Notice2026-18663
Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule
Primary source
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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 58206-58208]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-18663]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-106311; File No. SR-CboeEDGX-2026-059]
Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Amend Its Fees Schedule
September 9, 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 September 1, 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
Cboe EDGX Exchange, Inc. (the ``Exchange'' or ``EDGX'') proposes to
amend its Fees Schedule to (i) add MX2 LLC (``MX2'') to fee code RP and
(ii) increase the fee assessed under fee code RO. 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/edgx/">https://www.cboe.com/us/equities/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 applicable to its
options platform (``EDGX Options''), effective September 1, 2026, to
(1) add MX2 to fee code RP \3\ and (2) increase the fee assessed under
fee code RO.\4\
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\3\ Fee code RP is appended to Customer orders that are routed
to and executed at AMEX, BOX, Cboe, MIAX, SPHR, or PHLX (excluding
orders in SPY options routed to PHLX), and is assessed a charge of
$0.25 per contract.
\4\ Fee code RO is appended to Non-Customer orders in non-penny
classes that are routed to and executed at an away options exchange,
and is assessed a charge of $1.25 per contract.
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Addition of MX2 to Fee Code RP
The Exchange assesses fees in connection with orders routed away to
various options exchanges. The Fees Schedule currently lists fee codes
and their corresponding transaction fees for certain Customer \5\
orders routed to other options exchanges. Currently, under the Fee
Codes and Associated Fees section of the Fee Schedule, fee code RP is
appended to routed Customer orders to NYSE American (``AMEX''), BOX
Options Exchange (``BOX''), Cboe Exchange, Inc. (``Cboe''), MIAX
Options Exchange (``MIAX''), MIAX Sapphire, LLC (``SPHR''), or Nasdaq
PHLX LLC (``PHLX'') (excluding orders in SPY options routed to PHLX)
and assesses a charge of $0.25 per contract.
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\5\ ``Customer'' applies to any order for the account of a
Priority Customer.
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The Exchange's current approach to routing fees is to set forth in
a simple manner certain sub-categories of fees that approximate the
cost of routing to other options exchanges based on the cost of
transaction fees assessed by each venue as well as costs to the
Exchange for routing (i.e., clearing fees, connectivity and other
infrastructure costs, membership fees, etc.) (collectively, ``Routing
Costs''). The Exchange monitors the fees charged as compared to the
costs of its routing services and adjusts its routing fees and/or sub-
categories to ensure that the Exchange's fees result in a rough
approximation of overall Routing Costs, and are not significantly
higher or lower in any area. Other options exchanges assess routing
fees in a similar manner.\6\
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\6\ See MEMX Options Exchange Fee Schedule, available at <a href="https://www.memx.com/options/fee-schedule">https://www.memx.com/options/fee-schedule</a>; MIAX Options Exchange Fee
Schedule, available at <a href="https://www.miaxglobal.com/markets/us-options/miax-options/fees">https://www.miaxglobal.com/markets/us-options/miax-options/fees</a>; MIAX Pearl Fee Schedule, available at
<a href="https://www.miaxglobal.com/markets/us-options/miax-pearl/fees">https://www.miaxglobal.com/markets/us-options/miax-pearl/fees</a>; MIAX
Emerald Fee Schedule, available at <a href="https://www.miaxglobal.com/markets/us-options/miax-emerald/fees">https://www.miaxglobal.com/markets/us-options/miax-emerald/fees</a>.
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The Exchange proposes to amend fee code RP to add applicable
Customer orders routed to MX2 LLC (``MX2''), a national securities
exchange. The charge assessed per contract for fee code RP remains the
same ($0.25) under the proposed rule change. The proposed change
results in an assessment of fees that, given the fees of an away
options exchange, is in line with the Exchange's current approach to
routing fees--that is, in a manner that approximates the cost of
routing Customer orders to other away options exchanges, based on the
general cost of transaction fees assessed by the sub-category of away
options exchanges for such orders (as well as the Exchange's Routing
Costs). The Exchange notes that routing through the Exchange is
optional and that market participants will continue to be able to
choose where to route applicable Customer orders.
Increase to Fee Code RO
Fee code RO is appended to Non-Customer \7\ orders in non-penny
classes that are routed to and executed at an away options exchange,
and currently assesses a charge of $1.25 per contract. The Exchange
proposes to increase the fee assessed under fee code RO from $1.25 per
contract to $1.31 per contract.
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\7\ ``Non-Customer'' applies to any transaction that is not a
Customer order.
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The purpose of increasing the fee assessed under fee code RO is to
recoup the costs incurred by the Exchange when routing such orders to
away options exchanges on behalf of Members. In determining to amend
fee code RO, the Exchange took into account the transaction fees
assessed by the away markets to which the Exchange routes orders, as
well as the
[[Page 58207]]
Exchange's clearing costs, administrative, regulatory, and technical
costs associated with routing orders to an away market. The Exchange
uses unaffiliated routing brokers to route orders to the away markets;
the costs associated with the use of these services are included in the
routing fees specified in the Fee Schedule. The proposed fee is
intended to enable the Exchange to recover the costs it incurs to route
Non-Customer orders in non-penny classes to away markets. Routing
through the Exchange is optional, and Members may mark their orders as
Book Only to avoid routing (and any associated routing fees), or may
use another routing venue or broker-dealer. The Exchange further notes
that the proposed routing fee is comparable to routing fees assessed by
other options exchanges for similar orders.\8\
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\8\ See MEMX Options Exchange Fee Schedule (assessing a routing
fee of $1.63 per contract for non-penny classes), available at
<a href="https://www.memx.com/options/fee-schedule">https://www.memx.com/options/fee-schedule</a>; and MIAX Options Exchange
Fee Schedule, MIAX Pearl Fee Schedule, and MIAX Emerald Fee Schedule
(assessing routing fees ranging from $1.25 to $1.40 per contract for
non-penny classes, depending on the away exchange), available at
<a href="https://www.miaxglobal.com/markets/us-options/miax-options/fees">https://www.miaxglobal.com/markets/us-options/miax-options/fees</a>,
<a href="https://www.miaxglobal.com/markets/us-options/miax-pearl/fees">https://www.miaxglobal.com/markets/us-options/miax-pearl/fees</a>, and
<a href="https://www.miaxglobal.com/markets/us-options/miax-emerald/fees">https://www.miaxglobal.com/markets/us-options/miax-emerald/fees</a>,
respectively.
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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 the
Section 6(b)(5) requirement that the rules of an exchange not be
designed to permit unfair discrimination. The Exchange also 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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The Exchange believes the proposed change to add MX2 to fee code RP
is reasonable because the charge assessed per contract for fee code RP
remains the same, and the change is designed to assess routing fees for
Customer orders routed to MX2 in a manner consistent with the
Exchange's current approach to routing fees--i.e., in the most
appropriate sub-category of fees that approximates the cost of routing
to a group of away options exchanges based on the cost of transaction
fees assessed by each venue as well as the Exchange's Routing Costs.
The Exchange believes the proposed change is equitable and not unfairly
discriminatory because all Members' Customer orders in non-penny (and,
as applicable, penny) classes routed to MX2 will automatically yield
fee code RP and uniformly be assessed the corresponding fee.
The Exchange believes the proposed increase to fee code RO is
reasonable because the proposed fee is designed to enable the Exchange
to recover the costs it incurs to route Non-Customer orders in non-
penny classes to away markets, including transaction fees assessed by
away markets and the Exchange's clearing, administrative, regulatory,
and technical costs. The Exchange believes the proposed fee is
reasonable because it is comparable to routing fees assessed for
similar orders on other options exchanges. The Exchange believes the
proposed change is equitable and not unfairly discriminatory because
the proposed fee under fee code RO will apply automatically and
uniformly to all Members' Non-Customer orders in non-penny classes that
are routed to and executed at an away options exchange. Routing through
the Exchange is optional, and no Member is required to route orders
through the Exchange.
The Exchange operates in a highly competitive market. The
Commission has repeatedly expressed its preference for competition over
regulatory intervention in determining prices, products, and services
in the securities markets. 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. Accordingly,
competitive forces constrain the Exchange's transaction fees, and
market participants can readily trade on competing venues if they deem
pricing levels at those other venues to be more favorable.
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.
Intramarket Competition. The Exchange does not believe the proposed
changes will impose any burden on intramarket competition. The proposed
change to add MX2 to fee code RP will apply automatically and uniformly
to all Members' applicable Customer orders routed to MX2, which will be
assessed the same $0.25 per contract charge that applies to other
exchanges within fee code RP. The proposed increase to fee code RO will
apply automatically and uniformly to all Members' Non-Customer orders
in non-penny classes routed to and executed at an away options
exchange.
Intermarket Competition. The Exchange does not believe the proposed
changes will 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 in which market
participants can readily direct order flow to competing venues,
including 17 other options exchanges and off-exchange venues. Routing
through the Exchange is optional. The proposed changes are designed to
allow the Exchange to recover its Routing Costs and to assess routing
fees in a manner comparable to at least one other options exchange,
thereby furthering the Commission's goal in adopting Regulation NMS of
fostering competition among orders. Members may readily direct their
order flow to competing venues if they deem the Exchange's fees to be
excessive.
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
[[Page 58208]]
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#4b393e272e66282426262e253f380b382e28652c243d"><span class="__cf_email__" data-cfemail="83f1f6efe6aee0eceeeee6edf7f0c3f0e6e0ade4ecf5">[email protected]</span></a>. Please include
file number SR-CboeEDGX-2026-059 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-2026-059. 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-2026-059 and should be
submitted on or before October 5, 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. 2026-18663 Filed 9-11-26; 8:45 am]
BILLING CODE 8011-01-P
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