Notice of Rule Change for Cboe BZX Exchange Data Feed
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
The rule increases the price levels in the Cboe BZX Exchange data feeds from five to twelve, enhancing market transparency. This affects traders and financial analysts who rely on Cboe data, providing them with more detailed market depth information. Participants should prepare for the transition, as the current five-level feed will be phased out by December 31, 2026.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Increase in data feed price levels from five to twelve
- Phasing out of five-level feed by end of 2026
- Enhanced transparency and market depth
Obligations
What this law requires
Amend Rule 11.22(m) to increase BZX Summary Depth Data Feed from five (5) to twelve (12) aggregated depth-of-book price levels per side
Amend Rule 11.22(j) to offer both five (5) and twelve (12) price levels for Cboe One Premium Data Feed during transition period
Sunset the five (5) price level feed for Cboe One Premium by December 31, 2026, with specific date to be announced via Exchange Notice
Define Cboe One Summary Data Feed and Cboe One Premium Data Feed terms within rule text to clarify different feeds
Provide advance notice to market participants regarding the transition timeline and sunset date for five-level feed to allow system adjustments