Notice2026-02885
Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule for Logical Ports
Primary source
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Published
February 13, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 30 (Friday, February 13, 2026)</title>
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[Federal Register Volume 91, Number 30 (Friday, February 13, 2026)]
[Notices]
[Pages 6971-6973]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-02885]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104809; File No. SR-CboeEDGX-2026-007]
Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Amend Its Fees Schedule for Logical Ports
February 10, 2026.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on January 29, 2026, Cboe EDGX Exchange, Inc. (the ``Exchange'' or
``EDGX'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend its Fees Schedule to clarify that
Logical Port Fees apply only if the corresponding logical port type is
available in the live production environment.
The text of the proposed rule change is also available on the
Commission's website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>), the
Exchange's website (<a href="https://www.cboe.com/us/options/regulation/rule_filings/edgx/">https://www.cboe.com/us/options/regulation/rule_filings/edgx/</a>), and at the principal office of the Exchange.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend its Fees Schedule to clarify that
Logical Port Fees apply only if the corresponding logical port type is
available in the live production environment. By way of background, the
Exchange offers a variety of logical ports, which provide users with
the ability to accomplish a specific function through a connection,
such as order entry, data receipt or access to information.
Specifically, the Exchange offers Logical Ports,\3\ Purge Ports,\4\
Multicast PITCH GRP Ports and Multicast PITCH Spin Server Ports.\5\ The
Exchange also offers corresponding Certification Logical Ports for each
of the aforementioned logical port types, which provide Members and
non-Members access to the Exchange's certification environment to test
proprietary systems and applications. Each logical port type has a
protocol defining how messages over the logical port type must be
formatted, sent, and processed.
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\3\ Logical Ports include FIX and BOE ports (used for order
entry), drop logical port (which grants users the ability to receive
and/or send drop copies) and ports that are used for receipt of
certain market data feeds.
\4\ Purge Ports are dedicated ports that permit a user to
simultaneously cancel all or a subset of its orders in one or more
symbols across multiple logical ports by requesting the Exchange to
effect such cancellation.
\5\ Spin Ports and GRP Ports are used to request and receive a
retransmission of data from the Exchange's Multicast PITCH data
feeds.
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To ensure Members and non-Members who intend to utilize updated, or
new, logical port types in the live production environment manage
operational risks, meet exchange requirements, and confirm their
systems behave correctly, the Exchange offers weekend testing in the
production environment in addition to certification environment.\6\
Weekend testing in the production environment enables Members and non-
Members to simulate market conditions in the real production
environment over the weekend without impacting actual
[[Page 6972]]
market operations. Weekend testing includes opportunities for Members
and non-Members to test order entry and routing, connectivity to the
Exchange's matching engines, and operational validation for the
participants' trading infrastructure. Weekend testing ensures
operational readiness for the introduction of updated, or new, logical
port types for the Exchange, Exchange Members, and non-Members seeking
to utilize updated, or new, logical port types. A monthly fee applies
for use of each logical port utilized in the live production
environment as set forth in the Exchange's Fee Schedule.
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\6\ For example, the Exchange is currently in the process of
migrating to Binary Order Entry Version 3 (``BOEv3''), an updated
trading protocol from the existing Binary Order Entry Version 2
(``BOEv2) supported by Logical Ports. The BOEv3 protocol is
scheduled to launch in the live production environment on the
Exchange at a later date. The BOEv3 protocol differs from prior
versions of the BOE protocol by removing optional messaging fields,
changing messaging sizing, and introducing stricter sequencing. The
Exchange will offer weekend testing in the production environment in
anticipation of the launch of BOEv3 protocol in the live production
environment.
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The Exchange proposes to clarify in the notes under the Logical
Port Fees section of the Fee Schedule that logical port fees only apply
if the corresponding logical port type is also available in the live
production environment. For example, if the Exchange intends to adopt
an updated protocol that has not yet been launched in the live
production environment, any logical port that supports that protocol
will be free during weekend testing in the production environment until
such time that the updated protocol is available in the live production
environment. Once any new logical port type, including a logical port
that supports an updated protocol, is available in the live production
environment, Members and non-Members will be assessed the corresponding
monthly Logical Port Fee for the logical port as set forth in the
Exchange's Fee Schedule.
The Exchange notes that participation in weekend testing in the
production environment continues to be voluntary and is not required in
order to participate in the live production environment. Additionally,
Members and Non-Members will not be assessed a fee until the logical
port type, including a logical port to support an updated protocol, is
in the live production environment.\7\ Further, the Exchange notes that
other exchanges offer similar testing opportunities on predetermined
weekends at discounted or no cost.\8\
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\7\ For example, a participant may obtain a logical port free of
charge if that participant utilizes the logical port in the
production environment during the designated weekend testing
periods.
\8\ See e.g., Nasdaq Stock Market LLC, Saturday Testing Policy;
see also MIAX Options Exchange Fee Schedule, Section 4, Testing and
Certification Fees.
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2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\9\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \10\ requirements that the rules of an exchange be
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest. Additionally,
the Exchange believes the proposed rule change is consistent with
Section 6(b)(4) of the Act,\11\ which requires that Exchange rules
provide for the equitable allocation of reasonable dues, fees, and
other charges among its Members and other persons using its facilities.
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\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(5).
\11\ 15 U.S.C. 78f(b)(4).
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As noted above, in addition to the Exchange's certification
environment, the Exchange's weekend testing in the production
environment allows Members and non-Members to test updated protocols
with the corresponding logical port types in the real production
environment without impacting actual market conditions. This
environment enables market participants to manage operational risks,
meet Exchange requirements, and confirm their systems behave correctly
under the updated protocol through testing software development changes
in the production environment prior to implementing them in the live
trading environment. As a result, weekend testing in the production
environment reduces the likelihood of a potentially disruptive system
failure in the live trading environment, which has the potential to
affect all market participants. The Exchange believes this is
especially true when testing an updated protocol that has not yet
launched in the live production environment. As such, the Exchange
believes it's reasonable to only assess the Logical Port Fees to
logical port types, including logical ports to support updated
protocols, that are also available in the live production environment
as to not discourage the testing of updated protocols ahead of any
respective launch date.
The Exchange also believes applying Logical Port Fees is reasonable
once such logical port types are available in the live production
environment because, while such ports will no longer be completely
free, Members and non-Members will have the capability to utilize these
logical ports in the live production environment. The Exchange
continues to believe the weekend testing in the production environment,
in addition to testing offered in the certification environment, will
be sufficient for most Members and non-Members to prepare for the
launch of updated protocols (with corresponding logical port types).
The Exchange believes the proposal to make clear that Logical Port
Fees apply only to logical ports that are in the live production
environment is equitable and not unfairly discriminatory because it
applies uniformly to all market participants that choose to participate
in weekend testing in the production environment and all market
participants will have further clarity as to which logical ports are
subject to the fees set forth in the Exchange's Fee Schedule. The
Exchange also believes the proposed change is reasonable, equitable and
not unfairly discriminatory because it is designed to encourage market
participants to avail themselves of weekend testing opportunities in
the production environment for new logical port types and protocols and
to become acclimated with updated connectivity offerings ahead of going
live in the production environment. The Exchange believes the proposal
to add this language to the notes section in the Fees Schedule also
provides clarity in the rules as to when the Logical Port Fees apply
and reduces potential confusion.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on intramarket or intermarket competition that is not
necessary or appropriate in furtherance of the purposes of the Act. The
Exchange does not believe that the proposed rule change will impose any
burden on intramarket competition because as the proposed change
applies uniformly to all market participants. Additionally, the
Exchange does not believe that the proposed addition to the Fee
Schedule creates an undue burden on competition because the Exchange
will offer the logical ports not available in the live production
environment in the weekend testing production environment free of
charge. As discussed above, the use of the weekend testing in the
production environment is optional and based on the business
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needs of each market participant. Moreover, market participants will
continue to benefit from access to both the certification environment
and weekend testing environment, through which the Exchange believes
robust and realistic testing experiences are available. Such testing
experiences may be especially critical during the time leading up to
the launch of an protocol (with corresponding logical ports) in the
live production environment.
The Exchange does not believe that the proposed rule change will
impose any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. Particularly,
the proposed change applies only to the Exchange's weekend testing in
the production environment, which does not impact actual market
operations. Additionally, the Exchange notes that it operates in a
highly competitive market. Participants have numerous alternative
venues that they may participate on and direct their order flow,
including 18 other options exchanges, as well as a number of
alternative trading systems and other off-exchange venues, where
competitive products are available for trading. Indeed, participants
can readily choose to send their orders to other exchanges, and,
additionally off-exchange venues, if they deem overall fee levels at
those other venues to be more favorable. Moreover, the Commission has
repeatedly expressed its preference for competition over regulatory
intervention in determining prices, products, and services in the
securities markets. Accordingly, the Exchange does not believe its
proposed fee change imposes any burden on competition that is not
necessary or appropriate in furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \12\ and paragraph (f) of Rule 19b-4 \13\
thereunder. At any time within 60 days of the filing of the proposed
rule change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
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\12\ 15 U.S.C. 78s(b)(3)(A).
\13\ 17 CFR 240.19b-4(f).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#3143445d541c525e5c5c545f4542714254521f565e47"><span class="__cf_email__" data-cfemail="f082859c95dd939f9d9d959e8483b0839593de979f86">[email protected]</span></a>. Please include
file number SR-CboeEDGX-2026-007 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-CboeEDGX-2026-007. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the filing will be available for inspection and
copying at the principal office of the Exchange. Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publication submitted material
that is obscene or subject to copyright protection. All submissions
should refer to file number SR-CboeEDGX-2026-007 and should be
submitted on or before March 6, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-02885 Filed 2-12-26; 8:45 am]
BILLING CODE 8011-01-P
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