Member Selection Criteria
The Exchanges designate Members to participate in mandatory testing. Members meeting the following criteria are determined to be Designated Participants of each Exchange and shall be required to connect to each applicable Exchange and participate in functional and performance testing:
- Member accounts for five (5) percent or more of the executed volume, measured on a quarterly basis during Q1 2026, on BYX Equities, BZX Equities, EDGA Equities, and EDGX Equities; or
- Member participates as a Lead Market-Maker (LMM) with respect to one or more securities listed on BZX Equities during Q1 2026.
Designated MWCB Participants are required to connect to and participate in testing on each Exchange market for which they meet the established criteria. Note that Designated MWCB Participants who use a third party for connectivity must participate; it is not sufficient for only the third party to participate in testing. The Exchanges will announce testing dates periodically. Designated MWCB Participants are required to complete all testing obligations as defined in Member Participation Requirements - during at least one test per Testing Year.
The Testing Year consists of the four scheduled tests immediately following the designated calendar quarter by which Designated MWCB Participants were determined. Designated MWCB Participants who qualified for mandatory participation based on Q1 2026 data must complete Member Participant Requirements in the 2026 Testing Year. Testing dates can be found in Test Dates.