Federal Register #SR-CBOE-2026-060

SEC Notice: Cboe Exchange Professional Order Review Rule Change and MIAX Emerald Data Fee Discount Extension

This notice covers proposed rule changes by Cboe Exchange, Inc. and MIAX Emerald, LLC, as published by the Securities and Exchange Commission (SEC): - Government Buyer: - Securities and Exchange Commission (SEC) - OEMs and Vendors: - No Original Equipment Manufacturers (OEMs) or commercial vendors are involved - Products/Services Requested: - No physical products or hardware are being procured - Service changes include: - Cboe Exchange, Inc.: Amendment to require monthly (instead of quarterly) reviews of customer orders to determine 'Professional' status for those averaging more than 390 orders per day - MIAX Emerald, LLC: Extension of a temporary 20% discount program for historical Open-Close Report data purchases of $20,000 or more - Unique or Notable Requirements: - Cboe Exchange's rule change aims to improve the timeliness and accuracy of Professional order designations, supporting market transparency - MIAX Emerald's discount program is available for large data purchases and is extended through the end of 2026 - **No procurement of goods or traditional services; these are regulatory and fee structure changes only

Description

Cboe Exchange, Inc. proposes to amend the definition of Professional to require monthly reviews of orders instead of quarterly reviews. The change mandates that orders for any customer averaging more than 390 orders per day during any calendar month be represented as Professional orders for the next calendar month. This amendment aims to ensure more timely and accurate designation of Professional orders, promoting fair competition and market transparency. The proposal does not impose additional burdens as broker-dealers already perform daily calculations to determine order averages.

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