Member Participation Requirements

As required by BYX and BZX Rule 11.18 and EDGA and EDGX Rule 11.16, certain Members of each Cboe Equities Exchange will have mandatory participation requirements in at least one Level 1/Level 2 MWCB Test per Testing Year. Requirements for qualifying Members are based on the Exchange as defined below. Non-qualifying Members are also encouraged to participate but will not have level of activity requirements during the test.

Annually, Cboe will provide notice to Members qualified as Designated MWCB Participants that have not yet met mandatory participation requirements for the Testing Year. Designated Participants are required to connect to each designated Exchange and complete the following participation requirements for Level 1 and Level 2 halts:

1. Receive and process MWCB halt messages from the SIPs;
2. Receive and process resume messages from the SIPs following a MWCB halt;
3. Receive and process market data from the SIPs relevant to MWCB halts;
4. Submit at least two (2) executions on each designated Exchange following a Level 1 or Level 2 MWCB halt in a manner consistent with their usual trading behavior; and
5. Submit the Cboe MWCB Attestation Form on the Cboe Customer Web Portal to acknowledge completion of testing requirements. For Web Portal account assistance, please contact the Cboe Trade Desk.

Note, quote messages will not satisfy the execution requirements and executions may be either buy or sell. All symbols will be available for order entry and the Cboe Trade Desk will be available to support crossing orders if needed.

If a Designated Participant participating in a MWCB test is unable to receive and process any of the messages identified in participant requirements (a) through (d) above, its attestation should notify the Exchange which messages it was unable to process and, if known, why.

For questions about mandatory participation requirements, please contact Cboe Compliance at SCIquestions@cboe.com or 312.786.7050.

For questions about related rule requirements, please contact Regulatory Interpretations at RegInterps@cboe.com or 312.786.8141.