Federal Register #SR-CboeBYX-2026-031

SEC Notice: Cboe BYX Exchange Rule Change Expands 'Trading Platform' Definition

This notice from the Securities and Exchange Commission (SEC) addresses a rule change proposed by Cboe BYX Exchange, Inc. regarding its fee schedule. - Government Buyer: - Securities and Exchange Commission (SEC) - Entity Subject to Rule Change: - Cboe BYX Exchange, Inc. - Key Details: - The definition of 'Trading Platform' in the fee schedule is expanded to include: - Registered National Securities Exchanges - Alternative Trading Systems (ATS) - Electronic Communications Networks (ECN) - Order-matching execution venues or decentralized platforms, including blockchain-based or tokenized environments - The update ensures comprehensive coverage of emerging trading technologies and functionally equivalent venues - Goal is equitable allocation of fees among all trading platforms, regardless of technology or business model - No OEMs, vendors, products, or purchase quantities are specified - No unique procurement requirements or product/service requests are present

Description

The Securities and Exchange Commission published a notice regarding a proposed rule change by Cboe BYX Exchange, Inc. to amend its fee schedule to update the definition of “Trading Platform.” The amendment adds a category to include similar order-matching execution venues or decentralized platforms, including blockchain-based or tokenized environments, to better capture emerging trading technologies. The rule change was filed and became effective immediately, aiming to ensure equitable allocation of fees among functionally equivalent venues regardless of technology or business model.

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