Cboe EDGX adds decentralized venues to Trading Platform definition
The amendment to Cboe EDGX's fee schedule applies to all execution venues under the definition, effective September 1 2026.
On September 1 2026, Cboe EDGX Exchange, Inc. filed a proposed rule change with the Securities and Exchange Commission under Section 19(b)(1) of the Securities Exchange Act of 1934. The filing, identified as Release No. 34-106302 and File No. SR-CboeEDGX-2026-058, was published in the Federal Register on September 9 2026 (Vol. 91, No. 176, pp. 58234-58235). The notice solicits comments on the change, which became effective immediately pursuant to Section 19(b)(3)(A) and Rule 19b-4(f).
The amendment revises the definition of "Trading Platform" in the Exchange's Fee Schedule. The current definition lists three categories - registered National Securities Exchanges, Alternative Trading Systems, and Electronic Communications Networks. The proposed language adds a fourth category: "a similar order-matching execution venue or decentralized platform (including blockchain-based or tokenized environments)." This addition is intended to capture emerging order-matching venues that perform the same execution function but fall outside the existing categories.
The Exchange states the purpose is to ensure equitable allocation of fees among members and users of its facilities, consistent with Section 6(b)(4) and 6(b)(5) of the Act. By broadening the definition, the Exchange seeks to treat functionally equivalent venues uniformly, regardless of underlying technology or business model. The filing notes that a Trading Platform is subject to a $5,000-per-month fee for EDGX Depth for Non-Display Usage, whereas a non-Trading Platform incurs a $2,000-per-month fee, illustrating the fee-allocation impact.
Cboe EDGX asserts the change imposes no unnecessary burden on competition and will promote fair competition among national securities exchanges. The Exchange did not solicit or receive any comments on the proposal prior to filing.
The Commission will consider any comments received within the statutory comment period, after which the amendment will remain in effect as part of the Exchange's fee schedule.
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