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Notice2026-00517

Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Market Data Fees

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Published

January 14, 2026

Issuing agencies

Securities and Exchange Commission

Full Text

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<title>Federal Register, Volume 91 Issue 9 (Wednesday, January 14, 2026)</title>
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[Federal Register Volume 91, Number 9 (Wednesday, January 14, 2026)]
[Notices]
[Pages 1562-1568]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-00517]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-104570; File No. SR-CboeEDGZ-2026-001]

Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Amend Its Market Data Fees

January 9, 2026.
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 January 2, 2026, Cboe EDGX Exchange, Inc. (the ``Exchange'' or
``EDGX'') filed with the Securities and Exchange Commission
(``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 Options'')
proposes to establish fees for certain of 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 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 the
Statutory Basis for, the Proposed Rule Change

1. Purpose
Currently, EDGX Options offers the following market data feeds for
its options Simple Book: \3\ EDGX Options Depth Feed \4\ (``EDGX
Options Depth''), EDGX Options Top Feed \5\ (``EDGX Options Top''), and
EDGX Options Auction Feed \6\ (``EDGX Options

[[Page 1563]]

Auction'') (collectively, the ``Simple Book Feeds''). Similarly, the
Exchange also offers the following market data feeds for its options
Complex Order Book: \7\ EDGX Options Complex Depth,\8\ EDGX Options
Complex Top,\9\ and EDGX Options Complex Auction \10\ (``Complex Order
Feeds''). Currently, Distributors \11\ of any one of the Simple Book
Feeds/Complex Order Feeds may receive, at no additional charge, access
to any of the aforementioned Simple Book Feeds/Complex Order Feeds.\12\
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\3\ The term ``Simple Book'' means the Exchange's regular
electronic book of orders. See EDGX Rule 21.210.
\4\ EDGX Options Depth is an uncompressed data feed that offers
depth of book quotations and execution information based on options
orders entered into the System. The Exchange offers separate EDGX
Options Depth data feeds for the Exchange's Simple Book and the
Exchange's Complex Order Book, as such terms are defined in Rule
21.20. See EDGX Rule 21.15.
\5\ EDGX Options Top is an uncompressed data feed that offers
top of book quotations and execution information based on options
orders entered into the System. The Exchange offers separate EDGX
Options Top data feeds for the Exchange's Simple Book and the
Exchange's Complex Order Book, as such terms are defined in Rule
21.20. Id.
\6\ The EDGX Options Auction Feed is an uncompressed data
product that provides information regarding the current status of
price and size information related to auctions conducted by the
Exchange. The Exchange offers separate EDGX Options Auction data
feeds for the Exchange's Simple Book and the Exchange's Complex
Order Book, as such terms are defined in Rule 21.20. Id.
\7\ The terms ``Complex Order Book'' and ``COB'' mean the
Exchange's electronic book of complex orders used for all trading
sessions. See EDGX Rule 21.20.
\8\ Supra note 4.
\9\ Supra note 5.
\10\ Supra note 6.
\11\ A Distributor of an Exchange Market Data product is any
entity that receives the Exchange Market Data product directly from
the Exchange or indirectly through another entity and then
distributes it internally or externally to a third party
\12\ For example: a subscriber to EDGX Options Depth may receive
access, at no additional charge, to each of EDGX Options Top, EDGX
Options Auction, EDGX Options Complex Top, EDGX Options Complex
Depth, and EDGX Options Complex Auction Feeds.
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The Exchange now proposes to amend its fees for EDGX Options Top,
and implement separate fees for EDGX Options Depth, EDGX Options
Auction, and its Complex Order Feeds. The Exchange discusses each of
these proposed changes in detail, below.
Simple Book Feeds
The Exchange seeks to modify its fee schedule to amend its fees for
EDGX Options Top, and to implement separate fees EDGX Options Depth and
EDGX Options Auction. The proposed fees are as follows:

EDGX Options Top
------------------------------------------------------------------------

------------------------------------------------------------------------
Internal Distribution Fee.............. $1250/month.
External Distribution Fee.............. $1000/month.
Professional User Fee.................. $5.00/month/user.
Non-Professional User Fee.............. $.10/month/user.
Enterprise Fee......................... Tier 1: 0-1,500,000 Users:
$20,000/month.
Tier 2: 1,500,001-2,500,000
Users: $40,000/month.
Tier 3: Greater than 2,500,001
Users: $60,000/month.
------------------------------------------------------------------------

EDGX Options Depth/EDGX Options Auction
------------------------------------------------------------------------

Distribution Fees--EDGX Options Top
The Exchange seeks to amend its fee schedule to implement new
Distributor \13\ fees for EDGX Options Top. Specifically, the Exchange
now proposes to charge Internal Distributors \14\ $1,250.00/month, and
External Distributors \15\ (collectively, ``Distributors'') $1,000/
month, to access and distribute EDGX Options Top. A Distributor that is
both an External and Internal Distributor of EDGX Options Top will be
charged the greater of the two Distribution Fees.
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\13\ A Distributor of an Exchange Market Data product is any
entity that receives the Exchange Market Data product directly from
the Exchange or indirectly through another entity and then
distributes it internally or externally to a third party.
\14\ 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.
\15\ 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.
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As is currently the case, a Distributor of EDGX Options Top may
request access to and distribute, at no additional charge, EDGX Options
Depth and/or EDGX Options Auction. However, Distributors of any one of
the Simple Book Feeds (including EDGX Top) will no longer have free
access to the Complex Order Feeds and will now need to pay a separate
fee in order to access and distribute a Complex Order Feed.
Additionally, as is currently the case, new External Distributors of
EDGX Options Top will not be charged the External Distribution Fee for
their first three (3) months (the ``New External Distributor Credit'').
Furthermore, any trial usage period for EDGX Options Top will not be
counted towards the first three (3) months.
Moreover, each External Distributor of EDGX Options Top will also
be eligible to receive a credit against its monthly External
Distributor Fee for the EDGX Options Top equal to the amount of its
monthly User Fees or Enterprise Fee up to a maximum of the External
Distributor Fee for the EDGX Options Top (the ``Distributor Fee
Credit''). External Distributors of EDGX Options Top will not be
eligible to receive the Distributor Fee Credit during an External
Distributor's trial usage period for EDGX Options Top or while they are
receiving the New External Distributor Credit. The New External
Distributor Credit and the Distributor Fee Credit will now apply only
to the External Distribution Fee for EDGX Options Top and any External
Distributor that also distributes EDGX Options Depth, and/or EDGX
Options Auction.
Distribution Fees--EDGX Options Depth
The Exchange now proposes implementing separate Distribution Fees
for EDGX Options Depth. Specifically, the Exchange proposes to charge
Internal Distributors $1,250/month to access and distribute EDGX
Options Depth. Furthermore, the Exchange proposes charging External
Distributors $1,000/month to access and distribute EDGX Options Depth.
A Distributor that is both an External and Internal Distributor of EDGX
Options Depth will be charged the greater of the two Distribution fees.
A Distributor of any of EDGX Options Top, EDGX Options Depth, and/
or EDGX Options Auction, will retain their ability to request access to
and distribute, at no additional charge, any of the Simple Book Feeds.
However, Distributors of any one of the Simple Book Feeds (including
EDGX Options Depth) will no longer have free access to the Complex
Order Feeds and will now need to pay a separate fee in order to access
and distribute a Complex Order Feed.

[[Page 1564]]

Distribution Fees--EDGX Options Auction
The Exchange also proposes to implement separate Distribution fees
for EDGX Options Auction. Specifically, the Exchange proposes to charge
Internal Distributors $1,250/month to access and distribute EDGX
Options Auction. Furthermore, the Exchange proposes charging External
Distributors $1,000/month to access and distribute EDGX Options
Auction. A Distributor that is both an External and Internal
Distributor of EDGX Options Auction will be charged the greater of the
two Distribution fees.
A Distributor of any of EDGX Options Top, EDGX Options Depth, and/
or EDGX Options Auction, will retain their ability to request access to
and distribute, at no additional charge, any of the Simple Book Feeds.
However, Distributors of any one of the Simple Book Feeds (including
EDGX Options Auction) will longer have free access to the Complex Order
Feeds and will now need to pay a separate fee in order to access and
distribute a Complex Order Feed.
User Fees--EDGX Options Top
The Exchange does not propose to amend its User \16\ fees, or
Enterprise Fee for EDGX Options Top.
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\16\ A User of an Exchange Market Data product is a natural
person, a proprietorship, corporation, partnership, or entity, or
device (computer or other automated service), that is entitled to
receive Exchange data.
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User Fees--EDGX Options Depth
The Exchange proposes to establish separate Professional User \17\
fees for EDGX Options Depth. Specifically, the Exchange now proposes to
charge Distributors $20/month per Professional User. The Exchange does
not propose to amend its Non-Professional User \18\ fee. As is
currently the case, Users of EDGX Options Depth may request, at no
additional charge, access to EDGX Options Auction. Similarly, Users of
EDGX Options Auction may receive access, at no additional charge, to
EDGX Options Depth. However, Users of EDGX Options Depth and/or EDGX
Options Auction will no longer have free access to Complex Order Feeds.
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\17\ A Professional User of an Exchange Market Data product is
any User other than a Non-Professional User.
\18\ 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.
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User Fees--EDGX Options Auction
The Exchange proposes to establish separate Professional User fees
for EDGX Options Auction. Specifically, the Exchange now proposes to
charge Distributors $20/month per Professional User. The Exchange does
not propose to amend its Non-Professional User fee. As is currently the
case, Users of EDGX Options Auction may request, at no additional
charge, access to EDGX Options Depth. Similarly, Users of EDGX Options
Depth may receive access, at no additional charge, to EDGX Options
Auction. However, Users of EDGX Options Depth and/or EDGX Options
Auction will no longer have free access to Complex Order Feeds.
Complex Order Feeds
The Exchange proposes to amend its fee schedule to establish
separate fees for its Complex Order Feeds. The proposed fees for the
Complex Order Feeds are as follows:

----------------------------------------------------------------------------------------------------------------
Product Internal distribution External distribution
----------------------------------------------------------------------------------------------------------------
EDGX Options Complex Top.... $1,250/month............................ $1,000/month.
EDGX Options Complex Depth.. $1,250/month............................ $1,000/month.
EDGX Options Complex Auction $1,250/month............................ $1,000/month.
-----------------------------------------------------------------------------------
Professional User Fee....... $20/month/Professional User.
Non-Professional User Fee... $1.00/month/Non-Professional User.
----------------------------------------------------------------------------------------------------------------

Distribution Fees
Specifically, the Exchange proposes to charge Internal Distributors
of a Complex Order Feed $1,250/month, and External Distributors of a
Complex Order Book Feed $1,000/month. A Distributor that is both an
External and Internal Distributor of a Complex Order Feed will be
charged the greater of the two Distribution Fees. Moreover, a
Distributor of any one of the Complex Order Feeds may receive access to
and distribute, at no additional charge, any of the aforementioned
Complex Order Feeds. However, Distributors of any one of the Complex
Order Feeds will longer have free access to the Simple Book Feeds and
will now need to pay a separate fee in order to access and distribute a
Simple Book Feed.
User Fees
The Exchange seeks to amend its fee schedule to establish separate
User fees for its Complex Order Feeds. Specifically, the Exchange
proposes to charge Distributors $1.00/month per Non-Professional User.
This is the same Non-Professional User fee for the Complex Order Feeds
that exists today. Separately, the Exchange now proposes to charge $20/
month per Professional User. A User of any one of the Complex Order
Feeds may receive access to, at no additional charge, any of the
aforementioned Complex Order Feeds. However, Users of a Complex Order
Feed will no longer have free access to Simple Book Feeds, unless their
Distributor also subscribes to a Simple Book Feed.
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. Specifically, the Exchange
believes the proposed rule change is consistent with the Section
6(b)(5) 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

[[Page 1565]]

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) 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,
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.
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 by offering its Simple Book Feeds and Complex
Order Feeds for a fee, it is offering 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.''
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 Simple Book Feeds and 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.
The Simple Book Feeds and Complex Order Feeds are designed for
firms that are interested in gaining insight into the real time market
data for the Exchange's Simple Book and 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. The Simple Book Feeds and Complex Order Feeds will also enable
market participants to make informed decisions for trading on the
Exchange's Simple Book and Complex Order Book by using the Exchange's
Simple Book Feed and Complex Order Feed to assess current market
conditions that directly affect such decisions
The Exchange believes the proposed fees are reasonable as the
Exchange is offering any market participant access to subscribe to its
Simple Book Feeds and Complex Order Feeds in the subscribing firm's
sole discretion and based on their own unique business needs. The
Simple Book Feeds and Complex Order Feeds are optional for market
participants to subscribe to if they believe it to be helpful and it is
not required for Options Members to purchase in order to access the
Exchange. Additionally, a subscriber may cancel their usage of a Simple
Book Feed and/or a Complex Order Feed at any time.
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 Simple Book Feeds and Complex Book 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.
The Exchange also believes that its proposal to implement separate
fees for its Simple Book Feeds and Complex Order Feeds are reasonable
in light of the similar pricing structures utilized by competitor
exchanges. Specifically, as discussed further below, Nasdaq MRX, Nasdaq
PHLX LLC, and MIAX Options all charge separate distribution and user
fees for their comparable simple and complex data feeds.
Distribution Fees--Simple Book Feeds
The Exchange believes that its proposed fees for the Simple Book
Feeds are reasonable, equitably allocated, and not unreasonably
discriminatory. Specifically, the fees for Options Members and non-
Options Members are uniform except for reasonable distinctions with
respect to Internal Distribution and External Distribution ($1250 per
month versus $1000 per month). Furthermore, the fees are uniform for
each Simple Book Feed--i.e., the fees are the same for each of the EDGX
Options Top, EDGX Options Depth, and EDGX Options Auction Feeds.
Moreover, by subscribing to any one of the Simple Book Feeds, a
Distributor may have access to and distribute, at no additional charge,
any of the other aforementioned Simple Book Feeds.
While the Exchange is proposing to increase the existing Internal
Distribution fee from $500 per month to $1250 per month, and the
External Distribution fee from $500 per month to $1000 per month, the
Exchange notes that the proposed pricing is still less expensive than
that charged by the Exchange's competitor, MIAX Options (``MIAX''),
whose comparable market data product is more expensive than Exchange's
Simple Book Feeds. Specifically, MIAX charges its internal distributors
$2000 per month \19\ for MIAX Top of Market (``ToM''), which is a data
feed that provides MIAX distributors with a direct data feed that
includes the MIAX's best bid and offer, with aggregate size, and last
sale information, based on displayable order and quoting interest on
the Exchange.\20\ The $2000 per month fee is $750 more than the
Exchange's proposed Internal Distribution fee of $1250. Similarly, MIAX
charges external distributors $3000 per month \21\ for MIAX ToM, which
is $2000 per month more than the Exchange's proposed External
Distribution fee of $1000.
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\19\ 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>.
\20\ See MIAX Options Exchange, Top of Market Feed, ToM
Interface Specification, available at: <a href="https://www.miaxglobal.com/sites/default/files/page-files/Top_Of_Market_Feed_ToM_v2.5-2.pdf">https://www.miaxglobal.com/sites/default/files/page-files/Top_Of_Market_Feed_ToM_v2.5-2.pdf</a>.
\21\ Supra note 19.

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[[Page 1566]]

Distribution Fees--Complex Order Feeds
The Exchange believes that the proposed Distribution Fees for the
Complex Order Feeds are also reasonable, equitably allocated, and not
unreasonably discriminatory. Specifically, the fees for Options Members
and non-Options Members are uniform except for reasonable distinctions
with respect to Internal Distribution and External Distribution ($1250
per month versus $1000 per month). Furthermore, the fees are uniform
for each Complex Order Feed product--i.e., the fees are the same for
each of the EDGX Options Complex Top, EDGX Options Complex Depth, and
EDGX Options Complex Auction Feeds. Indeed, by subscribing to any one
of the Complex Order Feeds, a Distributor may have access to and
distribute, at no additional charge, any of the other aforementioned
Complex Order Feeds.
The Exchange also 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 provide
investors with alternative market data and compete with a similar
market data product currently offered by Nasdaq PHLX LLC (``PHLX'').
Specifically, PHLX charges a fee of $5500 per month for internal
distribution, and $6000 per month for external distribution, of its
TOPO Plus Order feed (``TOPO Plus'').\22\ TOPO Plus provides
subscribers with access to both simple and complex PHLX options order
data.\23\ While subscribers to an Exchange Complex Order Feed product
must now separately purchase a Complex Order Feed and Simple Book Feed,
the Exchange notes that the costs of doing so are still less than that
charged by PHLX, for both internal and external distribution.
---------------------------------------------------------------------------

\22\ See Price List--U.S. Derivatives Data, available at:
<a href="https://www.nasdaqtrader.com/Trader.aspx?id=DPPriceListOptions">https://www.nasdaqtrader.com/Trader.aspx?id=DPPriceListOptions</a>.
\23\ 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>.

----------------------------------------------------------------------------------------------------------------
EDGX product Internal External
----------------------------------------------------------------------------------------------------------------
EDGX Options Top/EDGX $1,250/month............................ $1,000/month.
Options Depth.
Complex Order Feed.......... $1,250/month............................ $1,000/month.
TOTAL....................... $2,500/month............................ $2,000/month.
PHLX Product................
TOPO Plus................... $5,500.................................. $6,000.
----------------------------------------------------------------------------------------------------------------

Specifically, an Exchange Internal Distributor who purchased both
EDGX Options Top and/or EDGX Options Depth, as well a Complex Order
Feed, would be assessed a total monthly fee of $2,500 ($1250 + $1250),
which is less than the monthly fee of $5500 that an internal
distributor would be assessed by PHLX for subscribing to TOPO Plus.
Notably, by purchasing any one of EDGX Options Top or EDGX Options
Depth, the Internal Distributor can access and distribute, at no
additional charge, to both 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 Exchange External Distributor who purchased both EDGX
Options Top and/or EDGX Options Depth, as well as a Complex Order Feed,
would be assessed a total monthly fee of $2000 ($1000 + $1000), which
is less than the monthly fee $6000 that an external distributor would
be assessed by PHLX for subscribing to TOPO Plus. Notably, by
purchasing any one of EDGX Options Top or EDGX Options Depth, the
Internal Distributor would have, at no additional charge, 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 EDGX Options Top and/or
EDGX Options Depth, as well as a Complex Order Feed would be charged
the greater of two fees for the Simple Book Feeds plus the Complex
Order Feed, for a total of $2,500 per month ($1250 + $1250). This fee
is less than the fees charged by PHLX for either internal distribution
($5500 per month) or external distributions ($6000 per month).
Furthermore, the Exchange also notes that PHLX charges internal
distributors $2,500 per month and external distributors $3000 per month
for the Top of PHLX Options,\24\ which includes PHLX top of book data.
PHLX charges internal distributors $4,232 per month and external
distributors $4,760 per month for the PHLX Depth Data,\25\ which
includes PHLX depth of book quotations. Notably, the Exchange's
proposed fees are either equal to or greater than the fees charged by
PHLX.
---------------------------------------------------------------------------

\24\ Supra note 22.
\25\ Id.
---------------------------------------------------------------------------

As an additional point of comparison, the Exchange notes that MIAX
charges internal distributors of its Complex Top of Market (``cToM'')
\26\ $2,000 per month,\27\ and external distributors of cTom $3,000 per
month.\28\ Both of these fees are more expensive than the Exchange's
proposed fees of $1,250 per month and $1,000 per month, for Internal
Distribution and External Distribution a Complex Order Feed,
respectively. cTom is a real-time data feed provided by MIAX that
delivers market-wide information on complex options strategies.
---------------------------------------------------------------------------

\26\ See MIAX Options Exchange, Complex Top of Market Feed, cTom
Interface Specification, available at: <a href="https://www.miaxglobal.com/sites/default/files/2022-05/Complex_Top_Of_Market_Feed_cToM_v1.3a_re.pdf">https://www.miaxglobal.com/sites/default/files/2022-05/Complex_Top_Of_Market_Feed_cToM_v1.3a_re.pdf</a>.
\27\ Supra note 19.
\28\ Id.
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User Fees--Simple Book Feeds
The Exchange believes its proposed Non-Professional and
Professional User fees are reasonable because they are comparable to
similar fees assessed by the Exchange's competitors or remain
unchanged. In particular, the User fees for Cboe Options Top remain
unchanged, and are less than those assessed by MIAX for its ToM Data
feed. Specifically, the Professional User fee for EDGX Options Top
remains $5.00/month per Professional User, and the Non-Professional
User fee for EDGX Options Top remains at $0.10/month per Non-
Professional User. Both of these fees are less than the $1.00/month per
non-professional user, and $20/month per professional user fees charged
by MIAX for its ToM data feed.\29\ Similarly, the proposed $1.00/month
per Non-Professional User, and $20/month per Professional User fees for
EDGX Options Depth and EDGX Options Auction are equal to those charged
by MIAX for non-
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\29\ Supra note 19.

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[[Page 1567]]

professional users of its ToM Data feed.\30\
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\30\ Id.
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Additionally, Nasdaq Options Market charges $1.00/month per non-
professional user, and $42.10/month per professional user.\31\ Here,
both the Professional and Non-Professional User fees for EDGX Options
Top are less than those charged by Nasdaq Options Market. Moreover, the
proposed $1.00/month per Non-Professional User fee, for EDGX Options
Depth and EDGX Options Auction is equal to that charged by Nasdaq
Options Market for their non-professional users. The proposed $20/month
per Professional User fee is also significantly less than the $42.10/
month per professional user charged by Nasdaq Options Market.
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\31\ Supra note 22.
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As an additional point of comparison, the Exchange also notes
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.\32\ In this regard, Nasdaq MRX's professional user fee is more
expensive than the existing Professional User fee for EDGX Options Top,
as well as the proposed Professional User fees for EDGX Options Depth
and EDGX Options Auction. Similarly, EDGX Options Top's existing fee of
$0.10/month per Non-Professional is less expensive than Nasdaq MRX's
fee of $1.00/month per non-professional user. Additionally, the
proposed Non-Professional fee for EDGX Options Depth and EDGX Options
Auction of $20/month per User is less expensive than Nasdaq MRX's
professional fee of $25.25/month.
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\32\ 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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User Fees--Complex Order Feeds
Similarly, the Exchange believes that its proposed Non-Professional
and Professional User fees are reasonable when compared to those
charged by its competitors. 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.
As noted above, Nasdaq Options Market charges $1.00 per non-
professional user, and $42.10 per professional user.\33\ Here, the
Exchange also proposes to charge $1.00 per Non-Professional User, but
only $20.00 per Professional User. The Exchange also notes that its
proposed Non-Professional and Professional User fees are identical to
those charged by MIAX Options for it Top of Market (``ToM'') and
Complex Top of Market (``cToM'') data feed.\34\ 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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\33\ Id.
\34\ 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.\35\ The
Exchange proposes to charge less than Nasdaq MRX for Professional Users
and the same as Nasdaq MRX for Non-Professional Users. 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. 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.
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\35\ 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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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 separately access to its Complex Order Feeds
and Simple Book feeds is aligned with how other exchanges offer their
comparable data products. In this regard, the proposed fees will
enhance competition by providing market participants with a new option
for receiving market data. The Exchange's proposed fees for its Simple
Book and Feeds Complex Order Feeds will also further enhance
competition between exchanges as other exchanges also offer market data
feeds for their own complex order books. 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 the proposed Exchange's Simple Book Feeds or
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.
In addition, the proposed fees are constrained by competition. The
existence of alternatives to the Exchange's Simple Book Feeds and
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 Simple Book Feeds and 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 \36\ and paragraph (f) of Rule 19b-4 \37\
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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\36\ 15 U.S.C. 78s(b)(3)(A).
\37\ 17 CFR 240.19b-4(f).

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[[Page 1568]]

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#1b696e777e36787476767e756f685b687e78357c746d"><span class="__cf_email__" data-cfemail="542621383179373b3939313a2027142731377a333b22">[email&#160;protected]</span></a>. Please include
file number SR-CboeEDGX-2026-001 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-2026-001. 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-2026-001 and should be
submitted on or before February 4, 2026.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\38\
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\38\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2026-00517 Filed 1-13-26; 8:45 am]
BILLING CODE 8011-01-P

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