Cboe BZX amends Rule 11.22(j) to define Cboe One Feed by source

On November 3, 2026, Cboe BZX Exchange, Inc. filed a proposed rule change under Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4 to amend Rule 11.22(j). The amendment replaces the current itemized description of the Cboe One Feed with a definition that identifies the Multicast Depth feeds of BZX, BYX, EDGA, and EDGX and the securities information processors (SIPs) as the feed's sources.

The revised rule also states that the Cboe One Feed is offered in two versions - Cboe One Summary and Cboe One Premium - and that the versions differ only in the quotation information each provides. The Summary version will continue to deliver the aggregate best bid and offer of all displayed orders across the four exchanges, while the Premium version will provide aggregated two-sided quotations at multiple price levels.

By describing the feed by source rather than by a list of individual data elements, message names, or price-level counts, the Exchange seeks to avoid separate rule filings for future additions or changes to data obtained from the identified sources. The proposal deletes from Rule 11.22(j) the current itemized list of data elements, message references, and the specific mention of five- and twelve-price-level configurations.

The notice, published in the Federal Register (Vol. 91, No. 218, pages 73348-73352) as Release No. 34-106852; File No. SR-CboeBZX-2026-091 (FR Doc No. 2026-23097), solicits comments from interested persons. The amendment is effective immediately upon filing, binding all market data subscribers to the new source-based description.