# 2026-19396: Cboe BZX Echoes: Non-Members Clearing Trades, Again

2026-19396, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change 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/2026-19396
- As of: 2026-09-30
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2026-19396
- Title: Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change 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 60458
- 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 BZX Echoes: Non-Members Clearing Trades, Again

## Summary

Cboe BZX Exchange just updated a rule to make it clear that companies not officially part of the Exchange can still act as Clearing Firms, helping trades get settled 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. If you are a broker-dealer Member or a firm that clears trades, the Exchange clarified on September 8, 2026 that a non-Member firm may act as a Clearing Firm for a Member. The change is operative upon filing and does not alter the requirement that all transactions be cleared through a registered Qu…
- Non-Member Clearing Firms Still Must Meet Clearing Agency Rules: cost, low. Non-Member Clearing Firms that clear transactions for Members remain subject to the membership requirements of a Qualified Clearing Agency and must execute appropriate guarantee agreements with the Exchange. This obligation continues under the clarified Rule 11.15(a), effective upon filing on Septe…

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## Sources
- [2026-19396 on federalregister.gov](https://www.federalregister.gov/documents/2026/09/23/2026-19396/self-regulatory-organizations-cboe-bzx-exchange-inc-notice-of-filing-and-immediate-effectiveness-of)
- [2026-19396 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-09-23/pdf/2026-19396.pdf)

## Related
- [Previous: 2026-19395, Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and I…](https://policyrisk.com/federal-register/2026-19395)
- [Next: 2026-19397, Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and I…](https://policyrisk.com/federal-register/2026-19397)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2026-19396 (as of 2026-09-30).