Cboe BZX Fee Schedule Definition Updated Effective Immediately

The Securities and Exchange Commission published a notice on Oct. 21, 2026 that Cboe BZX Exchange, Inc. filed a proposed rule change on Oct. 19, 2026 (Release No. 34-106713; File No. SR-CboeBZX-2026-087) that is effective immediately. The filing amends the Exchange's fee schedule to revise the definition of "Trading Platform."

The current definition limits a Trading Platform to a registered National Securities Exchange, an Alternative Trading System, or an Electronic Communications Network. The proposed amendment adds a functional, use-based category: "any other system, facility, or platform (including but not limited to a broker crossing system not filed as an ATS, a systematic internalization system, or a decentralized blockchain-based or tokenized environment) through which orders of persons other than the operator are systematically executed by electronic means, whether by matching such orders against one another or by the operator or its affiliate acting in a principal trading capacity."

The Exchange states the purpose is to capture emerging execution venues and to promote consistent, equitable fee allocation among its members, citing Section 6(b) of the Securities Exchange Act of 1934 and the related subsections that require reasonable dues and prohibit unfair discrimination. The change is intended to align fee assessments - such as the $5,000/month fee for BZX Depth for Non-Display Usage applied to Trading Platforms versus the $2,000/month fee for non-Trading Platforms - with the broader range of modern execution systems.

The text of the proposed rule change is available in Exhibit 5 on the SEC's rules website, on the Cboe BZX Exchange website, and at the Exchange's principal office. The filing supersedes an earlier submission (SR-CboeBZX-2026-072) withdrawn on Oct. 19, 2026.