Notice2025-20533
Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for the 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
November 21, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 223 (Friday, November 21, 2025)</title>
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[Federal Register Volume 90, Number 223 (Friday, November 21, 2025)]
[Notices]
[Pages 52744-52748]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-20533]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104211; File No. SR-CboeEDGX-2025-075]
Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Adopt Fees for the One-Minute Interval Intraday Open-Close Report
November 18, 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 September 23, 2025, Cboe EDGX Exchange, Inc. (the ``Exchange''
or ``EDGX'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe EDGX Exchange, Inc. (the ``Exchange'' or ``EDGX'') proposes to
adopt fees for the One-Minute Interval Intraday Open-Close Report. The
text of the proposed rule change is in Exhibit 5.
The text of the proposed rule change is also available on the
Commission's website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>), the
Exchange's website (<a href="https://www.cboe.com/us/equities/regulation/rule_filings/bzx/">https://www.cboe.com/us/equities/regulation/rule_filings/bzx/</a>), and at the principal office of the Exchange.
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 amend its fee schedule to adopt fees for
its One-Minute Interval Intraday Open-Close Report and establish the
Qualifying Academic Discount Program for ad hoc purchases of historical
One-Minute Interval Intraday Open-Close Report. The Exchange recently
adopted a new data product known as the One-Minute Interval Intraday
Open-Close Report and the Exchange now proposes to adopt fees for this
product.\3\
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\3\ See Securities Exchange Act Release No. 103321 (June 25,
2025), 90 FR 27894 (June 30, 2025) (SR-CboeEDGX-2025-047).
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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
[[Page 52745]]
10-minute period.\4\ 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.
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\4\ 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.''
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The Exchange recently adopted a new 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.\5\ 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.\6\
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\5\ 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.
\6\ The Exchange also notes that it has introduced clarifying
edits to the existing Intraday Open-Close Data in its Fees Schedule
to distinguish between the pricing for the ten-minute intraday data
and the one-minute intraday data.
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The Exchange proposes to provide in its Fee Schedule that firms may
purchase One-Minute Intraday Open-Close Data on a subscription basis or
by ad hoc request for a specified month (historical file). The Exchange
proposes to assess a monthly fee of $5,000 (or $60,000 per year) for
subscribing to the data feed. The Exchange also proposes to assess a
fee of $1,500 per request per month for an ad-hoc request of historical
One-Minute Intraday Open-Close Data covering all Exchange-listed
securities. An ad-hoc request can be for any number of months beginning
with March 2019 for which the data is available.\7\
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\7\ For example, a firm that requests historical Intraday Open-
Close Data for the months of June 2025 and July 2025, would be
assessed a total of $3,000.
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Additionally, the Exchange proposes to adopt a fee for the external
distribution of products derived from the One-Minute Intraday Open-
Close Data. The Exchange currently assess a fee of $5,000 per month to
allow the unlimited external distribution of Derived Data from the Ten-
Minute Interval Open-Close Data.\8\ By way of background, ``Derived
Data'' is pricing data or other data that (i) is created in whole or in
part from Exchange Data, (ii) is not an index or financial product, and
(iii) cannot be readily reverse-engineered to recreate Exchange Data or
used to create other data that is a reasonable facsimile or substitute
for Exchange Data. Derived Data may be created by Distributors for a
number of different purposes, as determined by the Distributor. The
Exchange now proposes to adopt a fee of $7,500 per month to allow the
unlimited external distribution of Derived Data from One-Minute
Intraday Open-Close Data.\9\
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\8\ See Securities Exchange Act Release No. 94914 (May 13,
2022), 87 FR 30542 (May 19, 2022) (SR-CboeEDGX-2022-028).
\9\ The Exchange notes that this fee is in addition to the
product fees for the One-Minute Intraday Open-Close Data.
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Lastly, the Exchange proposes to implement a similar Qualifying
Academic Discount that is in place for the existing Intraday Open-Close
Data to apply to the One-Minute Intraday Open-Close Data.\10\ The
proposed Qualifying Academic Discount for the One-Minute Intraday Open-
Close Data shall permit qualifying academic purchasers to purchase
historical One-Minute Intraday Open-Close Data for $1,500 per year for
the first year (as opposed to the existing rate of $1,000 per year for
the first year for the existing Intraday Open-Close Data). Additional
months after the first year may be purchased separately and will be
assessed a prorated amount based on the yearly rate (i.e., $125 per
month for historical Intraday Open-Close). Particularly, the Exchange
believes that academic institutions and researchers provide a valuable
service for the Exchange in studying and promoting the options market.
Though academic institutions and researchers have need for granular
options data sets, they do not trade upon the data for which they
subscribe. The Exchange believes the proposed reduced fee for
qualifying academic purchasers of historical One-Minute Intraday Open-
Close Data will encourage and promote academic studies of its market
data by academic institutions. In order to qualify for the academic
pricing, an academic purchaser must be (1) an accredited academic
institution or member of the faculty or staff of such an institution,
(2) that will use the data in independent academic research, academic
journals and other publications, teaching and classroom use, or for
other bona fide educational purposes (i.e., academic use). Furthermore,
use of the data must be limited to faculty and students of an
accredited academic institution, and any commercial or profit-seeking
usage is excluded. Academic pricing will not be provided to any
purchaser whose research is funded by a securities industry
participant. The Exchange notes that these same qualifications are in
place for Qualifying Academic Discount for both the Short Trade Volume
Report offered by the Exchange's affiliated equities exchanges and the
existing EOD Open-Close Data and Intraday Open-Close Data, offered by
the Exchange and its affiliated options exchanges.\11\ The Exchange
notes that while the One-Minute Intraday Open-Close Data is priced
higher than its existing pricing for the Intraday Open-Close Data this
is to be expected, as a participant subscribing to the One-Minute
Intraday Open-Close Data receives 10x the data points than
[[Page 52746]]
a subscriber of Intraday Open-Close Data.
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\10\ See Securities Exchange Act Release No. 92167 (June 14,
2021), 86 FR 33439 (June 24, 2021) (SR-CboeEDGX-2021-028).
\11\ See e.g., Securities Exchange Act Release No. 102967 (May
1, 2025), 90 FR 19343 (May 7, 2025) (SR-CboeBYX-2025-009) and see
also Securities Exchange Act Release No. 92173 (June 14, 2021), 86
FR 33399 (June 24, 2021) (SR-C2-2021-010).
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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.\12\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \13\ 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) \14\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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\12\ 15 U.S.C. 78f(b).
\13\ 15 U.S.C. 78f(b)(5).
\14\ Id.
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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 proposal to
make the One-Minute Intraday Open-Close Data available for purchase
would further broaden the availability of U.S. option market data to
investors consistent with the 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 making the One-Minute Intraday Open-Close Data
available for purchase, 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.
The Exchange believes the proposed fees are reasonable as the
proposed fees reflect modest increases in price relative to the
additional data points being offered in this new One-Minute Intraday
Open-Close Data. As discussed above, a participant who subscribes to
the One-Minute Intraday Open-Close Data receives ten times the data
points that they would receive in comparison to the Intraday Open-Close
Data and are only seeing an increase of five times in the cost for ten
times the amount of data. Similarly, a participant who purchases the
historical One-Minute Intraday Open-Close Data for the month of August
2025 receives ten times the amount of data in contrast to a participant
who purchases the historical Intraday Open-Close Data for the month of
August 2025 with just 3x difference in the costs. Meaning, a
participant receives ten times the data for just three times the cost.
Finally, a Distributor of the Intraday Open-Close Data for Derived Data
is charged $5,000 while a Distributor of the One Minute Intraday Open-
Close Data is charged $7,500--again this permits a Distributor to
distribute Derived Data based on ten times the amount of underlying
data points and to only pay an increased fee of 1.5 times the fee for
the Intraday Open-Close Derived Data. In summary, for each fee for the
One-Minute Intraday Open-Close Data, a participant is able to receive a
greater increase in the amount of data points it receives relative to
the increase in the fee they would pay to receive this additional data.
Of further note, other exchanges also offer similar data
product.\15\ 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.).\16\ The primary distinction between
these reports is that the One-Minute Interval Intraday Open-Close
Report is provided in one minute intervals as opposed to ten minute
intervals.
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\15\ 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).
\16\ Id.
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The Exchange notes that while the pricing of these similar reports
is lower \17\ than the proposed fees, similar to above, a participant
receives a greater increase in the amount of data relative to the
increased fee of a competitor offering.\18\
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\17\ See Price List--U.S. Derivatives Data for Nasdaq PHLX, LLC
(``PHLX''), The Nasdaq Stock Market, LLC (``Nasdaq''), Nasdaq ISE,
LLC (``ISE''), and Nasdaq GEMX, LLC (``GEMX''), available at <a href="http://www.nasdaqtrader.com/Trader.aspx?id=DPPriceListOptions#web">http://www.nasdaqtrader.com/Trader.aspx?id=DPPriceListOptions#web</a>.
Particularly, PHLX offers ``Nasdaq PHLX Options Trade Outline
(PHOTO)'' and assesses $3,000 per month for an intra-day
subscription and $1,000 per month for historical reports; Nasdaq
offers the ``Nasdaq Options Trade Outline (NOTO)'' and assesses
$2,000 per month for an intra-day subscription and $500 per month
for historical reports; ISE offers the ``Nasdaq ISE Open/Close Trade
Profile'' and assesses $2,500 per month for an intra-day
subscription and $1,000 per month for historical reports; and GEMX
offers the ``Nasdaq GEMX Open/Close Trade Profile'' and assesses
$1,500 per month for an intra-day subscription and $750 per month
for historical reports.
\18\ For example, if a firm subscribes to the PHOTO report and
the One-Minute Interval Intraday Open-Close Report, a firm receives
ten times the amount of data provided in the Exchange's One-Minute
Interval Intraday Open-Close Report for only double the cost.
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Furthermore, proposing fees that are excessively higher than
established fees for similar data products, such as the Intraday Open-
Close Data, would simply serve to reduce demand for the
[[Page 52747]]
Exchange's data product, which as noted, is entirely optional. Like the
Exchange's Intraday Open-Close Data and similar data products offered
at other exchanges, the One-Minute Intraday Open-Close Data provides
insight into trading on a specific market and may likewise aid in
assessing investor sentiment. Similarly, market participants may be
able to analyze option trade and volume data, and create and test
trading models and analytical strategies using only the Intraday Open-
Close Data. As such, if a market participant views the Intraday Open-
Close Data as a more attractive offering for its specific business
needs, then such market participant can merely choose to purchase the
Exchange's the Intraday Open-Close Data.
The Exchange also believes the proposed fees are reasonable as they
would support the introduction of a new market data product that is
designed to aid investors by providing further insight into trading on
the Exchange. 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. The Exchange also
believes the proposed fees are equitable and not unfairly
discriminatory as the fees would apply equally to all users who choose
to purchase such data. The Exchange's proposed fees would not
differentiate between subscribers that purchase One-Minute Intraday
Open-Close Data and would allow any interested market participant to
purchase such data based on their business needs.
Lastly, the Exchange believes that the discount for qualifying
academic purchasers for the historical One-Minute Intraday Open-Close
Data is reasonable because academic institutions are not able to
monetize access to the data as they do not trade on the data set. The
Exchange believes the proposed discount will allow for more academic
institutions to purchase the historical One-Minute Intraday Open-Close
Data, and, as a result, promote research and studies of the options
industry to the benefit of all market participants. The Exchange
believes that the proposed discount is equitable and not unfairly
discriminatory because it will apply equally to all academic
institutions that submit an application and meet the accredited
academic institution and academic use criteria. As stated above,
qualified academic purchasers will subscribe to the data set for
educational use and purposes and are not permitted to use the data for
commercial or monetizing purposes, nor can they qualify if they are
funded by an industry participant. As a result, the Exchange believes
the proposed discount is equitable and not unfairly discriminatory
because it maintains equal treatment for all industry participants or
other subscribers that use the data for vocational, commercial or other
for-profit purposes.
As noted above, the Exchange anticipates a wide variety of market
participants to purchase One-Minute Intraday Open-Close Data, including
but not limited to individual customers, buy-side investors and
investment banks. The Exchange reiterates that the decision as to
whether or not to purchase the One-Minute Intraday Open-Close Data is
entirely optional for all potential subscribers. Indeed, no market
participant is required to purchase the One-Minute Intraday Open-Close
Data, and the Exchange is not required to make the One-Minute Intraday
Open-Close Data available to all investors. Rather, the Exchange is
voluntarily making One-Minute Intraday Open-Close Data available, as
requested by customers, and market participants may choose to receive
(and pay for) this data based on their own business needs. Potential
purchasers may request the data at any time if they believe it to be
valuable or may decline to purchase such data.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose 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 make available a data product for purchase that is similar
to those offered by other competitor options exchanges but contains
finer data reporting intervals.\19\
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\19\ See supra note 15.
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The Exchange also does not believe the proposed fees would cause
any unnecessary or inappropriate burden on intermarket competition as
other exchanges are free to introduce their own comparable reports that
includes additional data points with lower prices to better compete
with the Exchange's offerings. The Exchange operates in a highly
competitive environment, and its ability to price the reports is
constrained by competition among exchanges who choose to adopt similar
products. The Exchange must consider this in its pricing discipline in
order to compete for subscribers of the Exchange's market data via the
reports. For example, proposing fees that are excessively higher than
fees for potentially similar data products would simply serve to reduce
demand for the Exchange's reports, which as discussed, market
participants are under no obligation to utilize. In this competitive
environment, potential purchasers are free to choose which, if any,
similar product to purchase to satisfy their need for market
information. As a result, the Exchange believes this proposed rule
change permits fair competition among national securities exchanges.
The Exchange does not believe the proposed rule change would cause
any unnecessary or inappropriate burden on intramarket competition.
Particularly, the proposed fees apply uniformly to any purchaser in
that the Exchange does not differentiate between the different market
participants that may purchase the report. The proposed fees are set at
a reasonable level that would allow any interested market participant
to purchase such data based on their business needs.
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
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \20\ and paragraph (f) of Rule 19b-4 \21\
thereunder. 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
[[Page 52748]]
Commission takes such action, the Commission will institute proceedings
to determine whether the proposed rule change should be approved or
disapproved.
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\20\ 15 U.S.C. 78s(b)(3)(A).
\21\ 17 CFR 240.19b-4(f).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
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#b1c3c4ddd49cd2dedcdcd4dfc5c2f1c2d4d29fd6dec7"><span class="__cf_email__" data-cfemail="e597908980c8868a8888808b9196a5968086cb828a93">[email protected]</span></a>. Please include
file number SR-CboeEDGX-2025-075 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-CboeEDGX-2025-075. 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 filing 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-CboeEDGX-2025-075 and should be
submitted on or before December 12, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\22\
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\22\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-20533 Filed 11-20-25; 8:45 am]
BILLING CODE 8011-01-P
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