SEC公告Cboe EDGX费率表纯文字修订：新增RTP指令的费率代码ZM描述，费用不变

8011-01-P
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-106647; File No. SR-CboeEDGX-2026-070]
Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change to Amend its Fee Schedule
October 13, 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 October 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.
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 Fee

Schedule to update the description of fee code ZM to reflect a new Time-in-Force instruction.
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
(https://www.sec.gov/rules/sro.shtml), the Exchange’s website
(https://www.cboe.com/us/equities/regulation/rule_filings/edgx/), 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

15 U.S.C. 78s(b)(1).

17 CFR 240.19b-4.

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
(“EDGX Equities”) by updating the description of fee code ZM to reflect a new Time-in-Force
instruction. The Exchange proposes to implement this change effective October 1, 2026.
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 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,3 no single registered equities exchange
has more than 15% 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.4

See Cboe Global Markets, U.S. Equities Market Volume Summary, Month-to-Date (September 24, 2026),
available at https://www.cboe.com/us/equities/market_statistics/.

See EDGX Equities Fee Schedule, Standard Rates.

For orders in securities priced below $1.00, the Exchange provides a standard rebate of 0.00003
per share for orders that add liquidity and assesses a fee of 0.30% of the dollar value for orders
that remove liquidity.5 The Exchange offers various fee codes applicable to orders that add or
remove liquidity on EDGX.
The Exchange plans to introduce a new Time-in-Force (“TIF”) instruction, Regular ‘til
Post Market (“RTP”),6 on its equities trading platform. In connection with the introduction of the
RTP TIF, the Exchange proposes to amend the description of fee code ZM in the Fee Codes and
Associated Fees table to reflect that Retail Orders entered with a Day, RHO, RTP, or GTX
instruction that remove liquidity on arrival are eligible to yield fee code ZM. Currently, the
description of fee code ZM reads: “Retail order, Day/RHO or GTX, removes liquidity on
arrival.” The Exchange proposes to update the description to read: “Retail order, Day/RHO/RTP
or GTX, removes liquidity on arrival.” The Exchange is not changing the fee associated with fee
code ZM, which is and will remain free for securities priced at or above $1.00 and free for
securities priced below $1.00. This change is administrative and clarifying in nature, and is
intended to ensure the Fee Schedule accurately reflects the order instructions eligible to yield fee
code ZM following the introduction of the RTP TIF.
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.7 Specifically, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5)8 requirements that the rules of an exchange be designed to
prevent fraudulent and manipulative acts and practices, to promote just and equitable principles

Id.

See Securities Exchange Act Release No. 106384 (September 15, 2026), 91 FR 59253 (September 18,
2026), SR-CboeEDGX-2026-057 (“RTP Filing”). The RTP TIF will be available as of October 9, 2026.
See Cboe Equities Exchanges to Introduce New TimeInForce Value.

15 U.S.C. 78f(b).

15 U.S.C. 78f(b)(5).

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)9 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)10 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.
The Exchange believes the proposed update to the description of fee code ZM promotes
just and equitable principles of trade, provides for the equitable allocation of reasonable dues,
fees and other charges, and is not unfairly discriminatory because it is a non-substantive,
clarifying change that applies to all Members equally, does not change any fee or rebate, and
provides transparency by ensuring the Fee Schedule accurately reflects the order instructions
eligible to be appended with fee code ZM following the introduction of the RTP TIF.
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 changes will 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

Id.

15 U.S.C. 78f(b)(4).

and small.”
The Exchange believes the proposed rule change does not impose any burden on
intramarket competition that is not necessary or appropriate in furtherance of the purposes of the
Act. Particularly, the proposed update to the description of fee code ZM is not being made for
competitive reasons, but rather to ensure the Fee Schedule accurately reflects the order
instructions eligible to yield fee code ZM following the introduction of the RTP TIF. The
proposed change applies to all Members equally.
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. As previously discussed, 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 15% of the market
share.11 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 offexchange 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.”12 The fact that this market is competitive has also
long been recognized by the courts. In NetCoalition v. Securities and Exchange Commission, the

Supra note 3.

See Securities Exchange Act Release No. 51808 (June 9, 2005), 70 FR 37496, 37499 (June 29, 2005).

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 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’….”.13 Accordingly, the Exchange does not believe
its proposed fee changes impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.

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

Act14 and paragraph (f) of Rule 19b-415 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.
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

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)).

15 U.S.C. 78s(b)(3)(A).

17 CFR 240.19b-4(f).

may be submitted by any of the following methods:
Electronic Comments:
•

Use the Commission’s internet comment form
(https://www.sec.gov/rules/sro.shtml); or

•

Send an email to rule-comments@sec.gov. Please include file number SRCboeEDGX-2026-070 on the subject line.

Paper Comments:
•

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-2026-070. 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 (https://www.sec.gov/rules/sro.shtml).
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-2026-070 and should be submitted
on or before [INSERT DATE 21 DAYS AFTER DATE OF PUBLICATION IN THE FEDERAL
REGISTER].
For the Commission, by the Division of Trading and Markets, pursuant to delegated
authority.16

17 CFR 200.30-3(a)(12).

Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-21127 Filed: 10/15/2026 8:45 am; Publication Date: 10/16/2026]