Notice2026-09474
Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Exchange's Fee Schedule To Remove Text Capping the Number of Dedicated Cores Available to Market Participants
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Published
May 13, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 92 (Wednesday, May 13, 2026)</title>
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[Federal Register Volume 91, Number 92 (Wednesday, May 13, 2026)]
[Notices]
[Pages 27090-27094]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-09474]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105420; File No. SR-CboeBYX-2026-019]
Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
the Exchange's Fee Schedule To Remove Text Capping the Number of
Dedicated Cores Available to Market Participants
May 8, 2026.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on May 1, 2026, Cboe BYX Exchange, Inc. (the ``Exchange'' or ``BYX'')
filed with the Securities and Exchange Commission (``SEC'' or
``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
BYX proposes to amend the Exchange's Fee Schedule to remove text
capping the number of Dedicated Cores available to market participants.
The text of the proposed rule change is provided in Exhibit 5.
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/equities/regulation/rule_filings/bzx/">https://www.cboe.com/us/equities/regulation/rule_filings/bzx/</a> [sic]), and at the principal office of the Exchange.
[[Page 27091]]
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 remove the text that caps the maximum
number of Dedicated Cores available to Members and Sponsoring Members
in its Fee Schedule.\3\ Upon effectiveness of this proposal, the
Exchange will include the same cap on the number of Dedicated Cores in
the Cboe Titanium Cboe U.S. Equities Binary Order Entry Specification,
available on its website. The Exchange does not propose to amend the
fee charged for Dedicated Cores that market participants may
voluntarily purchase.
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\3\ The Exchange initially submitted the proposed rule change on
April 27, 2026 (SR-CboeBYX-2026-016). On May 1, 2026, the Exchange
withdrew that proposal and submitted this filing.
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For background, the Exchange launched Dedicated Cores in July 2024
and, as discussed below, established caps at that time.\4\ The
Dedicated Core permits users to assign a single Binary Order Entry
(``BOE'') logical order entry port to a single dedicated Central
Processing Unit (CPU Core). Historically, CPU Cores had been shared by
logical order entry ports (i.e., multiple logical ports from multiple
firms may connect to a single CPU Core). Use of Dedicated Cores
however, can provide reduced latency, enhanced throughput, and improved
performance since a firm using a Dedicated Core is utilizing the full
processing power of a CPU Core instead of sharing that power with other
firms. This offering is completely voluntary and is available to all
Users that wish to purchase Dedicated Cores. Users may utilize BOE
logical order entry ports on shared CPU Cores, either in lieu of, or in
addition to, their use of Dedicated Core(s). As such, Users are able to
operate across a mix of shared and dedicated CPU Cores which the
Exchange believes provides additional risk and capacity management.
Further, Dedicated Cores are not required nor necessary to participate
on the Exchange and as such Users may opt not to use Dedicated Cores at
all.
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\4\ See Securities Exchange Act Release No. 100476 (July 9,
2024), 89 FR 57482 (July 15, 2024) (SR-CboeBYX-2024-024).
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Upon the launch of Dedicated Cores, the Exchange established caps
of 60 Dedicated Cores for Members and 25 Dedicated Cores for each of
Sponsored Access Relationship a Sponsoring firm has.\5\ On October 1,
2024, the Exchange proposed to increase this cap for Members from 60 up
to 80 Dedicated Cores and from 25 Dedicated Cores to 35 Dedicated Cores
for each Sponsored Access Relationship a Sponsoring firm has.\6\ The
Exchange last amended the cap for Members on December 1, 2024 \7\ to
the levels it is at today, which permits market participants to
purchase up to 120 Dedicated Cores for Members and up to 35 Dedicated
Cores for each Sponsored Access relationship a Sponsoring Firm has (the
Exchange did not modify the Sponsored Access cap in December). The
Exchange noted previously that it would continue monitoring Dedicated
Core interest by all Users and allotment availability with the goal of
increasing these limits to meet Users' needs if and when the demand is
there and/or the Exchange is able to accommodate additional Dedicated
Cores.
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\5\ Id.
\6\ See Securities Exchange Act Release No. 101303 (October 10,
2024), 89 FR 83740 (October 17, 2024) (SR-CboeBYX-2024-036).
\7\ See Securities Exchange Act Release No. 101827 (December 11,
2024), 89 FR 99945 (December 5, 2024) (SR-CboeBYX-2024-047).
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The Exchange now proposes to amend its Fee Schedule to remove
language that caps the maximum number Dedicated Cores available to
participants. This change will bring the Exchange's Fee Schedule in
line with other exchanges who impose caps, whether on ports or on other
connectivity offerings, and do not specify these caps in their
respective fee schedules.
MIAX Emerald, LLC, (``MIAX Emerald'') recently removed the cap in
its fee schedule regarding the number of Limited Service MEI Ports and
moved this into the spec.\8\ MIAX Emerald notes that such a change
aligns with its affiliates' fee schedules (MIAX, MIAX Pearl, and MIAX
Sapphire), all of which do not include text providing for a similar cap
on the maximum number of Limited Service MEI/MEO Ports available to
each market maker on those exchanges in their respective fee
schedules.\9\ Instead, MIAX Emerald notes that information regarding
caps is within its affiliates technical specifications and it proposed
to take this same approach.\10\
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\8\ See Securities Exchange Act Release No. 103163 (June 2,
2025), 90 FR 24177 (June 6, 2025) (SR-EMERALD-2025-12).
\9\ Id.
\10\ See e.g., MIAX Pearl Options Exchange, MEO Interface
Specification.
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Additionally, in the Exchange's prior filings regarding Dedicated
Cores, it referenced a similar offering by Nasdaq, the Dedicated OUCH
server.\11\ In prior analysis done in the Exchange's fee filings, it
noted that Nasdaq Stock Market, LLC (``Nasdaq''), introduced the
Dedicated Ouch Port Infrastructure in 2014 which allows a member firm
to assign up to 30 of its OUCH ports to a dedicated server
infrastructure for its exclusive use.\12\ The Dedicated OUCH server
handles only the subscribing member firm's message traffic sent through
their ports on the Dedicated OUCH to Nasdaq's system. Similarly, a
Dedicated Core only handles that subscribing firm's messaging activity.
Nasdaq notes that with its Dedicated OUCH offering, member firms can
develop a tailored solution by controlling their message traffic in
order to optimize their trading strategies.\13\
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\11\ See Securities Exchange Act Release No. 103511 (July 21,
2025), 90 FR 34933 (July 24, 2025) (SR-CboeBYX-2025-020).
\12\ For a more fulsome discussion, the Exchange previously
underwent an extended analysis over the course of more than a year
regarding the comparability of both offerings and their pricing
structures, including the cap the Exchange proposed. See e.g.,
Securities Exchange Act Release No. 103511 (July 21, 2025), 90 FR
34933 (July 24, 2025) (SR-CboeBYX-2025-020).
\13\ Id.
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Similar to the existing cap for Dedicated Cores, Nasdaq has a cap
for its Dedicated OUCH offering. Nasdaq notes in its technical
requirements that it has a cap of four Dedicated OUCH servers for a
firm.\14\ While the Dedicated OUCH offering is within Nasdaq's fee
schedule,\15\ it does not specify the cap for this product within the
fee schedule nor within its rulebook.\16\ When Nasdaq previously filed
fees for this product, it did not establish a cap for this
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offering,\17\ nor did it do so in any subsequent filings.\18\
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\14\ See <a href="https://nasdaqtrader.com/Trader.aspx?id=OUCH">https://nasdaqtrader.com/Trader.aspx?id=OUCH</a>.
\15\ See <a href="https://www.nasdaqtrader.com/Trader.aspx?id=PriceListTrading2#connectivityouch">https://www.nasdaqtrader.com/Trader.aspx?id=PriceListTrading2#connectivityouch</a>.
\16\ See Rulebook--The Nasdaq Stock Market. Equity Rules. Equity
7 Pricing Schedule. Section 115. Ports and Services. Dedicated OUCH
Port Infrastructure.
\17\ See Securities Exchange Act Release No. 71198 (December 30,
2013), 79 FR 692 (January 6, 2014) (SR-NASDAQ-2013-161).
\18\ See e.g., Securities Exchange Act Release No. 74829 (April
29, 2015), 80 FR 25745 (May 5, 2015) (SR-NASDAQ-2015-042).
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As described in prior filings, Dedicated Cores are not an unlimited
resource.\19\As such, the Exchange believes that including the cap on
the number of Dedicated Cores in the Fee Schedule may hamper the
Exchange's ability to provide fair and equitable access \20\ for all
market participants to access the Exchange's network. By removing the
cap from the Fee Schedule, the Exchange will be able to more easily
adjust access, which may be based upon, among other factors, requests
by market participants and planned server upgrades. The proposed change
will ensure that the Exchange meets its obligations under the Act to
offer access to the Exchange on terms that are not unfairly
discriminatory \21\ among its market participants, as well as to ensure
sufficient capacity and headroom in the System.\22\ The Exchange
monitors the System's performance and makes adjustments to its System
based on market conditions and Member demand. Accordingly, the
Exchange's obligations under the Act to provide access on terms that
are not unfairly discriminatory and market conditions are key drivers
of the System's architecture and expansion. Thus, the Exchange believes
a cap in the Fee Schedule is inconsistent with other exchanges' access
offerings and no longer believes it serves as an appropriate mechanism
to govern access to the Exchange. The proposed change is to align with
industry standards and to ensure fair and equal access among market
participants.
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\19\ The Exchange was required for over a year to continue
justifying its rationale behind establishing caps. Specifically, the
Exchange noted that ``. . . it is reasonable to limit the number of
Dedicated Cores Users can purchase because the Exchange has a finite
amount of space in its third-party data centers to accommodate CPU
cores, including Dedicated Cores. The Exchange must also take into
account timing and cost considerations in procuring additional
Dedicated Cores and related hardware such as servers, switches,
optics and cables, as well as the readiness of the Exchange's data
center space to accommodate additional Dedicated Cores in the
Exchange's respective Order Handler Cabinets. Moreover, procuring
data center space has grown to be more challenging than it was five
years ago with the increased demand for data center space. For
example, the U.S. colocation data center market has doubled in size
in just four years. In addition to the Exchange's rollout of
Dedicated Cores, the Exchange is mindful of its other business areas
and the need to continue to be mindful of its existing, external
restraints in procuring additional space in this area. The Exchange
has, and will continue to, monitor market participant demand and
space availability and endeavor to adjust the limit if and when the
Exchange is able to acquire additional space and power within the
third-party data centers and/or additional CPU Cores to accommodate
additional Dedicated Cores. The Exchange monitors its capacity and
data center space and thus is in the best place to determine these
limits and modify them as appropriate in response to changes to this
capacity and space, as well as market demand.'' See Securities
Exchange Act Release No. 103511 (July 21, 2025), 90 FR 34933 (July
24, 2025) (SR-CboeBYX-2025-020).
\20\ 15 U.S.C. 78f(b)(5).
\21\ Id.
\22\ The term ``System'' shall mean the electronic
communications and trading facility designated by the Board through
which securities orders of Users are consolidated for ranking,
execution and, when applicable, routing away. See Rule 1.5(aa).
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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.\23\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \24\ 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 the
Section 6(b)(5) \25\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers. The Exchange also believes the proposed rule
change is consistent with Section 6(b)(4) \26\ of the Act, 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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\23\ 15 U.S.C. 78f(b).
\24\ 15 U.S.C. 78f(b)(5).
\25\ Id.
\26\ 15 U.S.C. 78f(b)(4).
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In particular, the Exchange believes that removing this language
from the Fee Schedule is consistent with the objectives of Section
6(b)(5) of the Act because it will promote uniformity and consistency
across the industry regarding caps for connectivity offerings. As noted
above, MIAX Emerald and its affiliates do not include cap limitations
within its fee schedules, but instead include these within each
exchange's tech specs.\27\ Similarly, Nasdaq includes the cap for its
Dedicated OUCH offering in its spec and not within its rulebook or fee
schedule.\28\ The Exchange proposes to do the same here with its
Dedicated Cores offering and will note caps within the Cboe Titanium
Cboe U.S. Equities Binary Order Entry Specification.
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\27\ Supra note 9.
\28\ Supra note 13.
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The Exchange also believes that its proposal is consistent with the
objectives of Section 6(b)(5) of the Act \29\ because the same caps
specified in the Cboe Titanium Cboe U.S. Equities Binary Order Entry
Specification shall continue to apply to all participants, regardless
of type or size, and will allow the Exchange to offer access to its
System on terms that are not unfairly discriminatory. Including the cap
on the number of Dedicated Cores in the Fee Schedule may unnecessarily
burden the Exchange from being able to adjust access to the Exchange's
System in order to ensure that the Exchange is able to provide access
\30\ to all participants on non-discriminatory terms and ensure
sufficient capacity and headroom in the System.
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\29\ 15 U.S.C. 78f(b)(5).
\30\ Id.
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As the Exchange noted when it established these caps, the Exchange
believes that it is reasonable to limit the number of Dedicated Cores
Users can purchase because the Exchange has a finite amount of space in
its third-party data centers to accommodate CPU cores, including
Dedicated Cores. The Exchange must also take into account timing and
cost considerations in procuring additional Dedicated Cores and related
hardware such as servers, switches, optics and cables, as well as the
readiness of the Exchange's data center space to accommodate additional
Dedicated Cores in the Exchange's respective Order Handler Cabinets.
Moreover, procuring data center space has grown to be more challenging
than it was five years ago with the increased demand for data center
space. For example, the U.S. colocation data center market has doubled
in size in just four years. In addition to the Exchange's rollout of
Dedicated Cores, the Exchange is mindful of its other business areas
and the need to continue to be mindful of its existing, external
restraints in procuring additional space in this area. The Exchange
has, and will continue to, monitor market participant demand and space
availability and endeavor to adjust the limit if and when the Exchange
is able to acquire additional
[[Page 27093]]
space and power within the third-party data centers and/or additional
CPU Cores to accommodate additional Dedicated Cores. The Exchange
monitors its capacity and data center space and thus is in the best
place to determine these limits and modify them as appropriate in
response to changes to this capacity and space, as well as market
demand.
However, including the cap on the number of Dedicated Cores in the
Fee Schedule unnecessarily burdens the Exchange from being able to
adjust the connectivity and access to the Exchange's System in order to
ensure that the Exchange is able to provide access to market
participants on non-discriminatory terms and ensure sufficient capacity
and headroom in the System. The Exchange constantly monitors the
System's performance based on market conditions and needs to make
adjustments based on customer demand. All exchanges, including BYX are
required to provide access pursuant to the same requirements under
Section 6(b)(5) of the Act regardless of whether their rules or fee
schedules set forth caps on access.\31\ The Exchange believes that
removing the cap on the number of Dedicated Cores from the Fee Schedule
would enable the Exchange to be more responsive to market participants
connectivity needs and allow the Exchange to better compete with other
exchanges that do not currently provide similar connectivity
limitations in their fee schedules.
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\31\ Id.
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This proposal is simply to include the caps on Dedicated Cores in
the Cboe Titanium Cboe U.S. Equities Binary Order Entry Specification,
rather than the Fee Schedule. Accordingly, the Exchange's obligations
under Section 6(b)(5) of the Act \32\ and market conditions are key
drivers of the System's architecture and expansion and thus the
Exchange believes a cap in the Fee Schedule may hamper equal access to
the Exchange.
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\32\ 15 U.S.C. 78f(b).
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Further, the Exchange anticipates that it will continue to expand
its System and provide market participants with additional access,
including Dedicated Cores, based on customer demand and in response to
changing market conditions. The Exchange represents that any expansion
or reduction in the number of additional Dedicated Cores will be
conducted in a similar manner that ensures fair access to its
System.\33\
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\33\ Id.
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Lastly, the Exchange believes the proposed rule change is
consistent with Section 6(b)(4) \34\ of the Act as the Exchange notes
that fees will continue to apply consistently to all Members and
Sponsored Access Participants who choose to purchase Dedicated Cores.
The caps that are within the Cboe Titanium U.S. Equities Binary Order
Entry Specification will apply to all Members and Sponsoring Access
firms alike (with one cap for Members and another for Sponsoring Access
firms). The Exchange believes its maximum limits, and distinction
between Members and Sponsored Participants, is another appropriate
means to help the Exchange manage its allotment of Dedicated Cores and
better ensure this finite resource is apportioned fairly. The Exchange
will continue to assess the fees for Dedicated Cores as specified in
its Fee Schedule and will cap the number of Dedicated Cores for a
participant as set forth in the Cboe Titanium U.S. Equities Binary
Order Entry Specification.
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\34\ 15 U.S.C. 78f(b)(4).
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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 competition that is not necessary or appropriate
in furtherance of the purposes of the Act. Rather, the proposal is
intended to promote align the Exchange with industry standards
regarding caps as several other exchanges do not provide a limitation
on the number of ports or servers available to participants in their
fee schedules.\35\ Thus the Exchange believes that providing the cap in
the Fee Schedule may hamper the Exchange's ability to provide access to
the Exchange on terms that are not unfairly discriminatory; rather, the
Exchange will include the cap in the Cboe Titanium Cboe U.S. Equities
Binary Order Entry Specification.
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\35\ Supra notes 9 and 13.
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The Exchange believes the proposal to no longer include the cap on
the number of Dedicated Cores in the Fee Schedule will not impose any
burden on competition because it will provide greater flexibility for
the Exchange's ability to adjust access to the Exchange's network in
order to ensure that the Exchange meets its obligations under the Act
such that access to the Exchange is offered on terms that are not
unfairly discriminatory among its Members, as well as ensure sufficient
capacity and headroom in the System, as needed.
The Exchange does not believe that the proposed rule change will
impose a burden on intra-market competition because Dedicated Cores are
available to all market participants on an equal basis at the same
cost. It is a business decision of each market participant whether to
pay for Dedicated Cores.
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 \36\ and paragraph (f) of Rule 19b-4 \37\
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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\36\ 15 U.S.C. 78s(b)(3)(A).
\37\ 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#7e0c0b121b531d1113131b100a0d3e0d1b1d50191108"><span class="__cf_email__" data-cfemail="a8daddc4cd85cbc7c5c5cdc6dcdbe8dbcdcb86cfc7de">[email protected]</span></a>. Please include
file number SR-CboeBYX-2026-019 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-CboeBYX-2026-019. 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
[[Page 27094]]
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-CboeBYX-
2026-019 and should be submitted on or before June 3, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\38\
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\38\ 17 CFR 200.30-3(a)(12).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2026-09474 Filed 5-12-26; 8:45 am]
BILLING CODE 8011-01-P
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