Cboe EDGA expands trading platform definition in fee schedule

On Oct. 19, 2026, Cboe EDGA Exchange, Inc. filed a proposed rule change (File No. SR-CboeEDGA-2026-036; Release No. 34-106714) that the SEC is publishing as a notice of filing and immediate effectiveness. The filing supersedes an earlier submission on Sep. 1, 2026 (SR-CboeEDGA-2026-027) and is available on the SEC and Exchange websites.

The rule change amends the definition of "Trading Platform" in the Exchange's Fee Schedule. The current definition lists only a registered National Securities Exchange, an Alternative Trading System, or an Electronic Communications Network. The proposed definition adds "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."

By expanding the definition, the Exchange intends to apply the Trading Platform fee tier to venues that perform a functionally equivalent execution function. Under the current schedule, a Trading Platform is subject to a fee of $2,000/month for EDGA Depth for Non-Display Usage, whereas a non-Trading Platform is charged $1,000/month.

The Exchange cites Section 6(b) of the Securities Exchange Act of 1934, including subsections (4) and (5), as the statutory basis for the change, asserting that the amendment promotes equitable allocation of dues and prevents unfair discrimination among members and other users.

The SEC is soliciting comments on the proposal, but the amendment is effective immediately upon filing.