Cboe BZX adds decentralized venues to trading platform definition
The amendment applies to all execution venues using the BZX fee schedule, effective September 1, 2026.
On September 1, 2026, Cboe BZX Exchange, Inc. filed a proposed rule change (Release No. 34-106303; File No. SR-CboeBZX-2026-072) with the Securities and Exchange Commission to amend its Fee Schedule. The notice, published in the Federal Register Vol. 91, No. 176, pages 58193-58195, invites comments for up to 60 days after filing.
The amendment revises the definition of "Trading Platform" in the Fee Schedule. The current definition lists a registered National Securities Exchange, an Alternative Trading System, and an Electronic Communications Network. The proposed definition adds "a similar order-matching execution venue or decentralized platform (including blockchain-based or tokenized environments)" to capture venues that perform equivalent order-matching functions.
The Exchange states the change is intended to align fees with the evolving market-structure landscape. Under the current definition, a Trading Platform is subject to a fee of $5,000 per month for BZX Depth for Non-Display Usage, whereas a non-Trading Platform incurs a $2,000 per month fee. By expanding the definition, the Exchange seeks "more consistent and equitable outcomes across functionally equivalent venues."
The Exchange cites Section 6(b) of the Securities Exchange Act of 1934, including subsections (4) and (5), as the statutory basis, asserting that the amendment promotes equitable allocation of dues and avoids unfair discrimination. The rule change became effective immediately pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-4(f).
The Exchange reports that it neither solicited nor received comments on the proposal and believes the amendment will not impose an unnecessary burden on competition, but rather ensures the fee schedule reflects current execution technologies.
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