Notice2025-11999
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Introduce a One-Minute Interval Intraday Open-Close Report
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
June 30, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 90 Issue 123 (Monday, June 30, 2025)</title>
</head>
<body><pre>
[Federal Register Volume 90, Number 123 (Monday, June 30, 2025)]
[Notices]
[Pages 27884-27887]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-11999]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103323; File No. SR-CBOE-2025-042]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To
Introduce a One-Minute Interval Intraday Open-Close Report
June 25, 2025.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on June 13, 2025, Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe
Options'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the Exchange. The Exchange
filed the proposal as a ``non-controversial'' proposed rule change
pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-
4(f)(6) thereunder.\4\ The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe'') proposes to
introduce a One-Minute Interval Intraday Open-Close Report.
The text of the proposed rule change is also available on the
Exchange's website (<a href="http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx">http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx</a>), at the Exchange's Office of the
Secretary, and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to introduce a new data product on Cboe to be
known as the One-Minute Interval Intraday Open-Close Report, which will
be available for purchase to Cboe Trading
[[Page 27885]]
Permit Holders (``TPHs'') and non-TPHs.\5\
---------------------------------------------------------------------------
\5\ The Exchange intends to submit a separate rule filing to
establish fees for the One-Minute Interval Intraday Open-Close
Report.
---------------------------------------------------------------------------
By way of background, the Exchange currently offers End-of-Day
(``EOD'') and Intraday Open-Close Data (collectively, ``Open-Close
Data''). EOD Open-Close Data is an end-of-day volume summary of trading
activity on the Exchange at the option level by origin (customer,
professional customer, broker-dealer, and market maker), side of the
market (buy or sell), price, and transaction type (opening or closing).
The customer and professional customer volume is further broken down
into trade size buckets (less than 100 contracts, 100-199 contracts,
greater than 199 contracts). The EOD Open-Close Data is proprietary
Exchange trade data and does not include trade data from any other
exchange. It is also a historical data product and not a real-time data
feed. The Exchange also offers Intraday Open-Close Data, which provides
similar information to that of EOD Open-Close Data but is produced and
updated every 10 minutes during the trading day. Data is captured in
``snapshots'' taken every 10 minutes throughout the trading day and is
available to subscribers within five minutes of the conclusion of each
10-minute period.\6\ The Intraday Open-Close Data provides a volume
summary of trading activity on the Exchange at the option level by
origin (customer, professional customer, broker-dealer, and market
maker), side of the market (buy or sell), and transaction type (opening
or closing). The customer and professional customer volume are further
broken down into trade size buckets (less than 100 contracts, 100-199
contracts, greater than 199 contracts). The Intraday Open-Close Data is
proprietary Exchange trade data and does not include trade data from
any other exchange. All Open-Close Data products are completely
voluntary products, in that the Exchange is not required by any rule or
regulation to make this data available and that potential customers may
purchase it on an ad-hoc basis only if they voluntarily choose to do
so.
---------------------------------------------------------------------------
\6\ For example, subscribers to the intraday product receive the
first calculation of intraday data by approximately 9:42 a.m. ET,
which represents data captured from 9:30 a.m. to 9:40 a.m.
Subscribers receive the next update at 9:52 a.m., representing the
data previously provided together with data captured from 9:40 a.m.
through 9:50 a.m., and so forth. Each update represents the
aggregate data captured from the current ``snapshot'' and all
previous ``snapshots.''
---------------------------------------------------------------------------
The Exchange now proposes to offer Intraday Open-Close Data that is
the same as the existing Intraday Open-Close Data, except that is
produced and updated every minute during the trading day (the ``One-
Minute Intraday Open-Close Data''). The One-Minute Intraday Open-Close
Data is captured in ``snapshots'' taken every 1 minute throughout the
trading day and would be available to subscribers within five minutes
of the conclusion of each one-minute period.\7\ Similar to the existing
Intraday Open-Close Data, the One-Minute Intraday Open-Close Data
provides a volume summary of trading activity on the Exchange at the
option level by origin (customer, professional customer, broker-dealer,
and market maker), side of the market (buy or sell), and transaction
type (opening or closing). The customer and professional customer
volume are further broken down into trade size buckets (less than 100
contracts, 100-199 contracts, greater than 199 contracts). The One-
Minute Intraday Open-Close Data is proprietary Exchange trade data and
does not include trade data from any other exchange.
---------------------------------------------------------------------------
\7\ For example, subscribers to the one-minute intraday product
would receive the first calculation of intraday data by
approximately 9:34 a.m. ET, which represents data captured from 9:30
a.m. to 9:31 a.m. Subscribers will receive the next update at 9:35
a.m., representing the data previously provided together with data
captured from 9:31 a.m. through 9:32 a.m., and so forth. Each update
will represent the aggregate data captured from the current
``snapshot'' and all previous ``snapshots.'' There may be
variability in the time delivered during the day based on market
activity; the Exchange expects to deliver this in intervals ranging
from 2-5 minutes after the one-minute interval.
---------------------------------------------------------------------------
The Exchange anticipates a wide variety of market participants
would purchase One-Minute Intraday Open-Close Data, including, but not
limited to, individual customers, buy-side investors, and investment
banks. The Exchange believes the proposed One-Minute Intraday Open-
Close Data may also provide helpful trading information regarding
investor sentiment that may allow market participants to make better
trading decisions throughout the day and may be used to create and test
trading models and analytical strategies and provides comprehensive
insight into trading on Cboe. For example, more frequent intraday open
data may allow a market participant to identify new interest or
possible risk throughout the trading day, while intraday closing data
may allow a market participant to identify fading interests in a
security. The proposal is a completely voluntary product, in that the
Exchange is not required by any rule or regulation to make this data
available and that potential subscribers may purchase it only if they
voluntarily choose to do so. As described further herein, the Exchange
notes that other exchanges offer a similar data product; albeit at a
less frequent interval.\8\
---------------------------------------------------------------------------
\8\ See Securities Exchange Act Release No. 62887 (September 10,
2010), 75 FR 57092 (September 17, 2010) (SR-Phlx-2010-121); See also
Securities Exchange Act Release No. 65587 (October 18, 2011), 76 FR
65765 (October 24, 2011) (SR-NASDAQ-2011-144).
---------------------------------------------------------------------------
The Exchange further notes that the data fields themselves that are
provided in the existing Intraday Open-Close Data are the same as the
proposed One-Minute Intraday Open-Close Data. The only distinction is
that there will be more data reporting intervals provided within the
One-Minute Interval Intraday Open-Close Report as the data is delivered
based on one-minute intervals as opposed to ten-minute intervals.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\9\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \10\ requirements that the rules of an exchange be
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest. Additionally,
the Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \11\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(5).
\11\ Id.
---------------------------------------------------------------------------
In adopting Regulation NMS, the Commission granted self-regulatory
organizations (``SROs'') and broker-dealers increased authority and
flexibility to offer new and unique market data to the public. It was
believed that this authority would expand the amount of data available
to consumers, and also spur innovation and competition for the
provision of market data. The Exchange believes that the proposed One-
Minute Intraday Open-Close Data would further broaden the availability
of U.S. option market data to investors consistent with the
[[Page 27886]]
principles of Regulation NMS. The proposal also promotes increased
transparency through the dissemination of One-Minute Intraday Open-
Close Data. The proposed rule change would benefit investors by
providing access to the One-Minute Intraday Open-Close Data, which as
noted above, may promote better informed trading. Particularly,
information regarding opening and closing activity across different
option series may indicate investor sentiment, which can be helpful
trading information. Subscribers to the data may be able to enhance
their ability to analyze option trade and volume data on an intraday
basis, and create and test trading models and analytical strategies.
The Exchange believes One-Minute Intraday Open-Close Data provides a
valuable tool that subscribers can use to gain comprehensive insight
into the trading activity in a particular series, but also emphasizes
such data is not necessary for trading. The Exchange believes that
market participants may find it beneficial to receive additional data
based on these shorter intervals as opposed to the existing 10-minute
intervals provided in the Intraday Open-Close Data. While use cases are
the same as the existing 10-minute intervals currently provided, the
increased frequency provides more current information and, more data
reporting intervals throughout the day to gain knowledge of the trading
activity by origin. Of further note, the Exchange has created this
proposed new report in response to customer feedback.
Moreover, other exchanges also offer a similar data product.\12\
Specifically, NASDAQ OMX PHLX (``PHLX'') and the NASDAQ Stock Market
LLC (``NASDAQ'') offer the PHLX Options Trade Outline (``PHOTO'') and
NASDAQ Options Trade Outline (``NOTO''), respectively. PHOTO and NOTO
provide similar information as that included in the proposed One-Minute
Intraday Open-Close Data. Similar to the One-Minute Intraday Open-Close
Data, both the PHOTO and NOTO intraday products include periodic,
cumulative data for a particular trading session for a particular
option series. Both reports include information regarding the aggregate
number of trades to open a position, aggregate number of trades to
close a position, and the origin of the trades based on the specific
categories of market participants (i.e., customers, broker-dealers,
market makers, etc.).\13\ The primary distinction between these reports
is that the proposed One-Minute Interval Intraday Open-Close Report
will be provided in one minute intervals as opposed to ten minute
intervals.
---------------------------------------------------------------------------
\12\ See supra note 8.
\13\ Id.
---------------------------------------------------------------------------
Further, as mentioned above, the Exchange currently provides an
Intraday Open-Close Data that contains the same values, the only
distinction is that the proposed product will be provided on a more
frequent basis, allowing for subscribing market participants to have
more data reporting intervals. While no other exchanges currently offer
this data at a one-minute interval, the Exchange believes this is the
innovation that and competition that Reg NMS sought to create.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act. Rather, the
Exchange believes that the proposal will promote competition by
permitting the Exchange to offer a data product similar to those
offered by other competitor options exchanges but contains finer data
reporting intervals.\14\
---------------------------------------------------------------------------
\14\ Id.
---------------------------------------------------------------------------
As described above, the proposed One-Minute Interval Intraday Open-
Close Report is similar to both the intraday PHOTO and NOTO reports
offered, as all three reports provide information regarding the
aggregate number of trades to open a position, aggregate number of
trades to close a position, and the origin of the trades based on the
specific categories of market participants (i.e., customers, broker-
dealers, market makers, etc.). However, the proposed report will
deliver data on a more frequent basis (based on data captured in one-
minute intervals as opposed to ten-minute intervals).
The Exchange is proposing to introduce One-Minute Intraday Open-
Close Data in order to keep pace with changes in the industry and
evolving customer needs, and believes this proposed rule change would
contribute to robust competition among national securities exchanges,
by meeting the needs of such customers. The Exchange has received
feedback from customers that additional data intervals would be helpful
to review. While use cases are the same as the existing 10-minute
intervals currently provided, the increased frequency provides more
current information and more data reporting intervals throughout the
day to gain knowledge of the trading activity by origin.
As a result, the Exchange believes this proposed rule change
permits fair competition among national securities exchanges.
Therefore, the Exchange does not believe the proposed rule change will
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act. Furthermore,
this product offering is entirely optional and is available to anyone
who believes this data will be helpful for their purposes. As such, the
Exchange does not believe this proposed rule change places a burden on
intramarket competition.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not:
A. significantly affect the protection of investors or the public
interest;
B. impose any significant burden on competition; and
C. become operative for 30 days from the date on which it was
filed, or such shorter time as the Commission may designate, it has
become effective pursuant to Section 19(b)(3)(A) of the Act \15\ and
Rule 19b-4(f)(6) \16\ thereunder.\17\
---------------------------------------------------------------------------
\15\ 15 U.S.C. 78s(b)(3)(A).
\16\ 17 CFR 240.19b-4(f)(6).
\17\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
---------------------------------------------------------------------------
At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
[[Page 27887]]
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#b0c2c5dcd59dd3dfddddd5dec4c3f0c3d5d39ed7dfc6"><span class="__cf_email__" data-cfemail="443631282169272b2929212a3037043721276a232b32">[email protected]</span></a>. Please include
file number SR-CBOE-2025-042 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-CBOE-2025-042. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for website viewing and
printing in the Commission's Public Reference Room, 100 F Street NE,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. Do not
include personal identifiable information in submissions; you should
submit only information that you wish to make available publicly. We
may redact in part or withhold entirely from publication submitted
material that is obscene or subject to copyright protection. All
submissions should refer to file number SR-CBOE-2025-042 and should be
submitted on or before July 21, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
---------------------------------------------------------------------------
\18\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-11999 Filed 6-27-25; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on June 30, 2025.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.