Securities & Investments

User Fee Exemption Non-Display Usage Codification

CBOE EDGX Exchange filed a proposed rule change (SR-CboeEDGX-2026-024) with the SEC to codify in its Fee Schedule (i) an existing User Fee exemption for Controlled Distributors regarding Display Usage fees for market data products, and (ii) the amended definition of Non-Display Usage. Both concepts are currently contained in the Cboe Global Markets North American Data Policies. The Exchange states there is no substantive change to how it applies the exemption, which covers Controlled Distributors receiving data solely for software development, QA, testing, sales support for redistribution, or technical monitoring.

Rule 21.17 Wide Market Protection Mechanism Adoption

Cboe EDGX Exchange proposes to amend Rule 21.17(a) to adopt a wide market protection mechanism that triggers a drill-through pause when the National Best Bid and Offer (NBBO) is wide, preventing applicable market orders, limit orders, and Stop orders from executing or posting at potentially extreme prices. The mechanism leverages existing drill-through protection described in Rule 21.17(a)(4) and is substantially similar to one recently implemented by Cboe Exchange. The Exchange's President approved this proposed rule change on April 2, 2026.

EDGX Introduces Fee Code ZP and Amends Fee Code DX

Cboe EDGX Exchange filed a proposed rule change (SR-CboeEDGX-2026-026) to introduce new fee code ZP for Retail Price Improving Orders and amend the fee associated with fee code DX. The Exchange proposes implementation of these changes effective April 1, 2026, as part of the EDGX RPI Program launching April 10, 2026.

Proposes 23-Hour Trading Five Days Per Week for Equity and Derivative Securities

Cboe EDGX Exchange proposes to amend its rules to permit trading of equity securities and Derivative Securities 23 hours per day, five days per week (23x5 Trading). The proposal responds to a 110% increase in Early Trading Session average daily volume from January 2023 to February 2026, driven by demand from Asia-Pacific retail investors in Hong Kong, Japan, Korea, Singapore, and Australia. The Exchange must receive SEC approval under Section 19(b) of the Exchange Act and confirmation that Equity Data Plans have established overnight data collection mechanisms before commencing overnight trading. If overnight trading does not commence within 18 months of SEC approval, the Exchange must file a rule change to remove the overnight trading session rules.

Franklin Ethereum ETF Seeks Generic Listing Standards

Cboe BZX Exchange filed a proposed rule change (SR-CboeBZX-2026-026) on behalf of the Franklin Ethereum ETF to transition the Fund from operating under an individual approval order to operating under the generic listing standards for Commodity-Based Trust Shares under Rule 14.11(e)(4). The Fund currently trades on the Exchange pursuant to BZX Rule 14.11(e)(4) under an approval order and will continue to list and trade under the amended generic listing standards if approved by the SEC.

Amends Fees Schedule, Codifies User Fee Exemption

CBOE BZX Exchange proposes amendments to its Fees Schedule to codify a User Fee exemption for Controlled Distributors and amend the definition of Non-Display Usage. The User Fee exemption currently exists in Cboe Global Markets North American Data Policies and will now be formally codified in the Exchange's fee schedule for transparency. The proposed changes do not substantively alter how the Exchange applies these fees.

Amends Fee Schedule to Codify User Fee Exemption and Non-Display Usage Definition

CBOE BZX Exchange proposes to amend its Fee Schedule to codify (1) a User Fee exemption for Controlled Distributors from Display Usage fees for market data products when used solely for permitted purposes including software development, QA testing, sales support for redistribution, or technical monitoring, and (2) the amended definition of Non-Display Usage. The Exchange initially filed this proposal on April 1, 2026, withdrew it on April 13, 2026, and resubmitted it on that same date.

Amends Rule 21.17 to Adopt Wide Market Protection Mechanism for Extreme Prices

Cboe BZX Exchange proposes to amend Rule 21.17(a) to adopt a wide market protection mechanism designed to reduce the risk of orders executing at extreme or adverse prices when the national best bid and offer (NBBO) is wide. The mechanism would leverage the existing iterative drill-through protection process, triggering a drill-through pause on applicable inbound market orders, limit orders, Stop (Stop-Loss) orders, and Stop-Limit orders that would otherwise execute or post at potentially extreme prices. The Exchange notes its affiliated exchange, Cboe Exchange (C1), recently implemented a substantially similar mechanism. Comments are invited on SR-CboeBZX-2026-030.

BondBloxx Private Credit Trust Listing Under BZX Rule 14.11(f)

Cboe BZX Exchange filed a proposed rule change with the SEC to list and trade shares of the BondBloxx Private Credit Trust under BZX Rule 14.11(f) (Trust Issued Receipts). The Trust seeks to provide risk-adjusted returns through distributions of current income from its private credit portfolio. The Trust intends to operate outside the definition of an investment company under the Investment Company Act of 1940 by meeting the 40% test exclusion.

Proposed Amendment to Binary Options Rules on All Indexes

Cboe Exchange proposes to amend its Rules related to binary options, including expanding the underlying indexes from broad-based indexes to all indexes. The amendment would permit listing binary options on all indexes under Rule 4.16. The Exchange separately intends to file a rule change to reduce the minimum exercise settlement value from $10 to $1.