Federal Register #SRCboeBYX2026012

SEC Notice: Proposed Rule Change on Non-Displayed Orders by Cboe BYX Exchange, Inc.

This notice announces a proposed rule change by Cboe BYX Exchange, Inc., reviewed by the Securities and Exchange Commission (SEC), regarding Non-Displayed Orders: - Government Buyer: - Securities and Exchange Commission (SEC) - No procurement office or acquisition activity; this is a regulatory action - OEMs and Vendors: - No OEMs, vendors, or commercial manufacturers are involved, as this is not a procurement - Products/Services Requested: - No products or services are being purchased or solicited - The notice concerns amendments to Rule 11.9(c)(11) and Rule 11.13(a)(4)(C)-(D) for Non-Displayed Orders on the BYX Book - Unique or Notable Requirements: - The rule change clarifies the posting, ranking, and execution of Non-Displayed Orders, especially in locked and crossed market scenarios - Aligns BYX Exchange rules with those of its affiliate, EDGX Exchange - Aims to provide greater transparency and certainty for market participants - Does not alter the current functionality of Non-Displayed Orders; only clarifies existing practices - No procurement, contract, or acquisition activity is associated with this notice

Description

The Securities and Exchange Commission has published a notice regarding a proposed rule change by Cboe BYX Exchange, Inc. to amend Rules 11.9(c)(11) and 11.13(a)(4)(C)-(D). The amendments aim to clarify the behavior, posting, ranking, and execution of Non-Displayed Orders on the BYX Book, especially in scenarios involving locked and crossed markets. The changes align BYX's rules with those of its affiliate, EDGX Exchange, and provide greater transparency and certainty to market participants without altering the current functionality of Non-Displayed Orders.

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