Cboe BZX eliminates Last Sale market data feed and associated fees

Cboe BZX Exchange, Inc. filed a proposed rule change on September 28, 2026 (Release No. 34-106589; File No. SR-CboeBZX-2026-080) that amends Rule 11.22(g) to delete the Last Sale market data feed and all fees tied to that feed. The amendment is effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934 and Rule 19b-4(f)(6) immediately upon filing.

The amendment removes the Last Sale Feed from the Exchange's fee schedule. For internal distributors, the former Last Sale fees were a $500 distribution fee per month with no professional or non-professional user fees. The comparable BZX Top feed now carries a $750 distribution fee, a $4 professional user fee, and no non-professional fee. External distributors face identical fees for both feeds: $2,500 distribution, $4 professional, $0.10 non-professional, $15,000 enterprise, and $2,500 digital media enterprise per month.

The Exchange states the feed is redundant because execution information it provided is already available through the BZX Top and BZX Depth market data feeds. Maintaining the separate Last Sale product, the Exchange argues, creates unnecessary operational costs without adding unique data, and its removal will allow resources to focus on other data offerings.

The Exchange will announce the specific sunset date for the Last Sale Feed via an Exchange Notice within 90 days after the filing date. All market participants - internal and external distributors - are affected equally, and the Exchange notes that external distributors will see no price increase, while internal distributors may incur a modest incremental cost if they switch to BZX Top.

The SEC is publishing this notice to solicit comments, though the Exchange reports it neither solicited nor received any. The Commission may, within 60 days of the filing, temporarily suspend the rule change if it deems appropriate.