Federal Register #SR-CboeBZX-2026-089

Cboe BZX proposes a subscription and ad hoc Trade-by-Trade Report for BZX Options

The SEC notice describes Cboe BZX Exchange’s proposed historical options-data service, not a government purchase. - Notice and parties - The Securities and Exchange Commission (SEC) published a notice about a proposal by Cboe BZX Exchange, Inc.; the SEC is not the buyer. - The notice also mentions Cboe Exchange, Inc. (Cboe Options), Nasdaq PHLX LLC, and The Nasdaq Stock Market LLC as providers of comparable or related market-data products. - Proposed service - A voluntary BZX Options Trade-by-Trade (TBT) Report for Options Members and non-Options Members. - Provides individual trade details, including time, underlying symbol, options contract details, size, price, market context, buy/sell side, transaction type, and order origin. Options Members also receive execution IDs for eligible trades. - Updated after each trading day and made available overnight on a T+1 basis. - Proposed fees and access - Subscription: $6,000 per month. - Ad hoc historical-data requests: $4,000 per month of data. - A free sample may be offered to eligible first-time users. - Procurement status - This is a proposed exchange market-data offering and fee schedule, not a government procurement solicitation. No purchase quantity, contract value, or government buyer is specified.

Description

Cboe BZX Exchange, Inc. proposes to introduce a Trade-by-Trade (TBT) report for BZX Options and amend its fee schedule to establish fees for the report. The report would provide historical, trade-level details for each options transaction, be updated at the end of each trading day, and be available overnight on a T+1 basis. The proposed fees are $6,000 per month for a subscription and $4,000 per month for ad hoc requests, with a specified free sample available to eligible users. The notice invites comments on the proposed rule change.

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