CBOE EDGX Rule Filings

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.

Amends Fee Schedule: User Fee Exemption and Non-Display Usage Definition

Cboe EDGX Exchange filed a proposed rule change (SR-CboeEDGX-2026-025) to amend its Market Data Fee Schedule. The Exchange proposes to codify a User Fee exemption for Controlled Distributors using market data for Permitted Purposes (software development, QA, testing, sales support for redistribution, or technical monitoring), and to formally define Non-Display Usage. Both the Controlled Distributor and Display Usage definitions currently exist in Cboe Global Markets North American Data Policies and are being moved into the Exchange's Fee Schedule.

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.