Cboe BYX adopts rule change allowing non-members to serve as clearing firms
Effective September 8, 2026, the amendment to Rule 11.15(a) permits non-member firms to act as clearing firms for BYX members.
On September 8, 2026, Cboe BYX Exchange, Inc. filed a proposed rule change with the Securities and Exchange Commission (Release No. 34-106411; File No. SR-CboeBYX-2026-033). The Commission published the notice on September 18, 2026 (FR Doc No. 2026-19394) and announced that the amendment is immediately effective.
The amendment revises Rule 11.15(a) by replacing the term "Member" with "firm" and "Clearing Member" with "Clearing Firm." The revised language states that a Member may clear transactions through another firm that is a member of a Qualified Clearing Agency, and that such Clearing Firm must provide a written affirmation, letter of authorization, guarantee, or other acceptable agreement to assume responsibility for clearing and settling the Member's trades.
The Exchange says the change clarifies that a non-Member may act as a Clearing Firm, aligning the rule text with the 2015 amendment and with the practices of its affiliate exchanges - Cboe BZX, EDGA, and EDGX - which are submitting similar proposals (SR-CboeBZX-2026-075; SR-CboeEDGA-2026-029; SR-CboeEDGX-2026-061). The amendment does not alter the requirement that all transactions be cleared through a registered Qualified Clearing Agency using a continuous net settlement system.
The Exchange cites Section 6(b)(5) of the Securities Exchange Act of 1934 as the statutory basis, asserting that the clarification promotes just and equitable trade principles, removes impediments to a free market, and avoids unfair discrimination. The filing invites comments from interested persons, which may be submitted in accordance with Rule 19b-4.
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