Notice2026-08470
Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Introduce a New Data Product To Be Known as the One-Minute Intraday Open-Close Data Report and To Adopt Fees for Such Product
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
May 1, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 84 (Friday, May 1, 2026)</title>
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[Federal Register Volume 91, Number 84 (Friday, May 1, 2026)]
[Notices]
[Pages 23515-23520]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-08470]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105331; File No. SR-BOX-2026-10]
Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Introduce a
New Data Product To Be Known as the One-Minute Intraday Open-Close Data
Report and To Adopt Fees for Such Product
April 28, 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 23, 2026, BOX Exchange LLC (the ``Exchange'' or ``BOX'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been prepared by the Exchange. The Exchange filed the proposed
rule change pursuant to Section 19(b)(3)(A) of the Act,\3\ and Rule
19b-4(f)(6) thereunder,\4\ which renders the proposal effective upon
filing with the Commission. 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).
\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
The Exchange is filing with the Securities and Exchange Commission
(``Commission'') a proposed rule change to introduce a new data product
to be known as the One Minute Intraday Open-Close Data Report (referred
to herein as the ``1-Minute Report''), to adopt fees for such product,
to establish fees for the One Minute Intraday Ad-hoc Request (``1-
Minute Report historical data''), to establish an academic discount for
ad-hoc purchases of 1-Minute Report historical data, and to make
clarifying changes to Section III.C.1. (Open-Close Data Reports) of the
Fee Schedule. The text of the proposed rule change is available from
the principal office of the Exchange, and also on the Exchange's
internet website at <a href="https://rules.boxexchange.com/rulefilings">https://rules.boxexchange.com/rulefilings</a>.
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 new data product on BOX to be
known as the One Minute Intraday Open-Close Data Report, which will be
available for purchase to Participants and non-Participants.\5\ The
Exchange also proposes to adopt fees for the One Minute Intraday Open-
Close Data Report, to establish fees for ad hoc purchases of 1-Minute
Report historical data, to establish an academic discount for ad-hoc
purchases of 1-Minute Report historical data, and to make clarifying
changes to Section III.C.1. (Open-Close Data Reports) of the Fee
Schedule. The Exchange will make the 1-Minute Report available for
purchase to Participants and non-Participants on the BOX website
(<a href="http://www.boxexchange.com">www.boxexchange.com</a>). The Exchange notes that substantially similar
products and fees for such products currently exist at other
exchanges.\6\
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\5\ The Exchange initially filed the proposed change on April 9,
2026 (SR-BOX-2026-08). On April 23, 2026, the Exchange withdrew SR-
BOX-2026-08 and replaced it with the instant filing.
\6\ See Securities Exchange Act Release Nos. 103760 (August 21,
2025), 90 FR 41624 (August 26, 2025) (SR-CboeBZX-2025-116); and
103761 (August 21, 2025), 90 FR 41619 (August 26, 2025) (SR-C2-2025-
023); and 104211 (November 18, 2025), 90 FR 52744 (November 21,
2025) (SR-CboeEDGX-2025-075). See also Securities Exchange Act
Release Nos. 103905 (September 8, 2025), 90 FR 44113 (September 11,
2025) (SR-SAPPHIRE-2025-33); and 104824 (February 11, 2026), 91 FR
7341 (February 17, 2026) (SR-SAPPHIRE-2026-04).
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The Exchange currently offers the Open-Close Data Report End-of-Day
[[Page 23516]]
Subscription and End-of-Day Ad-hoc Request, to Participants and non-
Participants, which is a volume summary file for trading activity on
BOX. The Exchange notes that the file contains proprietary BOX trade
data and does not include trade data from any other exchanges. It is
also a historical data product and not a real time data feed. The Open-
Close Data Report End-of-Day Subscription is distributed at the end of
each day and aggregates and buckets the volume by origin (Public
Customer, Professional Customer, Broker Dealer, and Market Maker),
buying/selling, and opening/closing criteria. Public Customer and
Professional Customer volume is further broken down into trade size
buckets (less than 100 contracts, 100-199 contracts, greater than 199
contracts). The Open-Close Data Report End-of-Day Ad-hoc Request
provides the same information for a requested historical time period
for any number of months beginning with January 2018.
The Exchange also currently offers the Ten Minute Intraday Open-
Close Data Report (``10-Minute Report'') and 10-Minute Report Ad-hoc
Request, which provides intra-day Open-Close data and similar
information to that of the End-of-Day Report, except that it is
produced and updated every 10 minutes during the trading day. Data is
captured in ``snapshots'' taken every 10 minutes throughout the trading
day and is available to subscribers within five minutes of the
conclusion of each 10-minute period.\7\ The 10-Minute Report provides a
volume summary of trading activity on the Exchange at the option level
by origin (Public Customer, Professional Customer, Broker Dealer, and
Market Maker), side of the market (buy or sell), and transaction type
(opening or closing). The Public 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 10-
Minute Report is proprietary Exchange trade data and does not include
trade data from any other exchange. The 10-Minute Report Ad-hoc Request
provides the same information for a requested historical time period
for any number of months beginning with January 2018. All open-close
data products are completely voluntary products, in that the Exchange
is not required by any rule or regulation to make this data available
and that potential customers may purchase it on an ad-hoc basis only if
they voluntarily choose to do so.
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\7\ For example, subscribers to the 10-Minute Report would
receive the first calculation of intra-day data no later than 9:45
a.m. ET, which represents data captured from 9:30 a.m. to 9:40 a.m.
Subscribers will receive the next update by 9:55 a.m., representing
the data previously provided aggregated with data captured up to
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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The Exchange now proposes a new open-close data product, the 1-
Minute Report, which is the same as the existing 10-Minute Report,
except that it is produced and updated every 1 minute during the
trading day. The 1-Minute Report data is captured in ``snapshots''
taken every 1 minute throughout the trading day and would be available
to subscribers within five minutes of the conclusion of each one-minute
period.\8\ Similar to the existing 10-Minute Report, the 1-Minute
Report provides a volume summary of trading activity on the Exchange at
the option level by origin (Public Customer, Professional Customer,
Broker Dealer, and Market Maker), side of the market (buy or sell), and
transaction type (opening or closing). The Public 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 1-Minute Report provides proprietary Exchange trade
data and does not include trade data from any other exchange. It is
also a historical data product and not a real-time data feed.
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\8\ For example, subscribers to the 1-Minute Report would
receive the first calculation of intra-day data by approximately
9:34 a.m. ET, which represents data captured from 9:30 a.m. to 9:31
a.m. Subscribers will receive the next update at 9:35 a.m.,
representing the data previously provided together with data
captured from 9:31 a.m. through 9:32 a.m., and so forth. Each update
will represent the aggregate data captured from the current
``snapshot'' and all previous ``snapshots.'' There may be
variability in the time delivered during the day based on market
activity; the Exchange expects to deliver this in intervals ranging
from 2-5 minutes after the one-minute interval.
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The Exchange proposes to amend the Fee Schedule to provide that
market participants may purchase the 1-Minute Report on a subscription
basis or by ad-hoc request for a specified month or series of months
(historical file). The Exchange proposes to assess a monthly fee of
$6,000 for subscribing to the 1-Minute Report. The Exchange also
proposes to assess a fee of $2,500 per request per month for an ad-hoc
request of historical data for the 1-Minute Report. An ad-hoc request
for 1-Minute Report historical data can be for any number of months
beginning with January 2020.
The Exchange also proposes to implement an academic discount for
academic purchases of 1-Minute Report historical data that is similar
to the academic discount currently in place for the existing End-of-Day
Report Ad-hoc Requests.
The proposed academic discount for ad-hoc requests for the 1-Minute
Report historical data shall permit academic purchasers, that are
purchasing such data for academic purposes only and not for actual
securities trading, to purchase 1-Minute Report historical data for
$1,000 per request per year.\9\ Mid-month requests will be prorated
based on the number of trading days in the month versus the number of
trading days received.
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\9\ The Exchange notes that the current discounted fees for End-
of-Day Ad-hoc Requests for academic purchasers are $500 per request
per year.
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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 academic purchasers of 1-Minute Report historical data will
encourage and promote academic studies of its market data by academic
institutions. In order to qualify for the academic discount, an
academic purchaser must be (1) an accredited college, university, or
similar educational institution, (2) a member of the faculty or staff
of such an institution, and (3) the data is to be used by students or
professors to perform academic research or classroom-related
activities.\10\ Furthermore, the data obtained through an academic
discount may not be used in any way for actual (rather than simulated)
trading, or to support for-profit activity. The academic discount will
not be provided to any purchaser whose research is funded by a
financial services industry participant.
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\10\ See BOX Exchange LLC Academic Discount Application,
available at: <a href="https://boxexchange.com/resources/technology-agreements/">https://boxexchange.com/resources/technology-agreements/</a>.
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The Exchange notes that while the 1-Minute Report is priced higher
than the existing pricing for the 10-Minute Report, this is to be
expected as a market participant subscribing to the 1-Minute Report
receives 10x the data points than a subscriber of 10-Minute Report. The
proposed higher pricing for the 1-Minute Report is also in line with
other exchanges that offer substantively similar open-close report data
products based on the trading activity on those exchanges and the
pricing they charge for similar ten-minute and one-minute open-close
data products.\11\ While other
[[Page 23517]]
exchanges charge 3-5x for their one-minute open-close data products
compared to their ten-minute version, the Exchange proposes to charge
4x the amount for a monthly subscription to the 1-Minute Report as
compared to the 10-Minute Report, i.e., $6,000 per month vs. $1,500 per
month.
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\11\ See Cboe BZX Fee Schedule, Cboe LiveVol, LLC Market Data
Fees, Open-Close Data (charging 4x the amount for a monthly
subscription to the one-minute intra-day open close report as
compared to the ten-minute intra-day open close report--$6,000 per
month vs. $1,500 per month); C2 Fee Schedule, Cboe LiveVol, LLC
Market Data Fees, Open-Close Data (charging 5x the amount for a
monthly subscription to the one-minute intra-day open close report
as compared to the ten-minute intra-day open close report--$5,000
per month vs. $1,000 per month); and Cboe EDGX Fee Schedule, Cboe
LiveVol, LLC Market Data Fees, Open-Close Data (charging 5x the
amount for a monthly subscription to the one-minute intra-day open
close report as compared to the ten-minute intra-day open close
report--$5,000 per month vs. $1,000 per month). Cboe BZX, C2 and
Cboe EDGX Fee Schedules are available at <a href="https://www.cboe.com/us/options/membership/fee_schedule/">https://www.cboe.com/us/options/membership/fee_schedule/</a>. See also MIAX Sapphire Options
Exchange Fee Schedule, Open-Close Report (charging 3x the amount for
a monthly subscription to the one-minute intra-day open close report
as compared to the ten-minute intra-day open close report--$6,000
per month vs. $2,000 per month).
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The Exchange's proposed fee of $1,000 per request per year for
academic purchasers of historical 1-Minute Report data is in line with
the fee charged by other exchanges that offer academic discounts for
their versions of the one-minute open-close data product.\12\
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\12\ See Cboe BZX, Cboe LiveVol, LLC Market Data Fees, Open-
Close Data (charging academics $2,500 per year for the first year of
historical data for the one-minute intra-day open close report); C2
Fee Schedule, Cboe LiveVol, LLC Market Data Fees, Open-Close Data
(charging academics $1,500 for the first year of historical data for
the one-minute intra-day open close report); and Cboe EDGX Fee
Schedule, Cboe LiveVol, LLC Market Data Fees, Open-Close Data
(charging academics $1,500 for the first year of historical data for
the one-minute intra-day open close report). See Cboe BZX, C2 and
Cboe EDGX Fee Schedules, available at <a href="https://www.cboe.com/us/options/membership/fee_schedule/">https://www.cboe.com/us/options/membership/fee_schedule/</a>. See also MIAX Sapphire Options
Exchange Fee Schedule, Open-Close Report (charging academics $4,500
for the first year of historical data for the one-minute intra-day
open close report).
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Finally, the Exchange proposes to make clarifying changes to
Section III.C.1. (Open-Close Data Reports) of the Fee Schedule to
differentiate between the 1-Minute Report and the existing 10-Minute
Report. Specifically, the Exchange proposes to add the qualifier ``Ten
Minute'' to the Intraday Subscription and the Intraday Ad-hoc Request
(historical data) in the Open-Close Data Reports table within Section
III.C.1.
Implementation
The Exchange notes that the 1-Minute Report and its related fees
are effective upon filing. Additionally, the Exchange will announce by
Notice when it will begin offering the 1-Minute Report historical data
for purchase.
2. Statutory Basis
The Exchange believes that the proposal is consistent with the
requirements of Section 6(b) of the Act,\13\ in general, and Section
6(b)(5) of the Act,\14\ in particular, in that it is designed to
prevent fraudulent and manipulative acts and practices, to promote just
and equitable principles of trade, to remove impediments to and perfect
the mechanism of a free and open market and a national market system,
and to protect investors and the public interest, and that it is not
designed to permit unfair discrimination among customers, brokers, or
dealers. The Exchange also believes that its proposal to adopt fees for
the 1-Minute Report, to adopt fees for ad-hoc requests for 1-Minute
Report historical data, to adopt an academic discount for ad-hoc
requests for 1-Minute Report historical data, and to make clarifying
changes to differentiate between the 1-Minute Report and the 10-Minute
Report is consistent with Section 6(b) of the Act in general, and
further the objectives of Section 6(b)(4) of the Act \15\ in
particular, in that it provides for an equitable allocation of dues,
fees and other charges among its members and other recipients of
Exchange data.
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\13\ 15 U.S.C. 78f(b).
\14\ 15 U.S.C. 78f(b)(5).
\15\ 15 U.S.C. 78f(b)(4).
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In adopting Regulation NMS, the Commission granted self-regulatory
organizations (``SROs'') and broker-dealers increased authority and
flexibility to offer new and unique market data to 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. Particularly, the Exchange believes that
making the 1-Minute Report and 1-Minute Report historical data
available for purchase would further broaden the availability of U.S.
option market data to investors consistent with the principles of
Regulation NMS. The proposed rule change would benefit investors by
providing access to the 1-Minute Report and 1-Minute Report historical
data, which may promote better informed trading throughout the trading
day. Particularly, information regarding opening and closing activity
across different option series during the trading day may indicate
investor sentiment, which may allow market participants to make better
informed trading decisions throughout the day. Subscribers to the data
may also be able to enhance their ability to analyze option trade and
volume data and create and test trading models and analytical
strategies.
The proposal also promotes increased transparency through the
dissemination of the 1-Minute Report. The proposed rule change would
benefit investors by making the 1-Minute Report available for purchase,
which as noted above, may promote better informed trading. The Exchange
believes the 1-Minute Report and 1-Minute Report historical data
provide valuable tools that subscribers can use to gain comprehensive
insight into the trading activity in a particular series, but also
emphasizes that such data is not necessary for trading. The Exchange
believes that market participants may find it beneficial to receive
additional data based on these shorter intervals as opposed to the
existing intervals provided in the 10-Minute Report. While use cases
are the same as the existing 10-Minute Report, the increased frequency
of data intervals in the 1-Minute Report provides more current
information and more data reporting intervals throughout the trading
day to gain knowledge of the trading activity by origin for
subscribers.
The Exchange notes that it operates in a highly competitive
environment where there are currently 18 registered options exchanges
that trade options. The Commission has repeatedly expressed its
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. Particularly,
in Regulation NMS, the Commission highlighted the importance of market
forces in determining prices and SRO revenues and, also, recognized
that current regulation of the market system ``has been remarkably
successful in promoting market competition in its broader forms that
are most important to investors and listed companies.'' \16\ Making
similar data products available to market participants fosters
competition in the marketplace, and constrains the ability of exchanges
to charge supracompetitive fees. In the event that a market participant
views one exchange's data product as more or less attractive than the
competition they can and do switch between similar products. The
proposed fees are a result of the competitive environment, as the
Exchange seeks to adopt fees to attract purchasers of the proposed 1-
Minute
[[Page 23518]]
Report and 1-Minute Report historical data.
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\16\ See Securities Exchange Act Release No. 51808 (June 9,
2005), 70 FR 37496, 37499 (June 29, 2005) (``Regulation NMS Adopting
Release'').
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The Exchange believes the proposed fees are reasonable as the
proposed fees are both modest and similar to the fees assessed by other
exchanges that provide similar data products.\17\ As discussed above, a
Participant or non-Participant who subscribes to the 1-Minute Report
receives ten times the data points that they would receive in
comparison to the 10-Minute Report and are only seeing an increase of
four times in the cost for ten times the amount of data. Similarly, a
Participant or non-Participant who purchases the 1-Minute Report
historical data for a particular month receives ten times the amount of
data in contrast to a Participant or non-Participant who purchases the
historical 10-Minute Report data for that same month with just 2.5x
times the difference in the costs. In summary, for each fee for the 1-
Minute Report, a Participant or non-Participant is able to receive a
greater increase in the amount of data points it receives relative to
the increase in the fee they would pay to receive this additional data.
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\17\ See supra note 10.
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The Exchange believes the proposed fees for the 1-Minute Report are
reasonable because the proposed higher pricing is in line with other
exchanges that offer substantively similar open-close report data
products based on the trading activity on those exchanges and the
pricing they charge for similar ten-minute and one-minute open-close
data products.\18\ As noted above, other exchanges charge 3-5x for
their one-minute open-close data products compared to the 10-minute
version, while the Exchange proposes to charge 4x the amount for a
monthly subscription to the 1-Minute Report as compared to the 10-
Minute Report, i.e., $6,000 per month vs. $1,500 per month.
Accordingly, the Exchange believes the proposed pricing for the 1-
Minute Report is reasonable.
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\18\ Id.
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Proposing fees that are excessively higher than established fees
for similar data products would simply serve to reduce demand for the
Exchange's data product, which as noted, is entirely optional. Like the
Exchange's proposed 1-Minute Report and 1-Minute Report historical data
products, other exchanges offer similar data products that each provide
insight into trading on those markets and may likewise aid in assessing
investor sentiment. Although each of these similar open-close data
products provide only proprietary trade data and not trade data from
other exchanges, it's possible investors are still able to gauge
overall investor sentiment across different option series based on open
and closing interest on any one exchange.\19\ Similarly, market
participants may be able to analyze option trade and volume data, and
create and test trading models and analytical strategies using only
intraday open-close data relating to trading activity on one or more of
the other markets that provide similar data products. As such, if a
market participant views another exchange's intraday open-close data
product as more attractive than the proposed 1-Minute Report and 1-
Minute Report historical data products, then such market participant
can merely choose not to purchase the Exchange's 1-Minute Report or 1-
Minute Report historical data and instead purchase another exchange's
open-close data products, which offer similar data points, albeit based
on that other market's trading activity.
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\19\ The Exchange notes that its proposed 1-Minute Report
product does not include data on any exclusive, singly-listed option
series.
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The Exchange also believes the proposed fees are reasonable as they
would support the introduction of new market data products that are
designed to aid investors by providing insight into trading on BOX. The
proposed 1-Minute Report and 1-Minute Report historical data would
provide options market participants with valuable information about
opening and closing transactions executed on the Exchange, similar to
other historical trade data products offered by competing options
exchanges. In turn, this data would assist market participants in
gauging investor sentiment and trading activity, resulting in
potentially better-informed trading decisions. As noted above, users
may also use such data to create and test trading models and analytical
strategies.
The Exchange believes the proposed fees are equitable and not
unfairly discriminatory as the fees would apply equally to all users
who choose to purchase such data. The Exchange's proposed fees would
not differentiate between subscribers that purchase One Minute Intraday
Open-Close Data and are set at a modest level that would allow any
interested Participant or non-Participant to purchase such data based
on their business needs.
Selling historical market data, such as One Minute Intraday Open-
Close Data, is also a means by which exchanges compete to attract
business. To the extent that the Exchange is successful in attracting
subscribers for the 1-Minute Report, it may earn trading revenues and
further enhance the value of its data products. If the market deems the
proposed fees to be unfair or inequitable, firms can diminish or
discontinue their use of the data and/or avail themselves of similar
products offered by other exchanges. The Exchange therefore believes
that the proposed fees for the 1-Minute Report and 1-Minute Report
historical data reflect the competitive environment and would be
properly assessed on Participant or non-Participant subscribers.
The Exchange believes further that the academic discount for the 1-
Minute Report historical data is reasonable because academic users 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 and faculty members to purchase 1-Minute
Report historical data, 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 for academic purposes only and not for actual securities
trading. As a result, the Exchange believes the proposed discount is
equitable and not unfairly discriminatory because academic purchasers
do not use the data for vocational, commercial or other for-profit
purposes. The Exchange notes that other exchanges offer similar
academic discounts.\20\
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\20\ See supra note 11.
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The Exchange anticipates a wide variety of market participants may
subscribe to the 1-Minute 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 to purchase
the 1-Minute Report is entirely optional for all potential subscribers.
Indeed, no market participant is required to purchase the 1-Minute
Report, and the Exchange is not required to make the 1-Minute Report
available to market participants. Rather, the Exchange is voluntarily
making 1-Minute Report data available, 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 cancel and decline to purchase such
data at any time.
Lastly, the Exchange believes that the clarifying changes to
Section III.C.1. (Open-Close Data Reports) of the Fee Schedule are
designed to protect
[[Page 23519]]
investors and the public interest by distinguishing between the 1-
Minute Report and the existing 10-Minute Report to add clarity to the
Fee Schedule.
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 not necessary or appropriate in
furtherance of the purposes of the Act. In this regard and as indicated
above, the Exchange notes that similar products and fees are offered at
other exchanges.\21\ The Exchange believes that the proposal will
promote competition by permitting the Exchange to introduce and sell a
data product similar to those offered by other competitor options
exchanges.\22\ The Exchange is proposing to introduce the 1-Minute
Report and 1-Minute Report historical data 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. As noted, other U.S. options exchanges
offer a market data product that is substantially similar to the 1-
Minute Report and 1-Minute Report historical data products discussed
herein. As a result, the Exchange believes this proposed rule change
permits fair competition among national securities exchanges.
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\21\ See supra note 10.
\22\ See supra note 5.
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Furthermore, the Exchange operates in a highly competitive
environment, and its ability to price the proposed data product is
constrained by competition among exchanges that offer similar data
products to their customers. As discussed, there are currently a number
of similar products available to market participants and investors.
Other U.S. options exchanges offer market data products that are
substantially similar to the 1-Minute Report and 1-Minute Report
historical data discussed herein, which the Exchange must consider in
its pricing discipline in order to compete for historical market data
purchasers. For example, proposing fees that are excessively higher
than established fees for similar data products would simply serve to
reduce demand for the Exchange's data product, 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 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 data product
and lower their prices to better compete with the Exchange's offering.
The Exchange does not believe the proposed rule change would cause any
unnecessary or inappropriate burden on intramarket competition.
Particularly, the proposed product and fee applies uniformly to any
purchaser, in that it does not differentiate between subscribers that
purchase the One Minute Intraday Open-Close data. The proposed fees are
set at a modest level that would allow any interested Participants or
non-Participants to purchase such data based on their business needs.
The Exchange also does not believe that the proposed academic
discount will impose any burden on intermarket competition that is not
necessary or appropriate in furtherance of the purposes of the Act
because the exchanges are not competing for academic purchasers.
Rather, the Exchange believes that academic purchasers' research and
publications as a result of access to historical market data benefits
all market participants. The Exchange notes that other exchanges
currently offer similar historical data to academic purchasers at a
discounted price.\23\
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\23\ See supra note 11.
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Further, the Exchange does not believe that the proposed academic
discount will impose any burden on intramarket competition that is not
necessary or appropriate in furtherance of the purposes of the Act
because academic purchasers do not use the data for vocational,
commercial or other for-profit purposes. The Exchange notes that all
academic purchasers are treated equally and all Participants and non-
Participants are treated equally.
Lastly, the Exchange does not believe that the clarifying changes
to Section III.C.1. (Open-Close Data Reports) of the Fee Schedule will
impose any burden on competition as they are not designed to address
any competitive issue but rather are designed to clearly distinguish
between the two reports and add clarity to the Fee Schedule.
As such, the Exchange does not believe that the proposed rule
change will impose any burden on competition not necessary or
appropriate in furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (i)
significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
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 \24\ and Rule 19b-
4(f)(6) thereunder.\25\
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\24\ 15 U.S.C. 78s(b)(3)(A).
\25\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \26\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \27\ permits the
Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has requested that the Commission waive the 30-day operative delay so
that the proposed rule change may become operative upon filing.
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\26\ 17 CFR 240.19b-4(f)(6).
\27\ 17 CFR 240.19b-4(f)(6)(iii).
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The Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest. As
other exchanges offer similar products to their members, the proposal
does not raise new or novel issues.\28\ For these reasons, the
Commission designates that the proposed rule change to be operative
immediately upon filing.\29\
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\28\ See supra notes 10 and 11.
\29\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. 15 U.S.C. 78c(f).
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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
[[Page 23520]]
Commission takes such action, the Commission shall institute
proceedings to determine whether the proposed rule change should be
approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#92e0e7fef7bff1fdfffff7fce6e1d2e1f7f1bcf5fde4"><span class="__cf_email__" data-cfemail="b9cbccd5dc94dad6d4d4dcd7cdcaf9cadcda97ded6cf">[email protected]</span></a>. Please include
file number SR-BOX-2026-10 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-BOX-2026-10. 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="http://www.sec.gov/rules/sro.shtml">http://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-BOX-2026-10 and
should be submitted on or before May 22, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\30\
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\30\ 17 CFR 200.30-3(a)(12).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2026-08470 Filed 4-30-26; 8:45 am]
BILLING CODE 8011-01-P
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