Federal Register #SR-CboeEDGA-2026-036

Cboe EDGA proposal to expand its “Trading Platform” definition

This SEC notice concerns a proposed change to Cboe EDGA Exchange, Inc.’s Fee Schedule, not a government procurement opportunity. - Entities: The U.S. Securities and Exchange Commission (SEC) published the notice; Cboe EDGA Exchange, Inc. filed the proposed rule change. - Proposed change: Expand the Fee Schedule definition of “Trading Platform” to cover systems that systematically execute third-party orders electronically, through order matching or principal trading by the operator or an affiliate. - Examples covered: Broker crossing systems that are not registered as alternative trading systems, systematic internalization systems, and decentralized blockchain-based or tokenized environments. - Purpose and status: Apply the definition consistently to functionally equivalent execution venues. The rule change became effective upon filing, and the SEC invited public comments. - Procurement details: No products, services, quantities, part numbers, or contract performance period are specified.

Description

Cboe EDGA Exchange, Inc. proposes to amend the definition of “Trading Platform” in its Fee Schedule. The change adds a functional category covering systems, facilities, or platforms that electronically execute third-party orders systematically, including by matching orders or by the operator or its affiliate acting as principal. Examples include broker crossing systems not filed as ATSs, systematic internalization systems, and decentralized blockchain-based or tokenized environments. The proposal is effective upon filing, and the SEC is soliciting comments.

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