Notice2026-10830
Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule To Clarify That Requests for Mid-Month Subscriptions and Ad-Hoc Historical Requests for Open-Close Data Will Be Prorated
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
June 1, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 104 (Monday, June 1, 2026)</title>
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[Federal Register Volume 91, Number 104 (Monday, June 1, 2026)]
[Notices]
[Pages 32467-32468]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-10830]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105558; File No. SR-CboeEDGX-2026-041]
Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Amend Its Fee Schedule To Clarify That Requests for Mid-Month
Subscriptions and Ad-Hoc Historical Requests for Open-Close Data Will
Be Prorated
May 27, 2026.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on May 19, 2026, Cboe EDGX Exchange, Inc. (the ``Exchange'' or
``EDGX'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. The
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'') proposes to
amend its Fee Schedule to clarify that requests for mid-month
subscriptions and ad-hoc historical requests for Open-Close Data will
be prorated. 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/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
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend its Fee Schedule to clarify that
both (i) mid-month subscriptions and (ii) ad-hoc historical requests
for its End-of-Day (``EOD'') Open-Close data, Ten-Minute Interval
Intraday Open-Close data, and One-Minute Interval Intraday Open-Close
data will be prorated. The Exchange proposes this change with the sole
purpose of providing greater clarity in its Fee Schedule and aligning
the content of its Fee Schedule with the fee schedule of its affiliate
exchange, Cboe Exchange, Inc. (hereinafter ``C1'' or ``Cboe
Exchange'').\3\
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\3\ See Securities Exchange Act Release No. 104796 (February 10,
2026), 91 FR 6931 (February 13, 2026) (SR-CBOE-2026-011).
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By way of background, the Exchange currently offers EOD and
Intraday Open-Close Data (collectively, ``Open-Close Data''). EOD Open-
Close Data is an end-of-day volume summary of trading activity on the
Exchange at the option level by origin (customer, professional
customer, broker-dealer, and market maker), side of the market (buy or
sell), price, and transaction type (opening or closing). The 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 EOD Open-Close Data is proprietary Exchange trade data
and does not include trade data from any other exchange. It is a
historical data product and not a real-time data feed.
The Exchange also offers Intraday Open-Close Data, which provides
similar information to that of EOD Open-Close Data but is produced and
updated every 10 minutes (the ``Ten-Minute Intraday Report'') and every
1 minute (the ``One-Minute Intraday Report'') during the trading day.
Data is captured in ``snapshots'' taken every 10 minutes or 1 minute
(depending on the report) throughout the trading day and is available
to subscribers within five minutes of the conclusion of each period.\4\
The Intraday Open-Close Data provides a volume summary of trading
activity on the Exchange at the option level by origin (customer,
professional customer, broker-dealer, and market maker), side of the
market (buy or sell), and transaction type (opening or closing). The
customer and professional customer volume are further broken down into
trade size buckets (less than 100 contracts, 100-199 contracts, greater
than 199 contracts). The Intraday Open-Close Data is proprietary
Exchange trade data and does not include trade data from any other
exchange. 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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\4\ For example, subscribers to the Ten-Minute Intraday Report
receive the first calculation of intraday data by approximately 9:42
a.m. ET, which represents data captured from 9:30 a.m. to 9:40 a.m.
Subscribers receive the next update at 9:52 a.m., representing the
data previously provided together with data captured from 9:40 a.m.
through 9:50 a.m., and so forth. Each update represents the
aggregate data captured from the current ``snapshot'' and all
previous ``snapshots.''
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Currently, the Exchange provides in its Fee Schedule that firms may
purchase Ten-Minute Intraday Open-Close Data, One-Minute Open-Close
Data, or EOD Data on a subscription basis or as an ad hoc request for a
specified month(s) (historical file).\5\ The Exchange proposes to add
language to its Fee Schedule to clarify that either (i) a mid-month
subscription or (ii) an ad-hoc historical request for specific dates of
any of the Open-Close Data will be prorated. The Exchange proposes this
change with the sole purpose of providing greater clarity to its Fee
Schedule and aligning the content of its Fee Schedule with the fee
schedule of its affiliate exchange, Cboe Exchange, Inc. (hereinafter
``C1'' or ``Cboe Exchange'').\6\
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\5\ See EDGX Options Fee Schedule.
\6\ Supra note 3.
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2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the
[[Page 32468]]
``Act'') and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) of the
Act.\7\ Specifically, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5) \8\ 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) \9\ requirement that the rules of
an exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(5).
\9\ Id.
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In particular, the proposed rule change is reasonable and would
benefit investors by providing clarity regarding the method of
calculation of fees associated with mid-month subscriptions and
requests for ad-hoc historical data for specific dates of any of the
Open-Close Data. Additionally, the Exchange believes the proposed
addition of language clarifying that mid-month subscriptions and
requests for ad-hoc historical data will be pro-rated is reasonable
because the Exchange's affiliated exchange already has this language in
place,\10\ and its addition to the Exchange's fee schedule adds
consistency between the fee schedules of the Exchange and its
affiliate. Additionally, The Exchange believes the proposed change is
equitable and not unfairly discriminatory because the proration of the
fees would apply equally to all users who choose to purchase such data.
The Exchange's proposed proration of fees would not differentiate
between subscribers that purchase the data and would allow any
interested market participant to purchase such data based on their
business needs.
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\10\ Supra note 3.
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Furthermore, the Exchange notes that all of its Open-Close Data
products are entirely optional for market participants to purchase.
Indeed, no market participant is required to purchase the Open-Close
Data products, and the Exchange is not required to make the Open-Close
Data products available to all investors. Rather, the Exchange is
voluntarily making the Open-Close Data available. 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. The Exchange does not
believe the proposed fees would cause any unnecessary or inappropriate
burden on intermarket competition because the proposed rule change is
aimed solely at adding clarification and accuracy to the Exchange's Fee
Schedule. Further, 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.
Finally, 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.
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 \11\ and paragraph (f) of Rule 19b-4 \12\
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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\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 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. 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#2755524b420a44484a4a424953546754424409404851"><span class="__cf_email__" data-cfemail="a5d7d0c9c088c6cac8c8c0cbd1d6e5d6c0c68bc2cad3">[email protected]</span></a>. Please include
file number SR-CboeEDGX-2026-041 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-2026-041. 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-2026-041 and should be
submitted on or before June 22, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
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\13\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-10830 Filed 5-29-26; 8:45 am]
BILLING CODE 8011-01-P
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