Federal Register #SR-CBOE-2026-033

Proposed Rule Change: Cboe Exchange, Inc. Fee Schedule Update for Complex Order Book Data Feed

This notice details a proposed rule change by Cboe Exchange, Inc. regarding its fee schedule for the Cboe Options Complex Order Book (COB) data feed: - Government Buyer: - Securities and Exchange Commission (SEC) - OEMs and Vendors: - Cboe Exchange, Inc. (primary entity proposing the rule change) - Products/Services Requested: - Cboe Options Complex Order Book (COB) data feed - Provides real-time market data on complex order strategies, including outstanding quotes, standing orders, last sale data, and customer vs. non-customer contract totals - Notable Requirements and Features: - Introduction of a new 'Retail Broker' definition - Implementation of tiered enterprise license fees for non-professional users - Waiver program to incentivize retail brokers to subscribe to the COB data feed - Focus on increasing retail investor access to market data and promoting competition among exchanges - No specific part numbers, quantities, or additional OEMs are mentioned - No direct procurement of hardware or software; this is a regulatory notice impacting market data access and pricing

Description

The Securities and Exchange Commission announced a proposed rule change by Cboe Exchange, Inc. to amend its fee schedule. The amendment establishes a new "Retail Broker" definition and related pricing for the exchange's Complex Order Book (COB) data feed. The proposal includes introducing enterprise license tiers for non-professional users and a waiver program to incentivize retail brokers to utilize the data feed. The rule change aims to increase access to market data for retail investors and promote fair competition.

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