Notice2026-02891
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for the Trade-by-Trade Report
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
February 13, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 30 (Friday, February 13, 2026)</title>
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[Federal Register Volume 91, Number 30 (Friday, February 13, 2026)]
[Notices]
[Pages 6940-6943]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-02891]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104795; File No. SR-CBOE-2026-010]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt
Fees for the Trade-by-Trade Report
February 10, 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 28, 2026, Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe
Options'') 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 Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes
to adopt fees for the Trade-by-Trade report. The text of the proposed
rule change is in Exhibit 5.
The text of the proposed rule change is also available on the
Commission's website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>), the
Exchange's website (<a href="https://www.cboe.com/us/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 amend its fee schedule to adopt fees for
its Trade By Trade report and establish the Qualifying Academic
Discount Program for ad hoc purchases of the monthly TBT Report. The
Exchange recently adopted a new data product known as the Trade By
Trade report (``TBT Report'') and the Exchange now proposes to adopt
fees for this product, including adopting a free one-month trial.\3\
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\3\ See Securities Exchange Act Release No. 104415 (December 16,
2025), 90 FR 59603 (December 19, 2025) (SR-CBOE-2025-088).
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By way of background, the TBT Report provides 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.
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 \3\ and Complex
Order Book\4\ trades that will better allow for accurate linkage and
reconstruction of trading activity.
The Exchange proposes to provide in its Fee Schedule that firms may
purchase the TBT Report on a subscription basis or by ad hoc request
for a specified month.\4\ The Exchange proposes to assess a monthly fee
of $12,000 (or $144,000 per year) for subscribing to the data feed. The
Exchange also proposes to introduce a fee of $8,000 per month for ad
hoc requests of the TBT Report. An ad-hoc request can be for any number
of months beginning with October 7, 2019 for which the data is
available.
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\4\ The Exchange propose to make clear in its fee schedule that
a mid-month subscription or for an ad-hoc historical request for
specific dates (e.g., March 17, 2023-March 31, 2023) will be
prorated.
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The Exchange also seeks to include a one-month trial period for the
TBT Report. In other products, such as the Intraday Open-Close
Historical Data or EOD Historical Data, the Exchange currently permits
a free trial for up to six months to both TPHs and non-TPHs who have
not previously subscribed to the applicable dataset or received a free
trial. The Exchange believes the proposed trial for the TBT Report will
serve as an incentive for new subscribers to start purchasing such
data. Particularly, the Exchange believes it will give potential
subscribers the ability to use and test the data offering before
signing up for additional months. The Exchange also notes another
exchange offers a free trial for new subscribers of a similar data
product.\5\
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\5\ See Nasdaq ISE, Options 7 Pricing Schedule, Section 10A,
Market Data.
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Lastly, the Exchange proposes to implement a similar Qualifying
Academic Discount that is in place for the for other datasets offered
by the Exchange, such as the Intraday Open-Close Data, to apply to the
TBT Report.\6\ The proposed Qualifying Academic
[[Page 6941]]
Discount for the TBT Report shall permit qualifying academic purchasers
to purchase historical ad hoc TBT Reports for $24,000 per year for the
first year and $2,000 per month for each additional month. For clarity,
the Exchange notes that this discount shall only apply to ad hoc
requests and is not for the monthly subscription.
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\6\ See Securities Exchange Act Release No. 91394 (March 23,
2021), 86 FR 16431 (March 29, 2021) (SR-CBOE-2021-017).
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Particularly, the Exchange believes that academic institutions and
researchers provide a valuable service for the Exchange in studying and
promoting the options market. Though academic institutions and
researchers have need for granular options data sets, they do not trade
upon the data for which they subscribe. The Exchange believes the
proposed reduced fee for qualifying academic purchasers of the TBT
Report will encourage and promote academic studies of its market data
by academic institutions. In order to qualify for the academic pricing,
an academic purchaser must be (1) an accredited academic institution or
member of the faculty or staff of such an institution, (2) that will
use the data in independent academic research, academic journals and
other publications, teaching and classroom use, or for other bona fide
educational purposes (i.e., academic use). Furthermore, use of the data
must be limited to faculty and students of an accredited academic
institution, and any commercial or profit-seeking usage is excluded.
Academic pricing will not be provided to any purchaser whose research
is funded by a securities industry participant. The Exchange notes that
these same qualifications are in place for Qualifying Academic Discount
for both the Short Trade Volume Report offered by the Exchange's
affiliated equities exchanges and the existing EOD Open-Close Data and
Intraday Open-Close Data, offered by the Exchange and its affiliated
options exchanges.\7\
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\7\ See e.g., Securities Exchange Act Release No. 102967 (May 1,
2025), 90 FR 19343 (May 7, 2025) (SR-CboeBYX-2025-009) and see also
Securities Exchange Act Release No. 92173 (June 14, 2021), 86 FR
33399 (June 24, 2021) (SR-C2-2021-010).
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2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\8\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \9\ 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) \10\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(5).
\10\ Id.
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In adopting Regulation NMS, the Commission granted self-regulatory
organizations (``SROs'') and broker-dealers increased authority and
flexibility to offer new and unique market data to the public. It was
believed that this authority would expand the amount of data available
to consumers and also spur innovation and competition for the provision
of market data. The Exchange believes that the proposal to make the TBT
Report available for purchase would further broaden the availability of
U.S. option market data to investors consistent with the principles of
Regulation NMS. The proposal also promotes increased transparency
through the dissemination of TBT Report. The proposed rule change would
benefit investors by making the TBT Report available for purchase,
which as noted above, may help subscribers perform detailed
transaction-level analysis, compliance checks, and historical market
reconstruction. The Exchange believes the TBT Report provides a
valuable tool that subscribers can use to gain comprehensive insight
into the trading activity in a particular series, but also emphasizes
such data is not necessary for trading.
The Exchange believes that the TBT Report is similar 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 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.\11\
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\11\ See Securities Exchange Act Release No. 104415 (December
16, 2025), 90 FR 59603 (December 19, 2025) (SR-CBOE-2025-088).
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The Exchange believes the proposed fees are reasonable as the
proposed fees reflect modest increases in price relative to the
additional data points being offered in this new Trade by Trade Report
as opposed to the One Minute Intraday Open Close Data that can be
purchased on a historical basis. As noted, the TBT Report provides data
on a trade by trade basis while the One Minute Intraday Open Close data
only provides a snapshot every minute. A subscriber may purchase a
subscription to the TBT Report for the same fee as they may purchase a
subscription for the One-Minute Intraday Open Close Data--at a cost of
$12,000/month. While a subscriber for the TBT Report will not receive
real-time data throughout the day, as would a subscriber for the One-
Minute Intraday Open-Close Data, they will receive additional data
points as the data is not based on one-minute snapshots, but on all
trades.
TBT Reports may also be purchased on an ad hoc basis for a cost of
$8,000/month of data. The Exchange believes this fee is reasonable.
While the cost is higher than a month of One-Minute Intraday Open Close
Data (at a price of $4,000/month) the Exchange believes this is
reasonable as the TBT Report contains all trades, as opposed to one-
minute snapshots that the One-Minute Intraday Open-Close Data provides.
While the TBT Report is double the cost of the One-Minute Intraday
Open-Close Data, it contains all trades within a given minute as
opposed to a single datapoint that provides an overview of a minute.
Furthermore, proposing fees that are excessively higher than
established fees for similar data products, such as the One Minute
Intraday Open-Close Data, would simply serve to reduce demand for the
Exchange's data product, which, as noted, is entirely optional. If a
market participant views the Intraday Open-
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Close Data as a more attractive offering for its specific business
needs, then such market participant can merely choose to purchase the
Exchange's Intraday Open-Close Data.
The Exchange also believes the proposed fees are reasonable as they
would support the introduction of a new market data product that is
designed to aid investors by providing further insight into trading on
the Exchange. The Exchange believes 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 Exchange believes that the proposed free trial for any TPHs or
non-TPHs who have not purchased the TBT Report is reasonable because
such users would not be subject to fees for up to 6 [sic] months' worth
of Trade by Date [sic] data. The Exchange believes the proposed free
trial is also reasonable as it will give potential subscribers the
ability to use and test the TBT Report prior to purchasing additional
months and will therefore encourage and promote new users to purchase
the TBT Report. The Exchange believes that the proposed discount is
equitable and not unfairly discriminatory because it will apply equally
to all TPHs and non-TPHs who have not previously purchased TBT Report
or received a free trial. Also as noted above, another exchange offers
a free trial to new users for a similar data product.\12\ Lastly, the
purchase of this data product is discretionary and not compulsory.
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\12\ See Nasdaq ISE, Options 7 Pricing Schedule, Section 10A,
Market Data.
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Lastly, the Exchange believes that the discount for qualifying
academic purchasers for ad hoc requests of the TBT Report is reasonable
because academic institutions are not able to monetize access to the
data as they do not trade on the data set. The Exchange believes the
proposed discount will allow for more academic institutions to purchase
the TBT Report, and, as a result, promote research and studies of the
options industry to the benefit of all market participants. The
Exchange believes that the proposed discount is equitable and not
unfairly discriminatory because it will apply equally to all academic
institutions that submit an application and meet the accredited
academic institution and academic use criteria. As stated above,
qualified academic purchasers will use the data set for educational use
and purposes and are not permitted to use the data for commercial or
monetizing purposes, nor can they qualify if they are funded by an
industry participant. As a result, the Exchange believes the proposed
discount is equitable and not unfairly discriminatory because it
maintains equal treatment for all industry participants or other
subscribers that use the data for vocational, commercial or other for-
profit purposes.
As noted above, the Exchange anticipates a wide variety of market
participants would purchase the TBT Report, including, but not limited
to, individual customers, buy-side investors, and investment banks. The
Exchange reiterates that the decision as to whether or not purchase the
TBT Report is entirely optional for all potential subscribers. Indeed,
no market participant is required to purchase the TBT Report, and the
Exchange is not required to make the TBT Report available to all
investors. Rather, the Exchange is voluntarily making the TBT Report
available, as requested by customers, and market participants may
choose to receive (and pay for) this data based on their own business
needs. Potential purchasers may request the data at any time if they
believe it to be valuable or may decline to purchase such data.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. Rather, the Exchange
believes that the proposal will promote competition by permitting the
Exchange to make available a data product for purchase that is similar
to those offered by other competitor options exchanges but contains
finer data reporting intervals.\13\
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\13\ See Securities Exchange Act Release No. 104415 (December
16, 2025), 90 FR 59603 (December 19, 2025) (SR-CBOE-2025-088).
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The Exchange also does not believe the proposed fees would cause
any unnecessary or inappropriate burden on intermarket competition as
other exchanges are free to introduce their own comparable reports that
includes additional data points with lower prices to better compete
with the Exchange's offerings. The Exchange operates in a highly
competitive environment, and its ability to price the reports is
constrained by competition among exchanges who choose to adopt similar
products. The Exchange must consider this in its pricing discipline in
order to compete for subscribers of the Exchange's market data via the
reports. For example, proposing fees that are excessively higher than
fees for potentially similar data products would simply serve to reduce
demand for the Exchange's reports, which as discussed, market
participants are under no obligation to utilize. In this competitive
environment, potential purchasers are free to choose which, if any,
similar product to purchase to satisfy their need for market
information. As a result, the Exchange believes this proposed rule
change permits fair competition among national securities exchanges.
The Exchange does not believe the proposed rule change would cause
any unnecessary or inappropriate burden on intramarket competition.
Particularly, the proposed fees apply uniformly to any purchaser in
that the Exchange does not differentiate between the different market
participants that may purchase the report. The proposed fees are set at
a reasonable level that would allow any interested market participant
to purchase such data based on their business needs.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \14\ and paragraph (f) of Rule 19b-4 \15\
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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\14\ 15 U.S.C. 78s(b)(3)(A).
\15\ 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.
[[Page 6943]]
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#d3a1a6bfb6feb0bcbebeb6bda7a093a0b6b0fdb4bca5"><span class="__cf_email__" data-cfemail="4032352c256d232f2d2d252e3433003325236e272f36">[email protected]</span></a>. Please include
file number SR-CBOE-2026-010 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-2026-010. 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-2026-010 and should be submitted on
or before March 6, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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\16\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-02891 Filed 2-12-26; 8:45 am]
BILLING CODE 8011-01-P
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