# Federal Register #SR-CboeBZX-2026-089

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

**Buyer:** Securities and Exchange Commission
**Posted:** November 06, 2026
**Respond By:** November 27, 2026
**Identifier:** SR-CboeBZX-2026-089
**NAICS:** 523210

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.

[View original listing](https://www.federalregister.gov/documents/2026/11/06/2026-22653/self-regulatory-organizations-cboe-bzx-exchange-inc-notice-of-filing-and-immediate-effectiveness-of)