Notice2025-23336
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Introduce a Historical Trade-by-Trade Report
Primary source
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Published
December 19, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 242 (Friday, December 19, 2025)</title>
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[Federal Register Volume 90, Number 242 (Friday, December 19, 2025)]
[Notices]
[Pages 59603-59605]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-23336]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104415; File No. SR-CBOE-2025-088]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To
Introduce a Historical Trade-by-Trade Report
December 16, 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 December 11, 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,
II, and III 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.
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\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).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes
to introduce a Trade-by-Trade report.
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/options/regulation/rule_filings/bzx/">https://www.cboe.com/us/options/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 introduce a Trade-by-Trade report (``TBT
Report''), which will be available for purchase to Cboe Trading Permit
Holders (``TPHs'') and non-TPHs.\5\ The TBT Report will provide
subscribers with comprehensive trade-by-trade level detail for each
options transaction executed on the Exchange. The TBT Report will be
produced and updated at the end of each trading day and be made
available to subscribers overnight after midnight Eastern Time (i.e.,
T+1), ensuring that the data is strictly historical and cannot be used
to influence intraday trading decisions.\6\
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\5\ The Exchange intends to submit a separate rule filing to
establish fees for the TBT Report.
\6\ The Exchange will announce via Exchange Notice the
implementation date of the proposed rule change no later than 90
days after the operative date of this rule filing.
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Specifically, each row in the TBT Report will represent a single
trade event and will include transaction time, trading floor timestamp,
underlying symbol, Options Symbology Initiative (``OSI'') details
(e.g., root, expiry, strike, call/put), trade size, trade price, market
context indicators (e.g., National Best Bid/National Best Offer, local
Best Bid/Best Offer), side of the market (i.e., buy or sell),
transaction type (opening or closing), and origin (i.e., customer,
professional customer, broker-dealer, and market maker), as well as the
subscribing Member's execution IDs for both Simple Book \7\ and Complex
Order Book \8\ trades that will better allow for accurate linkage and
reconstruction of trading activity.
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\7\ The term ``Simple Book'' means the electronic book of simple
orders and quotes maintained by the System, which single book is
used during all trading sessions. See Rule 1.1.
\8\ The terms ``Complex Order Book'' and ``COB'' mean the
Exchange's electronic book of complex orders used for all trading
sessions. See Rule 5.33.
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The Exchange anticipates a wide variety of market participants
would purchase the TBT Report, including, but not limited to,
individual customers, buy-side investors, and investment banks. The
Exchange believes the proposed TBT Report will aid subscribers in
performing detailed transaction-level analysis, compliance checks, and
historical market reconstruction. The TBT Report may also serve as a
foundation for analytics on liquidity, price formation, and trade
behavior at a trade-by-trade level. The proposed TBT Report 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
and are not required to purchase the TBT Report.
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
[[Page 59604]]
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.
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\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(5).
\11\ 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 proposed TBT
Report 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 the TBT Report. The proposed rule change would benefit investors by
providing access to the TBT Report, which as noted above, may aid
subscribers in performing detailed transaction-level analysis,
compliance checks, and historical market reconstruction. The TBT Report
may also serve as a foundation for analytics on liquidity, price
formation, and trade behavior at a trade-by-trade level. Additionally,
trade-by-trade information regarding opening and closing activity
across different option series may indicate investor sentiment, which
can be helpful trading information.
Notably, the Exchange notes that it previously submitted a filing
for a similar data product, the Intraday Open-Close Data, which was
immediately effective upon filing.\12\ By way of background, the
Intraday Open-Close Data provides summary level data 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. The Intraday Open-Close Data is offered in two different
intervals, where options transaction data is captured in snapshots
taken either every 1-minute interval or 10-minute interval during the
trading day. This data is then made available to subscribers within 5-
minutes of the conclusion of the 1-minute or 10-minute interval period.
\13\
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\12\ See Securities Exchange Act Release No. 89494 (August 6,
2020), 85 FR 48733 (August 12, 2020) (SR-CBOE-2020-070) (10-minute
interval); see also Securities Exchange Act Release No. 103323 (June
26 [sic], 2025), 90 FR 27884 (June 30, 2025) (SR-CBOE-2025-042) (1-
minute interval).
\13\ 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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Importantly, given the TBT Report's similarities to the Intraday
Open-Close Data, the Exchange believes that this proposal does not
present any new or novel issues. In terms of utility, the Exchange
believes that the proposed TBT Report is very similar in nature to the
Intraday Open-Close Data. While there are some differences between the
Intraday Open-Close Data and the TBT Report (e.g., timing of delivery)
the utility of these reports is substantially similar. Specifically,
the TBT Report and the Intraday Open-Close Data both provide
information regarding options trading activity on the Exchange, which
in turn, may be used by subscribers to create and test trading models
and analytical strategies, and provide comprehensive insight into
trading on the Exchange. The functional difference is merely the level
of granularity a subscriber may desire to view executed options
transactions and the timeline on which each product is delivered--i.e.,
on a per symbol aggregated level in 1-minute or 10-minute intervals and
delivered intraday on a delayed basis (Intraday Open Close Data), or as
proposed, on a trade-by-trade level that is delivered on a T+1 basis
(the proposed TBT Report). Importantly, by offering the TBT Report as
well as the Intraday Open-Close Data, subscribers will have an
additional option for historical trade data and may choose to purchase
the data that best suits their business needs.
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. Specifically,
the Exchange notes that both NASDAQ OMX PHLX (``PHLX'') and the NASDAQ
Stock Market (``NASDAQ'') offer PHLX Options Trade Outline (``PHOTO'')
\14\ and NASDAQ Options Trade Outline (``NOTO''),\15\ respectively,
which compete with the Exchange's Intraday Open-Close Data. In this
regard, the Exchange believes that its proposal will promote
competition by permitting the Exchange to offer a data product similar
to those offered by other competitor options exchanges but that also
contains more granular data reporting details on a trade-by-trade
basis, rather than on an aggregated basis.
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\14\ PHOTO and NOTO 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.). See Nasdaq PHLX Options--Trade Outline (PHOTO) Intraday,
available at: <a href="https://data.nasdaq.com/databases/PHOTO">https://data.nasdaq.com/databases/PHOTO</a>; see also
Nasdaq Options Market--Trade Outline (NOTO) Intraday, available at:
<a href="https://data.nasdaq.com/databases/NOTOI">https://data.nasdaq.com/databases/NOTOI</a>.
\15\ Id.
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Furthermore, the Exchange believes the proposed TBT Report is an
iteration of the Intraday Open-Close Data, as well as PHOTO and NOTO,
and as such, represents the type of innovation and competition that Reg
NMS sought to create. In this regard, the Exchange is proposing to
introduce the TBT Report 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 more granular, trade-by-trade
data would be helpful to review.
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.
[[Page 59605]]
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 \16\ and
Rule 19b-4(f)(6) \17\ 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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\16\ 15 U.S.C. 78s(b)(3)(A).
\17\ 17 CFR 240.19b-4(f)(6).
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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#ff8d8a939ad29c9092929a918b8cbf8c9a9cd1989089"><span class="__cf_email__" data-cfemail="a5d7d0c9c088c6cac8c8c0cbd1d6e5d6c0c68bc2cad3">[email protected]</span></a>. Please include
file number SR-CBOE-2025-088 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-2025-088. 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-CBOE-2025-088 and should be submitted on
or before January 9, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
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\18\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-23336 Filed 12-18-25; 8:45 am]
BILLING CODE 8011-01-P
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