Cboe BYX Syncs Pegged Order Rules with Sister Exchanges Instantly
Published Date: 12/29/2025
Notice
Summary
Cboe BYX Exchange is updating its rule about Pegged Orders to make things clearer and match the rules of its sister exchanges, EDGA and EDGX. This change affects traders using BYX and takes effect immediately, with no extra costs involved. It’s all about making trading smoother and more consistent across these exchanges.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Pegged Orders stay on book when NBBO drops
If you use Pegged Orders on BYX, the order will no longer be cancelled back to you when the national best bid or offer (NBB or NBO) becomes unavailable. Instead the Pegged Order will remain on the BYX book but will be ineligible for execution until the NBB or NBO returns; when it becomes eligible again the order gets a new time stamp.
BYX rule text aligned with affiliate exchanges
BYX amended Rule 11.9(c)(8) to align its Pegged Order description with EDGA/EDGX Rule 11.6(j). The amendment is intended to provide consistent rules across BYX and its affiliate exchanges and does not introduce new or unique functionality beyond what EDGA and EDGX have filed with the Commission.
Rule change effective immediately; comment window
The BYX proposed rule change was filed on December 16, 2025 and became effective upon filing under the Commission's non-controversial rule-change process. The Commission may suspend it within 60 days, and written comments are invited on or before January 20, 2026.
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