Notice2026-10829
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend its Fee Schedule
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
June 1, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 104 (Monday, June 1, 2026)</title>
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[Federal Register Volume 91, Number 104 (Monday, June 1, 2026)]
[Notices]
[Pages 32460-32464]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-10829]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105557; File No. SR-CboeBZX-2026-048]
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
its Fee Schedule
May 27, 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 20, 2026, Cboe BZX Exchange, Inc. (``Exchange'' or ``BZX'')
filed with the Securities and Exchange Commission (``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
Cboe BZX Exchange, Inc. (the ``Exchange'' or ``BZX'') proposes to
amend its Fee Schedule by (i) introducing two quoting tiers to its Add/
Remove Volume Tiers and revising the criteria of Add Volume Tier 4; and
(ii) discontinuing Step-Up Tier 1. 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>), 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 Fee Schedule applicable to its
equities trading platform (``BZX Equities'') by (i) introducing two
quoting tiers to its Add/Remove Volume Tiers and revising the criteria
of Add Volume Tier 4; and (ii) discontinuing Step-Up Tier 1. The
Exchange proposes to implement these changes effective on May 1,
2026.\3\
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\3\ The Exchange initially submitted the proposed rule change on
May 1, 2026 (SR-CboeBZX-2026-039). On May 11, 2026, the Exchange
withdrew that filing and submitted SR-CboeBZX-2026-042. On May 20,
2026, the Exchange withdrew that filing and submitted this proposal.
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The Exchange first notes that it operates in a highly competitive
market in which market participants can readily direct order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or incentives to be insufficient. More specifically, the
Exchange is only one of 17 registered equities exchanges, as well
[[Page 32461]]
as a number of alternative trading systems and other off-exchange
venues that do not have similar self-regulatory responsibilities under
the Securities Exchange Act of 1934 (the ``Act''), to which market
participants may direct their order flow. Based on publicly available
information,\4\ no single registered equities exchange has more than
14% of the market share. Thus, in such a low-concentrated and highly
competitive market, no single equities exchange possesses significant
pricing power in the execution of order flow. The Exchange in
particular operates a ``Maker-Taker'' model whereby it pays rebates to
members that add liquidity and assesses fees to those that remove
liquidity. The Exchange's Fee Schedule sets forth the standard rebates
and rates applied per share for orders that provide and remove
liquidity, respectively. Currently, for orders in securities priced at
or above $1.00, the Exchange provides a standard rebate of $0.00160 per
share for orders that add liquidity and assesses a fee of $0.0030 per
share for orders that remove liquidity.\5\ For orders in securities
priced below $1.00, the Exchange does not provide a rebate for orders
that add liquidity and assesses a fee of 0.30% of the total dollar
value for orders that remove liquidity.\6\ Additionally, in response to
the competitive environment, the Exchange also offers tiered pricing
which provides Members opportunities to qualify for higher rebates or
reduced fees where certain volume criteria and thresholds are met.
Tiered pricing provides an incremental incentive for Members to strive
for higher tier levels, which provides increasingly higher benefits or
discounts for satisfying increasingly more stringent criteria.
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\4\ See Cboe Global Markets, U.S. Equities Market Volume
Summary, Month-to-Date (April 29, 2026), available at <a href="https://www.cboe.com/us/equities/_statistics/">https://www.cboe.com/us/equities/_statistics/</a>.
\5\ See BZX Equities Fee Schedule, Standard Rates.
\6\ Id.
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Add/Remove Volume Tiers
Under footnote 1 of the Fee Schedule, the Exchange offers various
Add/Remove Volume Tiers. In particular, the Exchange offers nine Add/
Remove Volume tiers and one Cross Asset Tier that each provide an
enhanced rebate for orders yielding fee codes B,\7\ V \8\ and Y \9\
where a Member reaches certain add or remove volume-based criteria. The
Exchange now proposes to adopt two quoting tiers under footnote 1. The
proposed criteria for the quoting tiers is as follows:
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\7\ Fee code B is appended to displayed orders that add
liquidity to BZX in Tape B securities.
\8\ Fee code V is appended to displayed orders that add
liquidity to BZX in Tape A securities.
\9\ Fee code Y is appended to displayed orders that add
liquidity to BZX in Tape C securities.
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<bullet> The Member Quoting Tier provides an enhanced rebate of
$0.0027 per share in securities priced at or above $1.00 to qualifying
orders (i.e., orders yielding fee codes B, V, or Y) where a Member is
enrolled in all securities during the prior month for which it meets
the following criteria: (i) Member has an NBBO Time \10\ >=25%,
calculated on a daily basis, in an average of at least 750 securities
during the prior month; and (ii) Member has a Displayed Ex-Subdollar
ADAV \11\ as a percentage of Ex-Subdollar TCV \12\ <0.03%.
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\10\ ``NBBO Time'' means the percentage of time during regular
trading hours during which the Member maintains at least 1 round lot
at each of the NBB and NBO.
\11\ ``Ex-Subdollar ADAV'' means ADAV that excludes executions
in securities priced below $1.00. ``Displayed Ex-Subdollar ADAV''
means ADAV in displayed orders that excludes executions in
securities priced below $1.00.
\12\ ``Ex-Subdollar TCV'' means TCV that excludes executions in
securities that have an average daily price below $1.00.
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<bullet> The MPID Quoting Tier provides an enhanced rebate of
$0.0027 per share in securities priced at or above $1.00 to qualifying
orders (i.e., orders yielding fee codes B, V, or Y) where an MPID is
enrolled in all securities during the prior month for which it meets
the following criteria: MPID has an MPID NBBO Time \13\ >=25%,
calculated on a daily basis, in an average of at least 750 securities
during the prior month.
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\13\ ``MPID NBBO Time'' means the percentage of time during
regular trading hours during which the MPID maintains at least 1
round lot at each of the NBB and NBO.
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The Exchange notes that in addition to introducing the Member
Quoting Tier and the MPID Quoting Tier it also proposes to introduce
language that will specify that for May 2026, the Member Quoting Tier
and MPID Quoting Tier will utilize quoting and trading activity from
May 2026 for its volume calculations and the tier payment would not
begin until June 2026 for those Members that satisfy the criteria
during May 2026. The Exchange believes it is necessary to include this
language as the General Notes section of the Fee Schedule currently
states: ``[I]n compliance with Regulation NMS Rule 610(d), effective
February 2, 2026, unless otherwise indicated, all volume figures will
be derived from quoting or trading activity in the prior month.'' By
introducing the proposed language described above, the Exchange is
providing notice that the proposed Member Quoting Tier and MPID Quoting
Tier are utilizing quoting and trading activity from May 2026 so that
Members may begin to attempt to satisfy the proposed criteria ahead of
the first month that the tiers would become payable, which would be
June 2026. Given that the Member Quoting Tier and MPID Quoting Tier
were not available for enrollment until May 1, 2026, the Exchange
believes it is appropriate to provide Members the full month of May
2026 to qualify for the Member Quoting Tier and MPID Quoting Tier
before the tiers become payable in June 2026.
The proposed Member Quoting Tier and MPID Quoting Tier, like other
Add Volume Tiers are intended to provide an additional opportunity to
incentivize Members to earn an enhanced rebate by promoting price
discovery and market quality by quoting at the NBBO for a significant
portion of each day in securities of the Member or MPID's choice.
Increasing order flow to the Exchange may further contribute to a
deeper, more liquid market and provide even more execution
opportunities for active market participants. Incentivizing an increase
in displayed liquidity adding volume through enhanced rebate
opportunities encourages liquidity-adding Members on the Exchange to
increase transactions and take execution opportunities provided by such
increased liquidity, together providing for overall enhanced price
discovery and price improvement opportunities on the Exchange. As such,
increased overall order flow benefits all Members by contributing
towards a robust and well-balanced market ecosystem.
In addition to the proposed introduction of the Quoting Tiers as
described supra, the Exchange proposes to amend the criteria of Add
Volume Tier 4 by removing the NBBO Size \14\ requirement. The current
criteria of Add Volume Tier 4 is as follows:
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\14\ ``NBBO Size'' is not a defined term on the BZX Equity Fee
Schedule and is an erroneous reference to a previous definition of
``NBBO Size Time'' that appeared on the Exchange's fee schedule.
``NBBO Size Time'' meant the percentage of time during regular
trading hours during which there are size-setting quotes at the NBBO
on the Exchange. This definition was removed by the Exchange in SR-
CboeBZX-2026-022, which was filed on April 1, 2026.
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<bullet> Add Volume Tier 4 provides a rebate of $0.0028 per share
in securities priced at or above $1.00 to qualifying orders (i.e.,
orders yielding fee codes B, V, and Y) where a Member (1) is enrolled
in at least 50 BZX-listed LMP Securities \15\ for which it meets the
[[Page 32462]]
following criteria for at least 50% of the trading days in the
applicable month: (i) Member has an NBBO Time >=15% or an NBBO Size
>=25%; and (ii) Member has a Displayed Size Time \16\ >=90%; and (2)
Member is enrolled in at least 30 LMM Securities; \17\ and (3) Member
has an ADAV \18\ as a percentage of TCV \19\ >=0.15%.
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\15\ ``LMP Securities'' means a list of securities included in
the Liquidity Management Program, the universe of which will be
determined by the Exchange and published in a circular distributed
to Members and on the Exchange's website. Such LMP Securities will
include all Cboe-listed ETPs and certain non-Cboe-listed ETPs for
which the Exchange wants to incentivize Members to provide enhanced
market quality. All Cboe-listed securities will be LMP Securities
immediately upon listing on the Exchange. The Exchange will not
remove a security from the list of LMP Securities without 30 days
prior notice.
\16\ ``Displayed Size Time'' means the percentage of time during
regular trading hours during which the Member maintains at least
2,500 displayed shares on the bid and separately maintains at least
2,500 displayed shares on the offer that are priced no more than 2%
away from the NBB and NBO, respectively.
\17\ ``LMM Securities'' means BZX-listed securities for which a
Member is an LMM.
\18\ ``ADAV'' means average daily added volume calculated as the
number of shares added per day. ADAV is calculated on a monthly
basis.
\19\ ``TCV'' means total consolidated volume calculated as the
volume reported by all exchanges and trade reporting facilities to a
consolidated transaction reporting plan for the month for which the
fees apply.
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The proposed criteria for Add Volume Tier 4 is as follows:
<bullet> Add Volume Tier 4 provides a rebate of $0.0028 per share
in securities priced at or above $1.00 to qualifying orders (i.e.,
orders yielding fee codes B, V, and Y) where a Member (1) is enrolled
in at least 50 BZX-listed LMP Securities for which it meets the
following criteria for at least 50% of the trading days in the
applicable month: (i) Member has an NBBO Time >=15%; and (ii) Member
has a Displayed Size Time >=90%; and (2) Member is enrolled in at least
30 LMM Securities; and (3) Member has an ADAV as a percentage of TCV
>=0.15%.
The proposed Add Volume Tier 4 will continue to provide an
additional opportunity to incentivize Members to earn an enhanced
rebate by promoting price discovery and market quality by quoting at
the NBBO for a significant portion of each day in securities of the
Member's choice. Increasing order flow to the Exchange may further
contribute to a deeper, more liquid market and provide even more
execution opportunities for active market participants. Incentivizing
an increase in displayed liquidity adding volume through additive
rebate opportunities encourages liquidity-adding Members on the
Exchange to increase transactions and take execution opportunities
provided by such increased liquidity, together providing for overall
enhanced price discovery and price improvement opportunities on the
Exchange. As such, increased overall order flow benefits all Members by
contributing towards a robust and well-balanced market ecosystem.
Step-Up Tiers
Under footnote 2 of the Fee Schedule, the Exchange currently offers
various Step-Up Tiers that provide enhanced rebates for orders yielding
fee codes B, V and Y where a Member reaches certain add volume-based
criteria, including ``growing'' its volume over a certain baseline
month. The Exchange now proposes to discontinue Step-Up Tier 1 as the
tier's expiration date of March 31, 2026, has occurred. Additionally,
the Exchange no longer wishes to, nor is required to, maintain such
tier. More specifically, the proposed change removes this tier as the
Exchange would rather redirect future resources and funding into other
programs and tiers intended to incentivize increased order flow.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) of the
Act.\20\ Specifically, the Exchange believes the proposed rule change
is consistent with the Section 6(b)(5) \21\ 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) \22\ requirement that the rules of
an exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers as well as Section 6(b)(4) \23\
as it is designed to 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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\20\ 15 U.S.C. 78f(b).
\21\ 15 U.S.C. 78f(b)(5).
\22\ Id.
\23\ 15 U.S.C. 78f(b)(4)
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As described above, the Exchange operates in a highly competitive
market in which market participants can readily direct order flow to
competing venues if they deem fee levels at a particular venue to be
excessive or incentives to be insufficient. The Exchange believes that
its proposal to introduce the Member Quoting Tier and MPID Quoting Tier
and amend the criteria of Add Volume Tier 4 reflects a competitive
pricing structure designed to incentivize market participants to direct
their order flow to the Exchange, which the Exchange believes would
enhance market quality to the benefit of all Members. Specifically, the
Exchange's proposed Member Quoting Tier, MPID Quoting Tier, and Add
Volume Tier 4 are not a significant departure from existing criteria,
are reasonably correlated to the enhanced rebate offered by the
Exchange and other competing exchanges,\24\ and will continue to
incentivize Members to submit order flow to the Exchange. Additionally,
the Exchange notes that relative volume-based incentives and discounts
have been widely adopted by exchanges,\25\ including the Exchange,\26\
and are reasonable, equitable and non-discriminatory because they are
open to all Members on an equal basis and provide additional benefits
or discounts that are reasonably related to (i) the value to an
exchange's market quality and (ii) associated higher levels of market
activity, such as higher levels of liquidity provision and/or growth
patterns. Competing equity exchanges offer similar tiered pricing
structures, including schedules or rebates and fees that apply based
upon members achieving certain volume and/or growth thresholds, as well
as assess similar fees or rebates for similar types of orders, to that
of the Exchange.
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\24\ See MEMX Equities Fee Schedule, Additive Rebates, Tape A
Quoting and Tape C Quoting, available at <a href="https://info.memxtrading.com/equities-trading-resources/us-equities-fee-schedule/">https://info.memxtrading.com/equities-trading-resources/us-equities-fee-schedule/</a>.
\25\ See e.g., EDGX Equities Fee Schedule, Footnote 1, Add/
Remove Volume Tiers.
\26\ See e.g., BZX Equities Fee Schedule, Footnote 1, Add/Remove
Volume Tiers.
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In particular, the Exchange believes its proposed Member Quoting
Tier, MPID Quoting Tier, and Add Volume Tier 4 are reasonable because
the proposed tiers will be available to all Members and provide all
Members with an opportunity to receive an enhanced rebate. The Exchange
further believes its proposed Member Quoting Tier, MPID Quoting Tier,
and Add Volume Tier 4 will provide a reasonable means to encourage
liquidity adding displayed orders in Members' order flow to the
Exchange and to incentivize Members to continue to provide liquidity
adding volume to the Exchange by offering them an opportunity to
receive an enhanced rebate on qualifying orders. An overall increase in
activity would
[[Page 32463]]
deepen the Exchange's liquidity pool, offer additional cost savings,
support the quality of price discovery, promote market transparency and
improve market quality, for all investors.
The Exchange believes that its proposed Member Quoting Tier, MPID
Quoting Tier, and Add Volume Tier 4 are reasonable as the proposed
criteria does not represent a significant departure from the criteria
currently offered in the Fee Schedule. The Exchange also believes that
the proposal represents an equitable allocation of fees and rebates and
is not unfairly discriminatory because all Members will be eligible for
the proposed Member Quoting Tier, MPID Quoting Tier, and Add Volume
Tier 4 and have the opportunity to meet the tiers' criteria and receive
the corresponding enhanced rebate if such criteria is met. Without
having a view of activity on other markets and off-exchange venues, the
Exchange has no way of knowing whether this proposed rule change would
definitely result in any Members qualifying for the proposed Member
Quoting Tier or MPID Quoting Tier. While the Exchange has no way of
predicting with certainty how the proposed changes will impact Member
activity, based on the prior month's volume, the Exchange anticipates
that at least one Member will be able to satisfy the proposed Member
Quoting Tier, at least one Member will be able to satisfy the proposed
MPID Quoting Tier, and no Members will be able to satisfy the proposed
Add Volume Tier 4. The Exchange also notes that proposed changes will
not adversely impact any Member's ability to qualify for enhanced
rebates offered under other tiers. Should a Member not meet the
proposed new criteria, the Member will merely not receive that
corresponding enhanced rebate.
Additionally, the Exchange believes the text accompanying the
proposed Member Quoting Tier and MPID Quoting Tier promotes just and
equitable principles of trade and is not unfairly discriminatory
because it applies to all Members equally, in that any Member seeking
to achieve the criteria of the proposed tiers will be utilizing quoting
and trading activity from May 2026 and shall not receive payment for
the proposed tiers until June 2026. Providing this additional clarity
on the Exchange's Fee Schedule ensures that all market participants
have information regarding the quoting and trading activity being
utilized to determine qualification for the proposed Member Quoting
Tier and MPID Quoting Tier.
Lastly, the Exchange believes that its proposal to discontinue
Step-Up Tier 1 is reasonable because the tier has expired and Exchange
is not required to maintain this tier or provide Members an opportunity
to receive enhanced rebates. The Exchange believes the proposal to
discontinue this tier is also equitable and not unfairly discriminatory
because it applies to all Members (i.e., the tier will not be available
for any Member). The Exchange also notes that the proposed rule change
to remove this tier merely results in Members not receiving an enhanced
rebate, which, as noted above, the Exchange is not required to offer or
maintain. Furthermore, the proposed rule change to eliminate Step-Up
Tier 1 enables the Exchange to redirect resources and funding into
other programs and tiers intended to incentivize increased order flow.
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, as discussed above,
the Exchange believes that the proposed change would encourage the
submission of additional order flow to a public exchange, thereby
promoting market depth, execution incentives and enhanced execution
opportunities, as well as price discovery and transparency for all
Members. As a result, the Exchange believes that the proposed changes
further the Commission's goal in adopting Regulation NMS of fostering
competition among orders, which promotes ``more efficient pricing of
individual stocks for all types of orders, large and small.''
The Exchange believes the proposed rule changes do not impose any
burden on intramarket competition that is not necessary or appropriate
in furtherance of the purposes of the Act. Particularly, the proposed
introduction of the Member Quoting Tier and MPID Quoting Tier, and
proposed amendment of Add Volume Tier 4 does not impose an unnecessary
burden as all Members are eligible to receive the enhanced rebate under
the proposed tiers. The Exchange does not believe the proposed changes
burden competition, but rather, enhances competition as it is intended
to increase the competitiveness of BZX by amending existing pricing
incentives in order to attract order flow and incentivize participants
to increase their participation on the Exchange, providing for
additional execution opportunities for market participants and improved
price transparency. Greater overall order flow, trading opportunities,
and pricing transparency benefits all market participants on the
Exchange by enhancing market quality and continuing to encourage
Members to send orders, thereby contributing towards a robust and well-
balanced market ecosystem.
The proposed change to discontinue Step-Up Tier 1 will not impose
any burden on intramarket competition because the changes apply to all
Members uniformly, as in, the tier will not longer be available to any
Member.
Next, the Exchange believes the proposed rule changes do not impose
any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. The Exchange
operates in a highly competitive market. Members have numerous
alternative venues that they may participate on and direct their order
flow, including other equities exchanges, off-exchange venues, and
alternative trading systems. Additionally, the Exchange represents a
small percentage of the overall market. Based on publicly available
information, no single equities exchange has more than 14% of the
market share.\27\ Therefore, no exchange possesses significant pricing
power in the execution of order flow. Indeed, participants can readily
choose to send their orders to other exchange and off-exchange venues
if they deem 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. Specifically, in
Regulation NMS, the Commission highlighted the importance of market
forces in determining prices and SRO revenues and, also, recognized
that current regulation of the market system ``has been remarkably
successful in promoting market competition in its broader forms that
are most important to investors and listed companies.'' \28\ The fact
that this market is competitive has also long been recognized by the
courts. In NetCoalition v. Securities and Exchange Commission, the D.C.
Circuit stated as follows: ``[n]o one disputes that competition for
order flow is `fierce.' . . . As the SEC explained, `[i]n the U.S.
national market system, buyers and sellers of securities, and the
broker-dealers that act as their order-routing agents, have a wide
range of choices of
[[Page 32464]]
where to route orders for execution'; [and] `no exchange can afford to
take its market share percentages for granted' because `no exchange
possesses a monopoly, regulatory or otherwise, in the execution of
order flow from broker dealers'. . . .''.\29\ 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.
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\27\ Supra note 4.
\28\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005).
\29\ NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 2010)
(quoting Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-
21)).
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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 \30\ and paragraph (f) of Rule 19b-4 \31\
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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\30\ 15 U.S.C. 78s(b)(3)(A).
\31\ 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#aedcdbc2cb83cdc1c3c3cbc0daddeeddcbcd80c9c1d8"><span class="__cf_email__" data-cfemail="bdcfc8d1d890ded2d0d0d8d3c9cefdced8de93dad2cb">[email protected]</span></a>. Please include
file number SR-CboeBZX-2026-048 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-CboeBZX-2026-048. 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-CboeBZX-2026-048 and
should be submitted on or before June 22, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\32\
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\32\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-10829 Filed 5-29-26; 8:45 am]
BILLING CODE 8011-01-P
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