Notice2025-22864
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its Complex Order Market Data Feeds
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
December 16, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 239 (Tuesday, December 16, 2025)</title>
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<body><pre>
[Federal Register Volume 90, Number 239 (Tuesday, December 16, 2025)]
[Notices]
[Pages 58344-58348]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-22864]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104369; File No. SR-CboeBZX-2025-159]
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt
Fees for Its Complex Order Market Data Feeds
December 11, 2025.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that, on December 4, 2025, Cboe BZX Exchange, Inc. (the ``Exchange'' or
``BZX'') 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 BZX Exchange, Inc. (the ``Exchange'' or ``BZX Options'')
proposes to adopt fees for its market data feeds. 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
[[Page 58345]]
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 modify its fee schedule to implement fees
for its BZX Options Complex Depth, BZX Options Complex Top, and BZX
Options Complex Auction Feeds for the Exchange's Complex Order Book \3\
(collectively, the ``Complex Order Feeds'').\4\ BZX Options Complex
Depth is a data feed that offers depth of book quotations and execution
information based on options orders entered onto the Complex Order
Book. BZX Options Complex Top is a data feed that offers top of book
quotations and execution information based on orders entered onto the
Complex Order Book. Finally, BZX Options Complex Auction provides
information regarding the current status of price and size information
related to auctions conducted by the Exchange for the Complex Order
Book. Similar to the Exchange's BZX Options Depth Feed and BZX Options
Top Feed, the Complex Order Feeds are all real-time market data feeds.
Each of the Exchange's Complex Order Feeds can help subscribers make
informed investment decisions and operate in the same manner as the
Exchange's affiliated options exchange feeds.\5\ Market participants
are not required to purchase the Complex Order Feeds. Moreover, market
participants are not required to purchase a Complex Order Feed in order
to receive BZX Options Top or BZX Options Depth. Similarly, market
participants are not required to purchase BZX Options Top or BZX
Options Depth in order to receive the Complex Order Feeds.
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\3\ Complex Order Book and COB The terms ``Complex Order Book''
and ``COB'' mean the Exchange's electronic book of complex orders
used for all trading sessions. See BZX Rule 21.18.
\4\ The Complex Order feeds were introduced by the Exchange on
October 13, 2025. See SR-CboeBZX-2025-127. The Complex Order feeds
were launched in conjunction with BZX Options' offering of complex
order types, effective October 13, 2025. See SR-CboeBZX-2025-126.
\5\ See e.g., Cboe EDGX Rule 21.15(b)(1), 21.15(b)(2) and
21.15(b)(5). Noting that all three feeds: EDGX Options Depth, EDGX
Options Top and EDGX Options Auction Feed, offer separate data feeds
for the EDGX Simple Book and EDGX Complex Order Book as such terms
are defined in EDGX Rule 21.20.
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The proposed Complex Order Feed fees include the following, each of
which are described in detail below: (i) Distribution fees for both
Internal Distributors \6\ and External Distributors; \7\ and (ii) Usage
fees for both Professional Users \8\ and Non-Professional Users.\9\
Fora mid-month subscription, the monthly fees shall be prorated based
on the initial date of subscription.\10\
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\6\ An Internal Distributor of an Exchange Market Data product
is a Distributor that receives the Exchange Market Data product and
then distributes that data to one or more Users within the
Distributor's own entity.
\7\ An External Distributor of an Exchange Market Data product
is a Distributor that receives the Exchange Market Data product and
then distributes that data to a third party or one or more Users
outside the Distributor's own entity.
\8\ A Professional User of an Exchange Market Data product is
any User other than a Non-Professional User.
\9\ A ``Non-Professional User'' of an Exchange Market Data
product is a natural person or qualifying trust that uses Data only
for personal purposes and not for any commercial purpose and, for a
natural person who works in the United States, is not: (i)
registered or qualified in any capacity with the Securities and
Exchange Commission, the Commodities Futures Trading Commission, any
state securities agency, any securities exchange or association, or
any commodities or futures contract market or association; (ii)
engaged as an ``investment adviser'' as that term is defined in
Section 202(a)(11) of the Investment Advisors Act of 1940 (whether
or not registered or qualified under that Act); or (iii) employed by
a bank or other organization exempt from registration under federal
or state securities laws to perform functions that would require
registration or qualification if such functions were performed for
an organization not so exempt; or, for a natural person who works
outside of the United States, does not perform the same functions as
would disqualify such person as a Non-Professional User if he or she
worked in the United States.
\10\ The Exchange notes that for the purposes of proration, the
first date of initial subscription will be November 13, 2025, which
is the date the US government, and United States Securities and
Exchange Commission re-opened. Due to the US government shutdown,
the Exchange initially submitted the proposed rule change on
November 13, 2025 (SR-CboeBZX-2025-143). On November 25, 2025, the
Exchange withdrew that proposal and submitted SR-CboeBZX-2025-153.
On December 4, 2025, the Exchange withdrew that filing and submitted
this proposal.
BZX Options Complex Top/Complex Depth/Complex Auction
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Internal Distribution Fee................ $2,000/month
External Distribution Fee................ $1,500/month.
Professional User Fee.................... $20/month.
Non-Professional User Fee................ $1.00/month.
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Distribution Fees
The Exchange proposes charging Internal Distributors $2,000 per
month, and External Distributors $1,500 per month, to access and
distribute any one or all of the Complex Order Feeds. Additionally, the
Exchange proposes to add language to its fee schedule providing that
when a Distributor receives a Complex Order Feed for both Internal and
External Distribution the Distributor will be subject to the greater of
the two Distribution fees. Furthermore, the Exchange proposes to add
language to its fee schedule that Distributors of any one of BZX
Options Complex Top Feed, BZX Options Complex Depth Feed, and/or BZX
Options Complex Auction Feed may receive, at no additional charge,
access to any or all of the aforementioned Complex Order Feeds.
User Fees
The Exchange proposes to assess a monthly fee for Professional
Users of $20 per User. Non-Professional Users will be assessed a
monthly fee of $1.00 per User. Distributors that receive any one BZX
Options Complex Depth Feed, BZX Options Complex Top Feed, and/or the
BZX Options Complex Auction Feed, will be required to count every
Professional User and Non-Professional User to which they provide the
market data product(s), the requirements for which are identical to
that currently in place for other market data products offered by the
Exchange's equity trading platform. A User of any one of the Complex
Order Feeds may receive, at no additional charge, access to any or all
of the other aforementioned Complex Order Feeds. Thus, a Distributor's
count will include every person and device that accesses the data
regardless of the purpose for which the individual or device uses the
data. Distributors must report all Professional and Non-Professional
Users in accordance with the following:
<bullet> In connection with a Distributor's distribution of a
Complex Order Feed, the Distributor should count as one User each
unique User that the Distributor has entitled to have access to the
market data product. However, where a device is dedicated specifically
to a single individual, the Distributor should count only the
individual and need not count the device.
<bullet> The Distributor should identify and report each unique
User. If a User uses the same unique method to gain access to the
Complex Order Feed, the Distributor should count that as one User.
However, if a unique User uses multiple methods to gain access to the
Complex Order Feed (e.g., a single User has multiple passwords and user
identifications), the Distributor should report all of those methods as
an individual User.
<bullet> Distributors should report each unique individual person
who receives access through multiple devices as one User so long as
each device is dedicated specifically to that individual.
<bullet> If a Distributor entitles one or more individuals to use
the same device, the
[[Page 58346]]
Distributors should include only the individuals, and not the device,
in the count.
Each of these proposed changes will be codified on the Exchange's
Fee Schedule in a new section titled, ``BZX Options Complex Top,
Complex Depth, Complex Auction Feeds:''.
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.\11\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \12\ 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) \13\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers. The Exchange also believes the proposed rule
change is consistent with Section 6(b)(4) of the Act,\14\ which
requires that Exchange rules provide for the equitable allocation of
reasonable dues, fees, and other charges among its Trading Permit
Holders and other persons using its facilities.
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\11\ 15 U.S.C. 78f(b).
\12\ 15 U.S.C. 78f(b)(5).
\13\ Id.
\14\ 15 U.S.C. 78f(b)(4).
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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 consumers of such
data. It was believed that this authority would expand the amount of
data available to users and consumers of such data and also spur
innovation and competition for the provision of market data. The
Exchange believes that the proposed Complex Order Feeds are the sort of
market data product that the Commission envisioned when it adopted
Regulation NMS. The Commission concluded that Regulation NMS--by
deregulating the market in proprietary data--would itself further the
Act's goals of facilitating efficiency and competition:``[E]fficiency
is promoted when broker-dealers who do not need the data beyond the
prices, sizes, market center identifications of the NBBO and
consolidated last sale information are not required to receive (and pay
for) such data. The Commission also believes that efficiency is
promoted when broker-dealers may choose to receive (and pay for)
additional market data based on their own internal analysis of the need
for such data.'' \15\
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\15\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496 (June 29, 2005) (``Regulation NMS Adopting
Release'').
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By removing ``unnecessary regulatory restrictions'' on the ability
of exchanges to sell their own data, Regulation NMS advanced the goals
of the Act and the principles reflected in its legislative history. The
Exchange's Complex Order Feeds provide investors with new options for
receiving market data, which was a primary goal of the market data
amendments adopted by Regulation NMS.\16\
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\16\ See Regulation NMS Adopting Release, supra, at 37503.
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The Complex Order Feeds are designed for firms that are interested
in gaining insight into the real time market data for the Complex Order
Book. The Exchange believes that providing this optional data to
interested market participants for a fee is consistent with
facilitating transactions in securities, removing impediments to and
perfecting the mechanism of a free and open market and a national
market system, and, in general, protecting investors and the public
interest because it provides additional information and insight to
Exchange activity to market participants making routing decisions
concerning their options order. Furthermore, the Complex Order Feeds
would benefit investors by facilitating their prompt access to the
value-added information in connection with the launch of Complex Orders
on BZX.\17\ The Complex Order Feeds will also enable market
participants to make informed decisions for trading on the Exchange's
Complex Order Book by using the Exchange Complex Order Feeds to assess
current market conditions that directly affect such decisions.
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\17\ See SR-CboeBZX-2025-126.
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The Exchange believes the proposed fees for the Complex Order Feeds
are reasonable as the Exchange is offering any market participant
access to subscribe to this report in the subscribing firm's sole
discretion and based on their own unique business needs. The report is
optional for market participants to subscribe to if they believe it to
be helpful and it is not required for Options Members \18\ to purchase
in order to access the Exchange. Additionally, a subscriber may cancel
their usage of a Complex Order Feed at any time.
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\18\ The term ``Options Member'' means a firm, or organization
that is registered with the Exchange pursuant to Chapter XVII of
these Rules for purposes of participating in options trading on BZX
Options as an ``Options Order Entry Firm'' or ``Options Market-
Maker.'' See BZX Rule 16.1.
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In addition, the proposed fees would not permit unfair
discrimination because all of the Exchange's subscribers and market
data vendors will be subject to the proposed fees on an equivalent
basis. The Complex Order Feeds are distributed and purchased on a
voluntary basis, in that neither the Exchange nor market data
distributors are required by any rule or regulation to make this data
available. Accordingly, Distributors and Users can discontinue use at
any time and for any reason, including due to an assessment of the
reasonableness of fees charged. Firms have a wide variety of
alternative market data products from which to choose, such as similar
proprietary data products offered by other exchanges and consolidated
data. Moreover, the Exchange is not required to make any proprietary
data products available or to offer any specific pricing alternatives
to any customers.
Distribution Fees
The Exchange believes that the Distribution Fees for the Complex
Order Feeds are reasonable and fair in light of alternatives offered by
other market centers. The Complex Order Feeds provides investors with
alternative market data and competes with a similar market data product
currently offered by PHLX. Specifically, PHLX charges a fee of $5,500
per month for internal distribution, and $6,000 per month for external
distribution, of its TOPO Plus Order feed (``TOPO Plus'').\19\ The
Exchange notes that TOPO Plus provides subscribers with access to both
simple and complex PHLX options order data,\20\ while subscribers to an
Exchange Complex Order Feed product must separately purchase a Complex
[[Page 58347]]
Order Feed and BZX Options Top and/or BZX Options Depth. Importantly,
however, the Exchange notes that the costs of doing so are still less
than that charged by PHLX, for both internal and external distribution.
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\19\ See Price List--U.S. Derivatives Data, available at:
<a href="https://data.nasdaq.com/price-list#TOPOPlusPHLXOrders">https://data.nasdaq.com/price-list#TOPOPlusPHLXOrders</a>.
\20\ See ``Market Data Product Matrix and Specifications,''
PHLX-TOPO Plus Order, ``Provides simple and complex PHLX order data
from the PHLX Orders data feed as well as top of file quotation
information and PHLX last sale data from the Top of PHLX Options
(TOPO) data feed.:); available at: <a href="https://data.nasdaq.com/market-data-specifications#options_q">https://data.nasdaq.com/market-data-specifications#options_q</a>.
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Internal External
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BZX product:
BZX Options Top/BZX Options Depth $3,000/month......................... $2,000/month.
(``Simple Book Feeds'').
Complex Order Feed................... $2,000/month......................... $1,500/month.
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Total............................ $5,000/month......................... $3,500/month.
PHLX Product:
TOPO................................. $5,500............................... $6,000.
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Specifically, an Exchange Internal Distributor who purchased both
BZX Options Top and/or BZX Options Depth, as well a Complex Order Feed,
would be assessed a total monthly fee of $5000 ($3,000 + $2,000), which
is less than the monthly fee of $5,500 that an internal distributor
would be assessed by PHLX for subscribing to TOPO. Notably, by
purchasing any one of BZX Options Top or BZX Options Depth, the
Internal Distributor would have access to both data feeds. Likewise, by
purchasing any one of the Complex Order Feeds, the Internal Distributor
would have access to any of the aforementioned Complex Order Feeds.
Similarly, an External Distributor who purchased both BZX Options
Top and/or BZX Options Depth, as well as a Complex Order Feed, would be
assessed a total monthly fee of $3,500 ($2,000 + $1,500), which is less
than the monthly fee $6,000 that an external distributor would be
assessed by PHLX for subscribing to TOPO. Notably, by purchasing any
one of BZX Options Top or BZX Options Depth, the Internal Distributor
would have access to both data feeds. Likewise, by purchasing any one
of the Complex Order Feeds, the Internal Distributor would have access
to any of the aforementioned Complex Order Feeds.
An Internal and External Distributor of BZX Options Top and/or BZX
Options Depth, as well as a Complex Order Feed would be charged the
greater of two fees for the Simple Book Feeds, and separately for the
Complex Order Feed, for a total of $5,000 per month ($3,000 + $2,000).
This fee is still less than the fees charged by PHLX for either
internal distribution ($5,500 per month)) or external distributions
($6,000 per month).
User Fees
The Exchange believes its proposed Non-Professional and
Professional User fees for its Complex Order Feeds are reasonable
because they are comparable to similar fees assessed by the Exchange's
competitors. For instance, Nasdaq Options Market charges $1.00 per non-
professional user, and $42.10 per professional user.\21\ Here, each of
the proposed fees is either equal to or less than that charged by
Nasdaq Options Market for their non-professional and professional
users. Specifically, the Exchange proposes to also charge $1.00 per
Non-Professional User, but only $20.00 per Professional User.
Additionally, an Exchange User of any one of the Complex Order Feeds
may have access to any or all of the other aforementioned Complex Order
Feeds.
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\21\ See Price List--U.S. Derivatives Data, available at:
<a href="https://data.nasdaq.com/price-list#NasdaqOptionsMarketUserFees">https://data.nasdaq.com/price-list#NasdaqOptionsMarketUserFees</a>.
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The Exchange further notes that its proposed Non-Professional and
Professional User fees for its Complex Order Feeds are identical to
those charged by MIAX Options for it Top of Market (``ToM'') and
Complex Top of Market (``cToM'').\22\ Moreover, like MIAX, an Exchange
User of any one of the Complex Order Feeds may have access to any or
all of the other aforementioned Complex Order Feeds.
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\22\ See ``MIAX Options Fee Schedule,'' MIAX Top of Market
(``ToM'') and Complex Top of Market (``cToM''), available at:
<a href="https://www.miaxglobal.com/sites/default/files/fee_schedule-files/MIAX_Options_Fee_Schedule_09122025.pdf">https://www.miaxglobal.com/sites/default/files/fee_schedule-files/MIAX_Options_Fee_Schedule_09122025.pdf</a>.
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Additionally, Nasdaq MRX charges Professional Users $25.25 per
month and Non-Professional Users $1.00 per month for the Nasdaq MRX Top
of Market feed and the Nasdaq MRX Depth of Market Feed.\23\ Notably,
the Exchange's proposed Professional User fees for its Complex Order
Feeds are less than those charged by Nasdaq MRX. Specifically, for each
Complex Order Feed the Exchange seeks to charge $1.00 per month for
each Non-Professional User and $20.00 per month for each Professional
User. The Exchange's proposed Professional User fee ($20.00/per user,
per month) is lower than Nasdaq MRX's professional user fee ($25.25/per
user, per month) and its Non-Professional User fee is equal to Nasdaq
MRX's non-professional user fee. Additionally, an Exchange User of any
one of the Complex Order Feeds may have access to any or all of the
other aforementioned Complex Order Feeds.
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\23\ See Price List--U.S. Derivatives Data, available at:
<a href="https://data.nasdaq.com/price-list#NasdaqMRXSubscriberFees">https://data.nasdaq.com/price-list#NasdaqMRXSubscriberFees</a>.
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Overall, each of the above examples of other exchanges' market data
fees support the proposition that the Exchange's proposed User fees are
comparable to those of other exchanges and therefore reasonable.
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 charging for access to its Complex Order Feeds will
enhance competition by providing market participants with a new option
for receiving market data. The Exchange's proposed fees for its Complex
Order Feeds will also further enhance competition between exchanges as
other exchanges also offer market data feeds for their own complex
order books.\24\ Additionally, the Exchange believes the proposed rule
change does not impose any burden on intramarket competition that is
not necessary or appropriate in furtherance of the purposes of the Act.
Market participants are not required to purchase any of the Complex
Order Feeds. Rather, the Exchange is making these additional order
feeds available, and firms 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.
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\24\ See Securities Exchange Act Release No. 85207 (February 27,
2019), 84 FR 7963 (March 5, 2019) (SR-EMERALD-2019-09) (Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change to
Establish MIAX Emerald Top of Market Data Feed, MIAX Emerald Complex
Top of Market Data Feed, MIAX Emerald Administrative Information
Subscriber Data Feed, and MIAX Emerald Order Feed).
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[[Page 58348]]
In addition, the proposed fees are constrained by competition. The
existence of alternatives to the Complex Order Feeds further ensures
that the Exchange cannot set unreasonable fees, or fees that are
unreasonably discriminatory, when vendors and subscribers can elect
such alternatives. That is, the Exchange competes with other exchanges
(and their affiliates) that provide similar market data products. If
another exchange (or its affiliate) were to charge less to distribute
its similar product than the Exchange charges to distribute its Complex
Order Feeds, prospective Users likely would not subscribe to, or would
cease subscribing to these market data products.
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 \25\ and paragraph (f) of Rule 19b-4 \26\
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 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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\25\ 15 U.S.C. 78s(b)(3)(A).
\26\ 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="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#790b0c151c541a1614141c170d0a390a1c1a571e160f"><span class="__cf_email__" data-cfemail="285a5d444d054b4745454d465c5b685b4d4b064f475e">[email protected]</span></a>. Please include
file number SR-CboeBZX-2025-159 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-CboeBZX-2025-159. 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-CboeBZX-2025-159 and should be submitted
on or before January 6, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\27\
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\27\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-22864 Filed 12-15-25; 8:45 am]
BILLING CODE 8011-01-P
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