Federal Register #SR-CboeBYX-2026-040

SEC Notice of Cboe BYX Proposal to Broaden Its “Trading Platform” Definition

The SEC notice concerns a proposed Cboe BYX Exchange, Inc. fee-schedule change, not a government procurement opportunity. - Government agency: Securities and Exchange Commission (SEC); no sub-agency or purchasing office is identified. - Filer: Cboe BYX Exchange, Inc. The notice does not identify any OEMs, vendors, or products being offered for sale. - Proposed change: Broaden the fee schedule’s definition of “Trading Platform” to include functionally equivalent electronic systems that systematically execute orders for people other than the system operator. - Examples include certain broker crossing systems, systematic internalization systems, and decentralized blockchain-based or tokenized environments. - Procurement status: No products or services, quantities, part numbers, or contract value are specified. The rule change became effective upon filing.

Description

Cboe BYX Exchange, Inc. proposes to amend its Fee Schedule to update the definition of “Trading Platform.” The proposed definition adds a functional category covering other systems through which orders of persons other than the operator are systematically executed electronically, including examples such as broker crossing systems, systematic internalization systems, and decentralized blockchain-based or tokenized environments. The notice states that the change is intended to clarify the scope of the term and apply it consistently to functionally equivalent execution venues. The proposed rule change became effective upon filing.

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