Cboe EDGX expands "Trading Platform" definition in fee schedule
The amendment, effective immediately, applies to all members and users of the Cboe EDGX Exchange.
On October 19, 2026 Cboe EDGX Exchange, Inc. filed a proposed rule change (File No. SR-CboeEDGX-2026-072, Release No. 34-106715) to amend its fee schedule by updating the definition of "Trading Platform." The SEC published the notice on October 21, 2026 and opened a comment period. The amendment adds a functional, use-based category that captures any system, facility, or platform - such as broker crossing systems not filed as ATSs, systematic internalization systems, or decentralized blockchain-based environments - through which third-party orders are systematically executed by electronic means.
The current definition limits "Trading Platform" to a registered National Securities Exchange, an Alternative Trading System, or an Electronic Communications Network. The proposed language expands the scope to include "any other system, facility, or platform ... 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 argues the change is consistent with Section 6(b) of the Securities Exchange Act of 1934, specifically the equitable allocation provisions in §§ 6(b)(4) and 6(b)(5). By broadening the definition, the Exchange seeks to apply the same fee structure - such as the $5,000-per-month fee for EDGX Depth for Non-Display Usage that applies to Trading Platforms - to functionally equivalent venues that were previously excluded.
The amendment is effective immediately upon filing, and the Exchange will post the full text of the proposed rule change on its website and on the SEC's rule filings page. Interested parties may submit comments through the standard SEC comment process.
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