# 2025-23810: Cboe BYX Syncs Pegged Order Rules with Sister Exchanges Instantly

2025-23810, Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 11.9(c)(8) To Clarify Pegged Order Operation and To Align BYX Rule 11.9(c)(8) With the Corresponding Rule of Its Affiliate Exchanges, Cboe EDGA Exchange, Inc. (“EDGA”) and Cboe EDGX Exchange, Inc. (“EDGX”), is a Federal Register notice from Securities and Exchange Commission published 2025-12-29, effective 2025-12-16 (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-23810
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-23810
- Title: Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 11.9(c)(8) To Clarify Pegged Order Operation and To Align BYX Rule 11.9(c)(8) With the Corresponding Rule of Its Affiliate Exchanges, Cboe EDGA Exchange, Inc. (“EDGA”) and Cboe EDGX Exchange, Inc. (“EDGX”)
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 60819
- Published: 2025-12-29
- Effective: 2025-12-16
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

Cboe BYX Syncs Pegged Order Rules with Sister Exchanges Instantly

## 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.

## Effects PRIA read

- Pegged Orders stay on book when NBBO drops: benefit, low. 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 a…
- BYX rule text aligned with affiliate exchanges: benefit, low. 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: benefit, low. 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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## Sources
- [2025-23810 on federalregister.gov](https://www.federalregister.gov/documents/2025/12/29/2025-23810/self-regulatory-organizations-cboe-byx-exchange-inc-notice-of-filing-and-immediate-effectiveness-of)
- [2025-23810 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-12-29/pdf/2025-23810.pdf)

## Related
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- [Next: 2025-23811, Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing an…](https://policyrisk.com/federal-register/2025-23811)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-23810 (as of 2026-06-08).