Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 11.22(g)

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<title>Federal Register, Volume 91 Issue 194 (Thursday, October 8, 2026)</title>
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[Federal Register Volume 91, Number 194 (Thursday, October 8, 2026)]
[Notices]
[Pages 64448-64450]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-20593]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-106589; File No. SR-CboeBZX-2026-080]


Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend 
Rule 11.22(g)

October 5, 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 September 28, 2026, Cboe BZX Exchange, Inc. (the ``Exchange'' or 
``BZX'') 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

    Cboe BZX Exchange, Inc. (the ``Exchange'' or ``BZX'') proposes to 
amend Rule 11.22(g) to remove the Last Sale market data feed (the 
``Last Sale Feed'') and to amend the Exchange's fee schedule to remove 
all fees associated with the Last Sale Feed. The text of the proposed 
rule change is provided 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 sunset the Last Sale Feed at a later date 
to be announced via Exchange Notice. By way of background, the Last 
Sale Feed is a market data feed that disseminates execution information 
for equity orders entered into the Exchange's System. The Last Sale 
Feed is referenced in Rule 11.22(g) and has associated fees set forth 
in the Exchange's fee schedule. To facilitate sunsetting this feed, the 
Exchange proposes to amend Rule 11.22(g) to remove the Last Sale Feed 
and to amend the fee schedule to remove all fees associated with the 
Last Sale Feed upon the implementation of this proposed change. Lastly, 
the Exchange also proposes to remove from its Fee Schedule the 
reference to a complimentary Last Sale Feed offering when a subscriber 
takes in the BZX Top Feed as the Last Sale Feed will no longer be 
offered.
    The Exchange is not required to offer any market data feed, 
including the Last Sale Feed. The Exchange notes that all information 
disseminated via the Last Sale Feed is available through other Exchange 
market data feeds, including the BZX Top and BZX Depth Market Data 
Feeds, making the Last Sale Feed redundant. Given this redundancy, the 
Exchange has determined that continuing to maintain the Last Sale Feed 
is no longer warranted. For all market data feeds the Exchange offers, 
the Exchange must maintain and provide technical support for these 
optional market data offerings. As such, the Exchange does not believe 
it is beneficial to continue expending resources to maintain a 
redundant product when the same information is readily accessible 
through alternative feeds. The Exchange will announce the specific 
sunset date via Exchange Notice within 90 days after the date this 
filing is submitted to the Commission.
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.\3\ Specifically, the 
Exchange believes the proposed rule change is consistent with the 
Section 6(b)(5) \4\ requirements that the rules of

[[Page 64449]]

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) \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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    \3\ 15 U.S.C. 78f(b).
    \4\ 15 U.S.C. 78f(b)(5).
    \5\ Id.
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    In particular, the Exchange believes the proposed rule change is 
consistent with Section 6(b)(5) of the Act because it removes an 
impediment to and perfects the mechanism of a free and open market and 
a national market system by eliminating a redundant market data product 
while preserving access to all execution information disseminated by 
that product through alternative feeds, such as BZX Top and BZX Depth 
Market Data Feeds. As noted above, all information currently provided 
via the Last Sale Feed remains fully available through these 
alternative feeds, and the Exchange has determined that continuing to 
maintain a redundant product is no longer warranted. Because the Last 
Sale Feed is not required to be offered and no data that is not 
otherwise available will be removed, the proposal will not disadvantage 
any market participant or impair the protection of investors or the 
public interest. The proposal applies equally to all market 
participants and is not designed to permit unfair discrimination among 
customers, issuers, brokers, or dealers. In addition, sunsetting the 
Last Sale Feed will reduce the operational burden associated with 
maintaining this product, allowing the Exchange to focus its resources 
on other market data products.
    The Exchange also believes the proposed rule change is consistent 
with Section 6(b)(4) of the Act,\6\ which requires that Exchange rules 
provide for the equitable allocation of reasonable dues, fees, and 
other charges among its Members and other persons using its facilities. 
Removing the Last Sale Feed and its associated fees provides for the 
equitable allocation of reasonable dues, fees, and other charges 
because the Exchange will not charge for a product it no longer offers, 
and all similarly situated market participants are affected equally. By 
removing the fees associated with the Last Sale Feed from its fee 
schedule (on the effective date of removal), the Exchange provides 
clarity to participants on what market data feeds are available for 
purchase.
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    \6\ 15 U.S.C. 78f(b)(4).
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    The Exchange notes, however, that subscribers that currently 
receive the Last Sale Feed may wish to purchase an alternative data 
feed through the Exchange upon the Last Sale Feed being decommissioned. 
More specifically, a subscriber may choose to purchase BZX Top in lieu 
of the Last Sale Feed they previously received. Presuming that is the 
case, for Internal Distributors, there is a small difference in fees 
between BZX Top and Last Sale.\7\ Meaning, that an Internal Distributor 
who previously subscribed to Last Sale may now subscribe to BZX Top at 
an incremental increase. While there is an increase in price, the 
Exchange notes that the BZX Top Feed also contains top of book 
quotations (a data point that the Last Sale Feed does not contain). In 
contrast, an External Distributor to BZX Top may receive BZX Top at the 
same price as the Last Sale Feed.\8\ As there is no increase in fees 
for External Distributors, and only a modest increase for Internal 
Distributors that currently receive Last Sale and choose to instead 
subscribe to BZX Top, the Exchange believes the proposed rule change is 
reasonable.
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    \7\ For BZX Last Sale, the following fees apply for Internal 
Distribution: Distribution Fee: $500/month; Professional User Fee: 
$0/month; and Non-Professional User Fee: $0/month. In contrast, the 
BZX Top Fees for Internal Distribution are as follows: Distribution 
Fee: $750/month; Professional User Fee: $4/month; and Non-
Professional User Fee: $0/month. See BZX Equities Fee Schedule.
    \8\ The Following fees are applicable for External Distributions 
for both feeds: Distribution Fee: $2,500/month; Professional User 
Fee $4.00/month; Non-Professional User Fee: $0.10/month; Enterprise 
Fee: $15,000/month; and Digital Media Enterprise Fee: $2,500/month. 
See BZX Equities Fee Schedule.
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act. The proposal will 
discontinue a redundant Exchange market data product, apply equally to 
all market participants, and leave the underlying execution information 
available through other Exchange market data feeds. Accordingly, the 
proposal does not impose an unnecessary or inappropriate burden on 
competition.
    The proposal is a discontinuation of a redundant Exchange product 
and does not burden competition among exchanges. It does not restrict 
any other exchange from offering its own market data products, and 
other exchanges remain free to offer their own data products on the 
terms they determine.

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

    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 \9\ and 
Rule 19b-4(f)(6) \10\ 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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    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 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#ed9f988188c08e8280808883999ead9e888ec38a829b"><span class="__cf_email__" data-cfemail="443631282169272b2929212a3037043721276a232b32">[email&#160;protected]</span></a>. Please include 
file number SR-CboeBZX-2026-080 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.


[[Page 64450]]


All submissions should refer to file number SR-CboeBZX-2026-080. 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-CboeBZX-2026-080 and should be submitted 
on or before October 29, 2026.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-20593 Filed 10-7-26; 8:45 am]
BILLING CODE 8011-01-P


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