Cboe EDGX Tweaks CAT Rules for Short Sale Reporting
Published Date: 11/21/2025
Notice
Summary
Cboe EDGX Exchange is updating its rules to make sure brokers report if a stock sale order is a special kind of short sale where market makers claim a legit exception. This change matches new national rules and affects brokers who report trades to the Consolidated Audit Trail. The update is effective immediately, so brokers need to follow the new reporting right away, but it doesn’t change any fees.
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Brokers Must Report BFMM Short Sales
If you are an Industry Member (a broker-dealer) that reports trades to the Consolidated Audit Trail (CAT), you must record and report whether the original receipt or origination of any order to sell an equity security is a short sale for which a market maker claims the bona fide market making exception in Rule 203(b)(2)(iii) of Regulation SHO. The Exchange added subparagraph (G) to Rule 4.7(a)(2) to implement the CAT NMS Plan requirement (Section 6.4(d)(ii)(D)). This amendment is effective immediately (operative upon filing on September 26, 2025) and the filing states it does not change any fees.
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