Cboe EDGA amends Rule 11.13 to define Qualified Clearing Agency and allow non-Member clearing firms

On September 8 2026 Cboe EDGA Exchange, Inc. filed a proposed rule change (Release No. 34-106415; File No. SR-CboeEDGA-2026-029) to amend Rule 11.13(a). The amendment replaces the term "registered clearing agency" with the defined term "Qualified Clearing Agency" and clarifies that a non-Member may act as a "Clearing Firm." The notice of filing and immediate effectiveness was published in the Federal Register on September 23 2026.

The term "Qualified Clearing Agency" is defined in Rule 1.5(w) as a clearing agency registered with the SEC under Section 17A of the Act that the Exchange deems qualified. Rule 1.5(n) defines "Member" as any registered broker or dealer admitted to membership in the Exchange, and the amendment expands the language to permit a non-Member firm to serve as a Clearing Firm for a Member.

The filing was made pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4. The Commission is publishing the notice to solicit comments, and the full text of the proposed rule change is available on the Exchange's website, at its Office of the Secretary, and in the Commission's Public Reference Room.

Cboe's affiliate equities exchanges - BYX, BZX and EDGX - have indicated they will submit similar proposals to clarify non-Member clearing arrangements. The Exchange asserts the amendment is consistent with the statutory requirements of Section 6(b)(5) of the Act, which call for rules that prevent fraud, promote equitable trade principles, and avoid unfair discrimination.

The amendment does not alter the underlying requirement that all transactions be cleared through a qualified clearing agency using a continuous net settlement system; it merely updates terminology and clarifies permissible clearing relationships.