they're waiting until March 30, 2021, to make their decision.