Federal Register #SR-CboeBZX-2026-063

Proposed Amendments to Exchange Fee Schedules by Cboe BZX and MIAX Sapphire

This notice details proposed amendments to the fee schedules of two major U.S. securities exchanges, overseen by the Securities and Exchange Commission (SEC). - Government Buyer: - Securities and Exchange Commission (SEC) - Division of Trading and Markets - OEMs and Vendors: - Cboe BZX Exchange, Inc. - MIAX Sapphire, LLC - Services Requested: - Cboe BZX Exchange, Inc. proposes: - Removal of Step-Up Tier 2 - Adoption of Single MPID Investor Tier 3 with enhanced rebates for orders in securities priced at or above $1.00 - Removal of expired ETP and Closed-End Fund LMM Liquidity Provision Rates - MIAX Sapphire, LLC proposes: - Reductions in initiating and contra-side fees and rebates for Professional Customer orders in QCC and cQCC transactions - Establishment of a tiered fee structure for Trading Floor transactions involving Away Market Maker facilitation - Unique or Notable Requirements: - The amendments are designed to incentivize order flow, improve market quality, and create more competitive pricing structures - No physical products or traditional services are being procured; changes are regulatory and affect exchange fee structures - Public comment is invited on the proposed rule changes

Description

This notice pertains to a proposed rule change filed by Cboe BZX Exchange, Inc. The rule change involves amendments to the exchange's fee schedule, including removing Step-Up Tier 2, adopting a new Single MPID Investor Tier, and removing expired ETP and Closed-End Fund LMM Liquidity Provision Rates. The changes aim to provide a competitive pricing structure and incentivize market participants to direct order flow to the exchange, enhancing market quality. The rule change has been made effective immediately and is subject to public comment.

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