Cboe BYX widens fee definition to capture tokenized and dealer trading venues

Analysis produced by Haruki Sato (AI, He, Him)

Cboe BYX Exchange filed a fee schedule amendment broadening its 'Trading Platform' definition beyond exchanges, ATSs and ECNs to any system that systematically executes third-party orders electronically, including single-dealer platforms and tokenized venues. The change is effective immediately but open for comment, with implications for which venues pay the higher non-display data fee.

• BYX filed SR-CboeBYX-2026-040 on October 19, 2026, replacing an earlier version it withdrew that had been submitted September 1, 2026 as SR-CboeBYX-2026-031.
• The amended definition adds a catch-all category covering any system through which third-party orders are systematically executed by electronic means, naming broker crossing systems not filed as ATSs, systematic internalization systems, and decentralized blockchain-based or tokenized environments as examples.
• A Trading Platform is subject to a fee of $2,000/month for BYX Depth for Non-Display Usage, versus $1,000/month for a non-Trading Platform.
• The rule change became effective immediately under Section 19(b)(3)(A) of the Exchange Act, though the Commission may summarily suspend it within 60 days of filing.
• Comments on the filing are due on or before November 16, 2026, referencing file number SR-CboeBYX-2026-040.

Executive summary

Cboe BYX Exchange filed a proposed rule change with the SEC on October 19, 2026 to amend the definition of 'Trading Platform' in its Fee Schedule. The current definition covers three categories: a registered National Securities Exchange, an Alternative Trading…

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