Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 11.9(f) (“Match Trade Prevention (“MTP”) Modifiers) To Revise the Definition of Unique Identifier
Published Date: 2/4/2026
Notice
Summary
Cboe BYX Exchange is updating its rule about Match Trade Prevention (MTP) by changing how it defines a Unique Identifier. This tweak helps traders avoid accidental matching trades and keeps the market fair and smooth. The change is effective immediately, so traders and firms using MTP should take note now—no extra costs involved!
Analyzed Economic Effects
4 provisions identified: 2 benefits, 2 costs, 0 mixed.
More ways to set a Unique Identifier
The Exchange changed the definition of a "Unique Identifier" so it can be created in three situations: (i) at the MPID level, (ii) at the firm level (e.g., Exchange Member or trading group), or (iii) when a User indicates MTP is needed to prevent transactions with no change in beneficial ownership. This lets Users request MTP in more situations where they believe a trade would not change beneficial ownership (for example to avoid wash sales or self-trades).
Attestation required for certain Unique IDs
If you request a Unique Identifier under the new item (iii) — i.e., because you indicate MTP is necessary to prevent transactions with no change in beneficial ownership — you must complete an Exchange-provided attestation before the Exchange creates that Unique Identifier. Users able to use MPID-level or firm-level identifiers do not need this attestation because existing documentation already supports those identifiers.
Rule change effective immediately on filing
The Exchange filed the rule change on January 28, 2026 and the Commission waived the usual 30-day delay so the change is operative upon filing. The Exchange also plans to implement the change during the first quarter of 2026 and will announce the implementation date by Trade Desk Notice.
MTP stays optional; users keep compliance duty
Match Trade Prevention (MTP) remains an optional tool for Users; the Exchange says MTP does not replace firm-managed risk controls. Users (not the Exchange) keep full responsibility for ensuring their orders comply with securities laws and supervisory obligations.
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