Federal Register #SR-C2-2026-029

Cboe C2 proposes subscription and ad hoc fees for a trade-by-trade options data report

The SEC notice concerns Cboe C2 Exchange’s proposed trade-level options data service, not a government purchase or contract. - Notice and parties - The Securities and Exchange Commission (SEC) published a proposed rule change filed by Cboe C2 Exchange, Inc.; there is no government buyer. - The attachment also begins a separate Surface Transportation Board notice concerning Wilkes-Barre Terminal Railway, which is unrelated to the Cboe data service. - Proposed service - Cboe C2’s optional Trade-by-Trade (TBT) Report for C2 Options would provide transaction-level details, including trade time, underlying symbol, option details, size, price, market context, side, transaction type, and order origin. Trading Permit Holder subscribers would also receive execution IDs. - Data is produced at the end of each trading day and made available overnight on a T+1 basis. - Proposed pricing is $5,000 per month for a subscription or $3,000 per month for ad hoc historical data. Partial-month subscriptions and date-specific requests are prorated. Eligible users who have not previously purchased or received a sample may access a free historical sample. - Named market-data providers referenced - Cboe C2 Exchange, Inc. is the proposed service provider. The filing also references Cboe Exchange, Inc. (Cboe Options), Nasdaq PHLX LLC, The Nasdaq Stock Market LLC, Nasdaq ISE, and Nasdaq in connection with comparable or related data products. - Procurement assessment - No products or services are being solicited by a government buyer; this is a regulatory filing about proposed fees for a voluntary market-data service.

Description

Cboe C2 Exchange, Inc. proposes to introduce a Trade-by-Trade (TBT) report for C2 Options and amend its fee schedule to establish charges for the report. The report would provide trade-level details for each options transaction, be updated at the end of each trading day, and become available to subscribers overnight after midnight Eastern Time (T+1). Proposed fees are $5,000 per month for a subscription and $3,000 per month for ad hoc requests, with a specified historical-data sample offered free to eligible users. The filing also proposes making the product available to Trading Permit Holders and non-TPHs.

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