Federal Register #SR-CBOE-2026-059

Cboe Exchange, Inc. Proposed Fee Waiver Expansion for Complex Order Book Data Feed

This notice concerns a proposed rule change by Cboe Exchange, Inc. regarding its Complex Order Book (COB) Data Feed fee structure: - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets - OEM/Vendor: - Cboe Exchange, Inc. (primary and only OEM mentioned) - Products/Services: - C1 Complex Order Book Data Feed subscription - 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: - Expansion of the Retail Broker Waiver Program to include waivers for Internal Distributor Fees, in addition to existing waivers for External Distributor and Enterprise Fees - Waiver applies for two years from enrollment for qualifying retail brokers - Eligibility limited to new external distributors who meet the retail broker definition and have not been external distributors in the past 18 months - No procurement of products or services is being requested or awarded in this notice; it is a regulatory announcement

Description

The Securities and Exchange Commission published a notice regarding a proposed rule change by Cboe Exchange, Inc. to amend its fee schedule for its complex order book data feed. The amendment includes expanding the Retail Broker Waiver Program to waive Internal Distributor Fees in addition to existing waivers for External Distributor and Enterprise Fees. This change aims to incentivize retail brokers to integrate and distribute the data feed internally and externally, promoting broader dissemination of market data to retail investors. The waiver program applies for two years from enrollment and targets new external distributors who meet the retail broker definition and have not been external distributors in the past 18 months.

View original listing