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 9, 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 and II 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

The Exchange proposes to: (i) replace the term “registered clearing agency” with “Qualified Clearing Agency;” (ii) clarify that a non-Member may act as a Clearing Firm; and (iii) require that a Member seeking to participate in the Exchange's Overnight Trading Session must maintain a separate, effective letter of guarantee or authorization from a Clearing Firm that is properly authorized by the relevant Qualified Clearing Agency to clear and settle transactions effected during the Overnight Trading Session.

The text of the proposed rule change is also available on the Exchange's website ( markets.cboe.com/​us/​options/​regulation/​rule_​filings/​edgx/​), at the Exchange's Office of the Secretary, and at the Commission's Public Reference Room.

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 Rule 11.13 (Clearance and Settlement; Anonymity) to: (i) replace the term “registered clearing agency” with “Qualified Clearing Agency;”^[3] (ii) clarify that a non-Member ^[4] may act as a Clearing Firm ^[5] ; and (iii) require that a Member seeking to participate in the Exchange's Overnight Trading Session ^[6] must maintain a separate, effective letter of guarantee or authorization from a Clearing Firm that is properly authorized by the relevant Qualified Clearing Agency to clear and settle transactions effected during the Overnight Trading Session.^[7] The Exchange also proposes to provide that the Exchange may prevent a Member's access and connectivity to the Exchange during the Overnight Trading Session if an effective letter of guarantee or authorization required to participate in the Overnight Trading Session is not on file with the Exchange. As described below, the proposed rule change is based on the rules of the Exchange's affiliate options exchange, Cboe Exchange, Inc. (“C1”), specifically C1 Rule 3.61(a)(1) and (2), and is tailored to EDGX's equities rules and EDGX's Overnight Trading Session.

Background and Proposed Rule Change

Rule 11.13(a) currently provides that all transactions through the facilities of the Exchange shall be cleared and settled through a registered clearing agency using a continuous net settlement system. The rule further provides that this requirement may be satisfied by direct participation, use of direct clearing services, or by entry into a correspondent clearing arrangement with another member that clears trades through a Qualified Clearing Agency. If a Member clears transactions through another Member that is a member of a Qualified Clearing Agency (“Clearing Member”), such Clearing Member shall affirm to the Exchange in writing, through a letter of authorization, letter of guarantee, or other agreement acceptable to the Exchange, its agreement to assume responsibility for clearing and settling any and all trades executed by the Member designating it as its clearing firm. The rules of any such clearing agency shall govern with respect to the clearance and settlement of any transactions executed by the Member on the Exchange.

First, the Exchange proposes to amend the following sentences in Rule 11.13(a):

“All transactions through the facilities of the Exchange shall be cleared and settled through a registered clearing agency using a continuous net settlement system.”

“If a Member clears transactions through another Member that is a member of a Qualified Clearing Agency (“Clearing Member”), such Clearing Member shall affirm to the Exchange in writing, through letter of authorization, letter of guarantee, or other agreement acceptable to the Exchange, its agreement to assume responsibility for clearing and settling any and all trades executed by the Member designating it as its clearing firm.”

The proposed rule text would state:

“All transactions through the facilities of the Exchange shall be cleared and settled through a Qualified Clearing ( printed page 60462) Agency using a continuous net settlement system.”

“If a Member clears transactions through another firm that is a member of a Qualified Clearing Agency (“Clearing Firm”), such Clearing Firm shall affirm to the Exchange in writing, through letter of authorization, letter of guarantee, or other agreement acceptable to the Exchange, its agreement to assume responsibility for clearing and settling any and all trades executed by the Member designating it as its Clearing Firm.”

The Exchange proposes the above changes to its existing rule text: (i) to replace the term “registered clearing agency” with the defined term “Qualified Clearing Agency” and (ii) to clarify to market participants that a non-Member firm may clear transactions for a Member. The proposed change to introduce the term “Qualified Clearing Agency” in the first sentence of Rule 11.15(a) is a clarifying change to introduce a more precise term that is already defined in the Exchange's rulebook.^[8] While the Exchange believes its current rule text does permit non-Members to clear transactions for a Member,^[9] the proposed change to replace the term “Member” with the term “Firm” and refer to a “Clearing Firm” rather than “Clearing Member” provides necessary additional clarity to market participants. The proposed rule change does not alter the fundamental requirement that all transactions be cleared through a registered clearing agency using a continuous net settlement system. Non-Member Clearing Firms, along with Member Clearing Firms, remain subject to the membership requirements of a Qualified Clearing Agency and must execute appropriate guarantee agreements with the Exchange.

The Exchange notes that its affiliate equities exchanges Cboe BYX Exchange, Inc. (“BYX”), Cboe BZX Exchange, Inc. (“BZX”), and Cboe EDGA Exchange, Inc. (“EDGA”) plan to submit similar proposals ^[10] to make clear that a non-Member firm may clear transactions for a Member.

Next, the Exchange proposes to amend Rule 11.13(a) to include a provision addressing the Overnight Trading Session ^[11] and the need for a Member to maintain a separate letter of guarantee or authorization to participate in the Overnight Trading Session. The Exchange proposes to add language to Rule 11.13(a) based on substantially similar language found in the rules of its affiliate options exchange, C1.

C1 Rule 3.61(a)(1) provides that each Trading Permit Holder ^[12] with trading functions on C1 shall provide a letter of guarantee or authorization for its trading activities from a Clearing Trading Permit Holder ^[13] in a form and manner prescribed by C1.^[14] It further provides that, in order to participate in Global Trading Hours (“GTH”),^[15] a Trading Permit Holder must have a letter of guarantee from a Clearing Trading Permit Holder that is properly authorized by the Options Clearing Corporation (“OCC”) to operate during GTH. C1 Rule 3.61(a)(2) provides that a Trading Permit Holder may not engage in any trading activities on C1 if an effective letter of guarantee or authorization required to engage in those activities is not on file with C1, and that C1 may prevent access and connectivity to C1 by that Trading Permit Holder.

The Exchange proposes to adopt substantially similar language as is currently found in C1 Rule 3.61(a)(1)-(2) in Rule 11.13(a), with differences only to account for terminology applicable to EDGX. Specifically, the proposed rule change would add language to Rule 11.13(a) providing that, in order to participate in the Overnight Trading Session, which is substantially similar in operating hours to C1's GTH applicable to index options, a Member must provide a separate letter of guarantee or authorization from a Clearing Firm that is properly authorized ^[16] by the relevant Qualified Clearing Agency to clear and settle transactions during the Overnight Trading Session. The proposed rule change would also provide that a Member may not participate in trading activities on the Exchange during the Overnight Trading Session if an effective ^[17] letter of guarantee or authorization required to participate in the Overnight Trading Session is not on file with the Exchange, and that the Exchange may prevent access and connectivity to the Exchange during the Overnight Trading Session by that Member.

The proposed language uses “Member” rather than “Trading Permit Holder,” “Clearing Firm” rather than “Clearing Trading Permit Holder,” “Qualified Clearing Agency” rather than “Options Clearing Corporation,” and “Overnight Trading Session” rather than “Global Trading Hours” or “GTH,” to conform to EDGX's existing rule terminology. These adaptations reflect the fact that EDGX is an equities exchange and the Overnight Trading Session on EDGX is substantially similar to C1's GTH session applicable to index options for purposes of this requirement.

The Exchange believes these proposed amendments are necessary to ensure that Members seeking to participate in the Overnight Trading Session have a Clearing Firm relationship that is specifically authorized for overnight clearing and settlement operations, thereby supporting the integrity of the clearance and settlement process during the Overnight Trading Session and ensuring that adequate financial responsibility exists for all trades executed during that session. ( printed page 60463)

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.^[18] Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) ^[19] 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) ^[20] requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers.

The Exchange believes that clarifying that a registered clearing agency is a Qualified Clearing Agency and that a non-Member may act as a Clearing Firm is consistent with Section 6(b)(5) of the Act because it promotes just and equitable principles of trade and removes impediments to and perfects the mechanism of a free and open market by providing transparency to market participants regarding the scope of firms that may provide clearing services to Members, which supports the efficient functioning of the clearance and settlement process and protects investors and the public interest. This proposed change is also not unfairly discriminatory because it applies equally to all market participants.

Additionally, the Exchange notes that the proposed clarification related to Qualified Clearing Agencies and non-Member clearing firms specifically fosters cooperation and coordination with persons engaged in clearing and settling transactions in securities by removing potential ambiguity regarding which entities may provide clearing services to Members. Enhanced clarity in this area facilities the establishment of clearing relationships and supports the prompt and accurate settlement of transactions, which directly protects investors and the public interest. The proposed change also removes impediments to and perfects the mechanism of a free and open market by ensuring that Members have access to a broader range of clearing arrangements without regulatory uncertainty.

The Exchange further believes the proposed rule change is compliant with the Act because it would ensure that Members participating in the Overnight Trading Session have appropriate clearing and settlement arrangements in place that are specifically authorized for operations during the Overnight Trading Session. By requiring a separate letter of guarantee or authorization from a Clearing Firm that is properly authorized by the relevant Qualified Clearing Agency to clear and settle transactions during the Overnight Trading Session, the proposal supports the integrity of the clearance and settlement process, reduces the risk of failed settlements, and ensures that adequate financial responsibility exists for all trades executed during the Overnight Trading Session. Similarly, the proposed rule change is designed to prevent fraudulent and manipulative acts and practices because the proposal to require an additional letter of guarantee to participate in the Overnight Trading Session ensures that only those Members with proper clearing and settlement arrangements may trade during the Overnight Trading Session. This requirement protects against the risk that trades executed during the Overnight Trading Session may be effected without adequate financial backing for their clearance and settlement, thereby reducing systemic risk and protecting the integrity of the market.

Additionally, the Exchange believes the proposed rule change is designed to promote just and equitable principles of trade and to remove impediments to and perfect the mechanism of a free and open market and a national market system. The Exchange's proposed requirement for a separate Overnight Trading Session guarantee is substantially similar to the existing requirement on its affiliate options exchange, C1, which requires a separate letter of guarantee in order to participate in GTH. The proposal establishes a clear, uniform framework for Members seeking to participate in the Overnight Trading Session and provides clarity and certainty to Members regarding the requirements for Overnight Trading Session participation, which the Exchange believes will facilitate orderly trading during that session.

The Exchange further believes that the proposed rule change is designed to foster cooperation and coordination with persons engaged in clearing, settling, and facilitating transactions in securities, consistent with Section 6(b)(5) of the Act. By requiring that the Clearing Firm issuing the letter of guarantee or authorization be properly authorized by the relevant Qualified Clearing Agency to clear and settle transactions during the Overnight Trading Session, the proposal ensures coordination between the Exchange, its Members, Clearing Firms, and the Qualified Clearing Agency with respect to overnight clearing and settlement operations.

In addition, the Exchange believes that the proposed rule change is not designed to permit unfair discrimination because the requirement to maintain a separate letter of guarantee or authorization for Overnight Trading Session participation will apply equally to all Members seeking to participate in the Overnight Trading Session. The proposal does not create any preferential treatment among Members; rather, it establishes a uniform standard that all Members must satisfy to engage in Overnight Trading Session activity. Should a Member not wish to participate in the Overnight Trading Session, it would not be required to obtain any additional authorization to continue trading during other trading sessions offered by the Exchange.

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. Specifically, the Exchange does not believe the proposed rule change will impose any burden on intramarket competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed clarifying change to utilize the term Qualified Clearing Agency and to state that a non-Member may serve as a Clearing Firm will apply to all Members (and non-Members) equally. Further, the proposed requirement to maintain a separate letter of guarantee or authorization for Overnight Trading Session participation applies equally to all Members seeking to participate in the Overnight Trading Session on an equal and non-discriminatory basis. The requirement is intended to support clearing and settlement readiness during the Overnight Trading Session, rather than to restrict competition. Any Member that obtains the requisite letter of guarantee or authorization from a properly authorized Clearing Firm may participate in the Overnight Trading ( printed page 60464) Session on the same terms as any other Member.

Further, the Exchange does not believe the proposed rule change will impose any burden on intermarket competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change is not being made for competitive reasons, but rather to provide clarity and certainty to Members regarding the requirements for serving as a Clearing Firm and for Overnight Trading Session participation. The Exchange also anticipates that competitor exchanges will introduce similar requirements for participation in the Overnight Trading Session. As such, the Exchange does not believe the proposed rule change raises any competitive concerns.

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

Because the foregoing proposed rule change does not: (i) significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days after the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A)(iii) of the Act ^[21] and subparagraph (f)(6) of Rule 19b-4 thereunder.^[22]

A proposed rule change filed under Rule 19b-4(f)(6) ^[23] normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b-4(f)(6)(iii),^[24] the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposed rule change may become operative immediately upon filing. The Exchange states that its proposal to clarify that a non-Member may act as a Clearing Firm does not introduce any new or novel functionality and is a clarifying change. The Exchange further states that waiver of the operative delay would allow the Exchange to update its rulebook immediately upon effectiveness of the proposal. The Exchange also states that the introduction of a separate letter of guarantee or authorization to participate in the Overnight Trading Session is substantially similar to the requirements of the Exchange's affiliated options exchange, C1. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest as the proposal does not raise any new or novel issues. Therefore, the Commission hereby waives the 30-day operative delay and designates the proposed rule change to be operative upon filing.^[25]

At any time within 60 days of the filing of such 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 shall institute proceedings under Section 19(b)(2)(B) ^[26] of the Act 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 may be submitted by any of the following methods:

Electronic Comments

• Use the Commission's internet comment form (www.sec.gov/​rules/​sro.shtml); or
• Send an email torule-comments@sec.gov. Please include file number SR-CboeEDGX-2026-061 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-2026-061. 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 ( 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-2026-061 and should be submitted on or before October 14, 2026.