Notice2026-07138
Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Provide Twelve Price Levels per Side for the Cboe One Premium and Summary Depth Data Feeds
Primary source
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Published
April 14, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 71 (Tuesday, April 14, 2026)</title>
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[Federal Register Volume 91, Number 71 (Tuesday, April 14, 2026)]
[Notices]
[Pages 19238-19240]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-07138]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105192; File No. SR-CboeBYX-2026-011]
Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Provide
Twelve Price Levels per Side for the Cboe One Premium and Summary Depth
Data Feeds
April 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 April 2, 2026, Cboe BYX Exchange, Inc. (the ``Exchange'' or ``BYX'')
filed with the Securities and Exchange Commission (``SEC'' or
``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
The Exchange proposes to amend Rule 11.22 to increase the number of
aggregated depth-of-book price levels in the Summary Depth data feeds
from five (5) to twelve (12) price levels per side and to provide up to
twelve (12) price levels for Cboe One Premium in addition to the
existing five (5) price levels currently offered.
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> [sic]), 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 Rule 11.22 to increase the number of
aggregated depth-of-book price levels in the Summary Depth data feeds
from five (5) to twelve (12) price levels per side and to provide up to
twelve (12) price levels for Cboe One Premium in addition to the
existing five (5) \3\ price levels currently offered.\4\
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\3\ For clarity, the existing Cboe One Premium Feed provides up
to 20 levels, as it provides up to 5 levels from each Cboe equities
exchange (i.e., Cboe EDGA, Inc., Cboe BYX Exchange, Inc. Cboe EDGX
Exchange, Inc., and Cboe BZX Exchange, Inc.). With this change, the
Cboe One Premium Feed will now support up to a total of 48 levels,
with up to 12 levels being provided from each Cboe equities
exchange.
\4\ As discussed further below, the Exchange notes that it will
sunset the Cboe One Premium Feed with five (5) price levels at a
later time. The Exchange will announce via Exchange Notice the date
on which the Cboe One Premium Feed with up to five levels will no
longer be available.
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Specifically, the Exchange proposes to amend (i) Rule 11.22(k),
regarding the BYX Summary Depth Data Feed to increase the number of
aggregated depth-of-book price levels from five (5) to twelve (12)
price levels per side, and (ii) Rule 11.22(i), regarding the Cboe One
Premium Data Feed to offer both aggregated depth of book price levels
of both five (5) and twelve (12) levels for a period of time, until it
sunsets the five (5) levels. Within the revised rule text for Cboe One
(Rule 11.22(i)), the Exchange will propose language that notes that the
twelve (12) level feed will be offered in addition to the existing five
(5) level feed; however, the five level feed shall be sunset by
December 31, 2026, with the date to be announced via Exchange Notice.
At that point, the Exchange will then offer only the twelve (12) level
feed for Cboe One Premium.
The Exchange is also proposing to specifically define Cboe One
Summary Data Feed and Cboe One Premium Data Feed within its rule text
for Cboe One to clarify these different feeds within its rule text. The
Exchange already distinguishes between these two products within its
fee schedule \5\ and it believes by defining these terms within its
rule text that this aids in further transparency and clarity for market
participants.
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\5\ See BYX Equities Fee Schedule.
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By way of background, the Exchange offers the BYX Summary Depth
Data Feed, which is a data feed that offers aggregated two-sided
quotations for all displayed orders entered into the System. Currently,
this data feed offers aggregated two-sided quotations for up to five
(5) price levels. The BYX Summary Depth Data Feed also contains the
individual last sale information, Market Status, Trading Status, and
Trade Break messages.\6\ The BYX Summary Depth Data Feed benefits
investors by facilitating their prompt access to real-time market depth
information contained in BYX Summary Depth Data. The Exchange's
affiliated equities exchanges (i.e., Cboe EDGA, Inc. (``EDGA''), Cboe
BZX Exchange, Inc. (``BZX''), and Cboe EDGX Exchange, Inc. (``EDGX'')
(collectively, ``Affiliates'' and together with the Exchange, ``Cboe
Equities Exchanges'') also offer similar depth-of-book data feeds.
Particularly, each of the Exchange's Affiliates offers depth-of-book
quotations based on their own quotation and trading activity that is
substantially similar to the information provided by the Exchange
through the BYX Summary Depth.
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\6\ See Rule 11.22(k).
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The Exchange also offers the Cboe One Premium Data Feed, which is a
data feed that disseminates, on a real-time basis, the aggregate best
bid and offer (``BBO'') of all displayed orders for securities traded
on the Exchange and its Affiliates and enables recipients to receive
aggregated two-sided quotations from BYX and its Affiliates for up to
five (5) price levels. The Cboe One Premium Data Feed is created using
the data from the Exchange and each of its Affiliates' Summary Depth
data feeds (allowing for up to 20 total price levels).\7\
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\7\ The Cboe One Premium Feed is distinguishable from the Cboe
One Summary Feed in that it provides depth of book data for up to
five levels, or as proposed, up to 12 levels.
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[[Page 19239]]
As discussed above, both the BYX Summary Depth Data Feed and the
Cboe One Premium Data Feed currently allow recipients to receive
aggregated two-sided quotations for up to five (5) price levels. Thus,
for up to five (5) price levels, each price level includes a two-sided
quote and the number of shares available to buy and sell at that
particular price level. The Exchange proposes to amend Rule 11.22(k),
regarding the BYX Summary Depth Data Feed, to increase the aggregated
depth-of-book price levels of each from five (5) to twelve (12) price
levels per side.
The Exchange also proposes to amend Rule 11.22(i), regarding the
Cboe One Premium Data Feed, to include the aggregated depth-of-book
price levels of twelve (12) price levels per side, in addition to the
existing five (5) levels per side which shall continue to be provided
for a limited time. As discussed further below, the Exchange proposes
that the five (5) levels per side shall be sunset at a later time to
prevent the Exchange from needing to maintain an additional optional
feed. This sunset timeline allows market participants to adjust systems
as necessary to prepare for this change.\8\ As a result, each of the
data feeds will include a two-sided quote and the number of shares
available to buy and sell for up to twelve (12) price levels.\9\ The
Exchange proposes to increase the number of aggregated depth-of-book
price levels in response to increased demand from market participants
seeking to obtain enhanced price discovery and improved transparency
into market liquidity beyond the first five (5) price levels.
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\8\ The Exchange believes that this sunset timeline is
appropriate to have for its Cboe One Premium Feed, and not the BYX
Summary Depth Feed, as further updates are needed from participants
to ready systems to integrate the additional data offered by Cboe
One Premium. Specifically, BYX Summary Depth will have up to 12
levels, but as Cboe One Premium offers up to 12 levels at each
exchange, a participant must be able to ingest up to 48 separate
levels and integrate size at price levels where they are the same
across the four exchanges. The Exchange notes that its affiliated
equities exchanges have submitted their own filings to make the
respective changes to their own data products.
\9\ The Exchange notes that it does not intend to increase the
fees associated with the BYX Summary Depth Data Feed or the Cboe One
Premium Data Feed as a result of the proposed rule change.
Accordingly, the Exchange does not intend to submit a fee filing
associated with the proposed increase to the number of aggregated
depth-of-book price levels.
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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.\10\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \11\ 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) requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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\10\ 15 U.S.C. 78f(b).
\11\ 15 U.S.C. 78f(b)(5).
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In particular, the Exchange believes that the proposed amendments
to Rule 11.22 are consistent with Section 6(b)(5) of the Act because
they protect investors and the public interest and promote just and
equitable principles of trade by allowing market participants who
subscribe to the data feeds to view and analyze additional aggregated
depth-of-book price levels, thereby providing greater transparency into
market liquidity. The proposed rule change will provide market
participants using the BYX Summary Depth and Cboe One Premium data
feeds with enhanced visibility into the Exchange's and its Affiliates'
depth-of-book. This increased transparency will enable market
participants to make more informed assessments of potential price
movements, thereby removing impediments to and perfecting the mechanism
of a free and open market and a national market system.
As noted previously, in conjunction with the proposed addition of
the Cboe One Premium Feed of up to twelve (12) levels, the Exchange
proposes to remove the Cboe One Premium Feed of five levels from Rule
11.22(i) as the Exchange is not required to offer or maintain this
optional offering. The Exchange notes that the current five (5) levels
offered will continue to be available for a limited period \12\ of time
following the addition of the twelve (12) levels in order to provide
subscribers adequate opportunity to transition to the twelve (12) level
feed offered. The Exchange believes that providing additional time for
a participant to ready its systems to ingest the twelve levels offered
is appropriate, as participants will need to update their systems to
receive up to 48 levels across all exchanges. In contrast, even with
the increased levels for BYX Summary Depth of up to twelve levels, this
is still fewer levels than the potential twenty levels (up to 5 levels
across the Exchange and each of its three affiliated equities
exchanges) that the Cboe One Premium Feed currently offers.
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\12\ The Exchange is expecting to remove this offering by
December 31, 2026, as proposed in its rule text, and will announce
via Exchange Notice at least sixty (60) days before the sunset date
when it plans to decommission this feed.
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The Exchange will announce via Exchange Notice the date on which
the five (5) level feed offered will no longer be available. The
Exchange further notes that in addition to the Cboe One Premium Feed
being an optional offering, of which no participant is required to
purchase, that a participant may still extract the top five (5) levels
from the twelve (12) level feed offered once the 5 level feed is sunset
if a participant only requires the top five levels. As previously
noted, there is no pricing impact for this change either.
Additionally, the Exchange notes that other U.S. equities exchanges
already offer similar aggregate depth-of-book data on similar market
data feeds.\13\ Thus, the proposed addition of price levels to the
aggregate depth-of-book data of the BYX Summary Depth and Cboe One
Premium data feeds will allow these data products to provide similar
depth-of-book price levels to those offered by other U.S. equities
exchanges. Accordingly, the proposed rule change will allow the BYX
Summary Depth and Cboe One Premium data feeds to continue to offer a
competitive alternative to market data products offered by other U.S.
equities exchanges. Thus, the Exchange believes the proposed rule
change will promote competition among the market data vendors and
remove impediments to the mechanism of a free and open market and a
national market system.
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\13\ See e.g., Securities Exchange Act Release No. 100030 (April
25, 2024), 89 FR 35260 (May 1, 2024) (SR-NYSE-2024-24) (establishing
the NYSE Pillar Depth data feed which is a depth-of-book market data
feed that provides a consolidated view of the ten (10) best price
levels on both the bid and offer sides).
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Finally, the Exchange notes that both the BYX Summary Depth Data
Feed and the Cboe One Premium Data Feed 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 these data
products available. Thus, users of the data products may discontinue
use of the products at any
[[Page 19240]]
time and for any reason. Further, the increased aggregate depth-of-book
price levels will be available to all market participants on an
equivalent basis. Therefore, the Exchange believes the proposed rule
change will not permit unfair discrimination among market participants.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes its proposed rule change would not impose any
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act. To the contrary, the Exchange
believes the proposal would enhance competition by offering alternative
aggregate depth-of-book data products with an increased number of price
levels like those offered by other U.S. equities exchanges, as
discussed above.\14\ Additionally, the proposed rule change will apply
equally to all market participants using or seeking to use the BYX
Summary Depth and Cboe One Premium data feeds.
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\14\ Supra note 14 [sic].
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from Members or other interested
parties.
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 \15\ and
Rule 19b-4(f)(6) \16\ 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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\15\ 15 U.S.C. 78s(b)(3)(A).
\16\ 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#7b090e171e56181416161e150f083b081e18551c140d"><span class="__cf_email__" data-cfemail="f082859c95dd939f9d9d959e8483b0839593de979f86">[email protected]</span></a>. Please include
file number SR-CboeBYX-2026-011 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-CboeBYX-2026-011. 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-CboeBYX-2026-011 and should be submitted
on or before May 5, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
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\17\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-07138 Filed 4-13-26; 8:45 am]
BILLING CODE 8011-01-P
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