# 2026-19394: Cboe BYX: Non-Members Can Clear Trades, Yawn

2026-19394, Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating To Amend Rule 11.15(a) To Clarify That a Non-Member May Act as a Clearing Firm, is a Federal Register notice from Securities and Exchange Commission published 2026-09-23, effective 2026-09-08; PRIA reads it as touching household money (as of 2026-09-30).

- Canonical: https://policyrisk.com/federal-register/2026-19394
- As of: 2026-09-30
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2026-19394
- Title: Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating To Amend Rule 11.15(a) To Clarify That a Non-Member May Act as a Clearing Firm
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 91 FR 60464
- Published: 2026-09-23
- Effective: 2026-09-08
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-09-30

## In one line

Cboe BYX: Non-Members Can Clear Trades, Yawn

## Summary

Cboe BYX Exchange just updated a rule to make it clear that companies who aren’t official members can still act as clearing firms, helping trades settle smoothly. This change affects brokers and dealers and is effective immediately, with no extra costs involved. It’s a smart move to keep things running efficiently and open up more options for clearing trades.

## Effects PRIA read

- Non‑Members Can Serve as Clearing Firms: benefit, low. The Exchange amended Rule 11.15(a) to clarify that a non‑Member firm may act as a "Clearing Firm" and clear transactions for a Member. The Exchange filed the proposed change on September 8, 2026 and the SEC designated the change operative upon filing; the change is meant to provide clarity and give…
- Clearing Still Requires Qualified Clearing Agency Membership: cost, low. The rule change does not alter the requirement that all transactions be cleared through a Qualified Clearing Agency using a continuous net settlement system. Non‑Member Clearing Firms, like Member Clearing Firms, remain subject to the membership requirements of a Qualified Clearing Agency and must…

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## Sources
- [2026-19394 on federalregister.gov](https://www.federalregister.gov/documents/2026/09/23/2026-19394/self-regulatory-organizations-cboe-byx-exchange-inc-notice-of-filing-and-immediate-effectiveness-of)
- [2026-19394 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-09-23/pdf/2026-19394.pdf)

## Related
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- [Next: 2026-19395, Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and I…](https://policyrisk.com/federal-register/2026-19395)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2026-19394 (as of 2026-09-30).