# Federal Register #SR-C2-2026-026

SEC Notice: Cboe C2 Exchange Proposed Fee Schedule Change for Step Up Mechanism Auctions

**Buyer:** Securities and Exchange Commission
**Posted:** September 22, 2026
**Respond By:** October 13, 2026
**Identifier:** SR-C2-2026-026
**NAICS:** 523210

This notice from the Securities and Exchange Commission (SEC) concerns a proposed rule change by Cboe C2 Exchange, Inc. regarding its fee schedule for Step Up Mechanism (SUM) auctions.
- Government buyer:
  - Securities and Exchange Commission (SEC)
  - Cboe C2 Exchange, Inc. (regulated entity submitting the rule change)
- OEMs and vendors:
  - No OEMs or commercial vendors are mentioned; this is a regulatory notice, not a procurement.
- Products/services requested:
  - No products, part numbers, or purchase quantities are specified.
  - The notice addresses fee schedule amendments for SUM auction executions.
- Unique or notable requirements:
  - Incoming orders in SUM auctions will receive the applicable remove fee.
  - Auction responses and unrelated orders will receive the applicable add fee.
  - The change clarifies fee application to better reflect the economic function of each side of a SUM auction.
  - No new fees or fee amounts are introduced; only the fee framework is updated.
  - DJX and RUT products are excluded from this change, as they have separate pricing tables.

### Description

This notice announces a proposed rule change by Cboe C2 Exchange, Inc. to amend its fee schedule specifically for Step Up Mechanism (SUM) auctions. The amendment introduces new language governing fees applicable to executions in SUM auctions, changing the fee treatment so that the incoming order receives the remove fee and auction responses and unrelated orders receive the add fee. The change aims to reflect the economic function of each side of a SUM auction and promote market participation and price improvement. The proposal does not introduce new fees or change fee amounts but updates the fee framework for SUM volume.

[View original listing](https://www.federalregister.gov/documents/2026/09/22/2026-19299/self-regulatory-organizations-cboe-c2-exchange-inc-notice-of-filing-and-immediate-effectiveness-of-a)