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Notice2026-18659

Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend its Fee Schedule To Update the Definition of “Trading Platform”

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Published
September 14, 2026

Issuing agencies

Securities and Exchange Commission

Full Text

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<title>Federal Register, Volume 91 Issue 176 (Monday, September 14, 2026)</title>
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[Federal Register Volume 91, Number 176 (Monday, September 14, 2026)]
[Notices]
[Pages 58195-58197]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-18659]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-106307; File No. SR-CboeEDGA-2026-027]


Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice 
of Filing and Immediate Effectiveness of a Proposed Rule Change To 
Amend its Fee Schedule To Update the Definition of ``Trading Platform''

September 9, 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 September 1, 2026, Cboe EDGA Exchange, Inc. (the ``Exchange'' or 
``EDGA) 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

    Cboe EDGA Exchange, Inc. (the ``Exchange'' or ``EDGA'') proposes to 
amend its Fee Schedule to update the definition of ``Trading 
Platform.'' 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/edga/">https://www.cboe.com/us/equities/regulation/rule_filings/edga/</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

[[Page 58196]]

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 the definition of ``Trading 
Platform'' set forth in the Definitions section of its Fee Schedule. 
The existing definition enumerates three categories of execution 
venue--a registered National Securities Exchange, an Alternative 
Trading System, and an Electronic Communications Network. The Exchange 
now seeks to amend this definition to add an additional category--
namely, a similar order-matching execution venue or decentralized 
platform (including blockchain-based or tokenized environments)--so 
that the term also captures other venues that perform functionally 
equivalent order-matching and execution. The current and proposed 
amended definitions are set forth below.
    Current Definition: ``A Trading Platform is any execution platform 
operated as or by a registered National Securities Exchange (as defined 
in Section 3(a)(1) of the Exchange Act), an Alternative Trading System 
(as defined in Rule 300(a) of Regulation ATS), or an Electronic 
Communications Network (as defined in Rule 600(b)(23) of Regulation 
NMS).''
    Proposed Amended Definition: ``A Trading Platform is any execution 
platform operated as or by a registered National Securities Exchange 
(as defined in Section 3(a)(1) of the Exchange Act), an Alternative 
Trading System (as defined in Rule 300(a) of Regulation ATS), an 
Electronic Communications Network (as defined in Rule 600(b)(23) of 
Regulation NMS), or a similar order-matching execution venue or 
decentralized platform (including blockchain-based or tokenized 
environments).''
    The change is intended to capture changes in the evolving landscape 
of market structure and trading technology, including the increasing 
use of functionally equivalent order-matching venues that operate 
outside the three enumerated categories. For example, under the current 
definition, a platform operated as or by a registered National 
Securities Exchange, an Alternative Trading System, or an Electronic 
Communications Network plainly constitutes a Trading Platform and is 
thus subject to the applicable fees associated with a Trading 
Platform.\3\ However, a functionally equivalent order-matching venue 
that performs the same execution function--such as a single-dealer 
platform that internalizes and/or facilitates execution of client order 
flow, or a decentralized or tokenized order-matching venue--may not 
clearly fall within the current enumerated categories, despite 
performing the same order-matching and execution venues as the 
enumerated venues. To facilitate more consistent and equitable outcomes 
across functionally equivalent venues, the Exchange proposes to add 
this language so that ``Trading Platform'' better covers the intended 
scope of execution venues.
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    \3\ For example, a Trading Platform is subject to a fee of 
$2,000/month for EDGA Depth for Non-Display Usage, while a non-
Trading Platform is subject to a fee of $1,000/month for this. See 
EDGA Equities Fee Schedule.
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    The Exchange notes that the phrase ``similar order-matching 
execution venue'' is intended to be construed broadly and is not 
limited to blockchain-based or tokenized platforms. Rather, it is 
intended to encompass any functionally equivalent order-matching venue, 
including, for example, a single-dealer platform that internalizes and/
or facilitates execution of client order flow. The parenthetical 
reference to blockchain-based or tokenized environments is illustrative 
of the types of emerging venues the amended definition is intended to 
reach and is not intended to limit the scope of the broader category.
    The intent of this revised definition is not to introduce a new or 
novel concept; it is instead intended to provide further clarity as to 
the scope of ``Trading Platform,'' with new and emerging execution 
technologies in mind. The Exchange notes that this update better aligns 
itself with the ongoing evolution of market structure and industry 
practice.\4\
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    \4\ See e.g., NYSE_Market_Data_Complete_Policy_Package.pdf, 
which categorizes trading platforms as the following: ``This 
category applies to use in trading platform(s), such as, but not 
restricted to, alternative trading systems (ATSs), broker crossing 
networks, broker crossing systems not filed as ATSs, dark pools, 
multilateral trading facilities, exchanges and systematic 
internalization systems.''
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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.\5\ Specifically, the 
Exchange also believes the proposed rule change is consistent with 
Section 6(b)(4) of the Act,\6\ 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. 
Additionally, the Exchange believes the proposed rule change is 
consistent with the Section 6(b)(5) \7\ requirement that the rules of 
an exchange not be designed to permit unfair discrimination between 
customers, issuers, brokers, or dealers.
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    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(4).
    \7\ 15 U.S.C. 78f(b)(5).
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    In particular, the proposed definition change is designed to 
provide for the equitable allocation of reasonable dues, fees, and 
other charges among its Members and other persons using its facilities. 
The change is intended to capture changes in the evolving landscape of 
market structure and trading technology, and to ensure that the term 
``Trading Platform'' is applied consistently and comprehensively to 
functionally equivalent order-matching venues, regardless of the 
underlying technology or business model. As noted above, the amended 
definition is intended to reach any functionally equivalent order-
matching execution venue--including, for example, a single-dealer 
platform that internalizes order flow, as well as decentralized or 
tokenized order-matching venues. By ensuring that similar venues are 
treated alike, the proposed definition supports the equitable 
allocation of fees and avoids disparate treatment of functionally 
equivalent venues that do not meet an existing definition. The intent 
of this revised definition is not to introduce a new or novel concept; 
it is instead intended to provide further clarity on the platforms that 
should be covered under the definition, with new and emerging trading 
technologies in mind.

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. The proposed rule change is 
grounded in the Exchange's efforts to compete more effectively (e.g., 
by updating its definition of Trading Platform to conform with changes 
in the industry).\8\ As a result, the Exchange believes this proposed 
rule change permits fair

[[Page 58197]]

competition among national securities exchanges.
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    \8\ See supra note 4.
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    Further, the Exchange believes that these changes will not cause 
any unnecessary or inappropriate burden on intramarket competition, as 
the revised definition applies uniformly to all market participants 
that meet the definition of Trading Platform, regardless of their 
specific business model or the technology employed by the execution 
venue.
    Further, the proposed change to update the Trading Platform 
definition does not create an unnecessary or inappropriate inter-market 
burden on competition because it merely updates the Exchange's 
definitions to ensure consistency with the evolving technological 
landscape. Indeed, this proposal ensures that the Exchange's Fee 
Schedule accurately reflects the current scope of execution venues. The 
Exchange believes that the proposed rule change will relieve any burden 
on, or otherwise promote, competition.

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 \9\ and paragraph (f) of Rule 19b-4 \10\ 
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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    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 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#5c2e293039713f3331313932282f1c2f393f723b332a"><span class="__cf_email__" data-cfemail="2755524b420a44484a4a424953546754424409404851">[email&#160;protected]</span></a>. Please include 
file number SR-CboeEDGA-2026-027 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-CboeEDGA-2026-027. 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-CboeEDGA-2026-027 and should be 
submitted on or before October 5, 2026.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-18659 Filed 9-11-26; 8:45 am]
BILLING CODE 8011-01-P


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