Federal Register #SR-CboeBZX-2026-041

SEC Review of Cboe BZX Exchange Fee Schedule Changes for Market-Maker Complex Orders

This notice details a proposed rule change by Cboe BZX Exchange, Inc., as published by the Securities and Exchange Commission (SEC): - Government buyer: - Securities and Exchange Commission (SEC) - Cboe BZX Exchange, Inc. as the regulated entity - OEMs and vendors: - Cboe BZX Exchange, Inc. (exchange operator) - Products/services requested: - No physical products or services are being procured - The notice concerns regulatory changes to the fee schedule for exchange participants - Key changes and requirements: - Introduction of a new fee code (ZI) for Market-Maker Complex orders that add liquidity in Penny Program Securities on the Complex Order Book (COB) - Updates to the application of existing fee codes (ZF, ZA, ZB) - Modifications to rebate provisions for orders submitted with a Designated Give Up program - Changes are administrative, clarifying fee code distinctions and rebate eligibility, without altering actual fees - Eligibility for rebates is based on routing decisions and participation in the Designated Give Up program - No purchase quantities, part numbers, or physical deliverables are involved - The opportunity is relevant to exchange participants and market makers affected by the fee schedule changes

Description

This notice announces a proposed rule change by Cboe BZX Exchange, Inc. to amend its fees schedule. The amendment includes adopting a new fee code for Market-Maker Complex orders executed on the Complex Order Book that add liquidity in Penny Program Securities. Additionally, it proposes amendments related to orders submitted with a designated give-up program. The changes are administrative and do not alter the fees assessed but create distinctions in fee codes and rebate provisions.

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