Federal Register #SR-CboeBZX-2026-062

SEC Notice: Discounted Market Data Feeds for Small Retail Brokers and Enhanced Options Volume Reporting

This opportunity centers on proposed rule changes by major U.S. exchanges to expand access to real-time market data for retail brokers and investors. - Government Buyer: - U.S. Securities and Exchange Commission (SEC), Division of Trading and Markets - OEMs and Vendors: - Cboe BZX Exchange, Inc. - NYSE Arca, Inc. - Cboe EDGA Exchange, Inc. - Cboe BYX Exchange, Inc. - Cboe EDGX Exchange, Inc. - Products/Services Requested: - BZX Top Data Feed (Cboe BZX Exchange): - Provides top-of-book quotations and last sale information - Discounted External Distribution Fee of $2,000/month for Small Retail Brokers - Eligibility: Distribution to ≤10,000 Non-Professional Data Users, with ≥90% being Non-Professional - One-Minute Interval Intra-Day Report (NYSE Arca): - Enhanced options trading volume summary, updated every minute - Unique/Notable Requirements: - Focus on increasing market data accessibility for small retail brokers and retail investors - Strict eligibility criteria for discounted pricing - Emphasis on promoting competition and modernization in market data distribution - No hardware or physical products; subscription-based data services only - Related Data Feeds: - Similar offerings from Cboe EDGA, BYX, EDGX, and Cboe One Summary Data Feed - Contract Value: - Discounted monthly fee for eligible brokers ($2,000/month for BZX Top Data Feed) - No explicit contract value for NYSE Arca report; likely subscription-based pricing

Description

The Securities and Exchange Commission has issued a notice regarding a proposed rule change by Cboe BZX Exchange, Inc. to introduce a Small Retail Broker Distribution Program for the BZX Top Data Feed. This program offers a discounted External Distribution Fee of $2,000 per month to Small Retail Brokers purchasing the BZX Top Data Feed, which provides top-of-book quotations and last sale information. The program aims to increase access to market data for retail investors by reducing fees for smaller brokers, thereby promoting competition and investor choice. Eligibility criteria include that at least 90% of the distributor's subscribers are Non-Professional Data Users and the distributor serves no more than 10,000 such users.

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