Cboe Updates Rules for Short Sale Reporting Accuracy
Published Date: 11/21/2025
Notice
Summary
Cboe EDGA 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 use a specific exception. This change helps keep trading data accurate and follows new national rules. It affects brokers who report trades and takes effect right away, with no extra costs involved.
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Report market-maker BFMM short sales
If you are an Industry Member that reports trades to the Consolidated Audit Trail (CAT), you must record and report, for the original receipt or origination of an order to sell an equity security, whether the order is a short sale for which a market maker is claiming the bona fide market making exception in Rule 203(b)(2)(iii) of Regulation SHO. This change amends Rule 4.7 of the Exchange's CAT Compliance Rule to reflect the CAT NMS Plan amendment and became operative upon filing (filed September 26, 2025).
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Key Dates
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