Cboe BZX Exchange launches trade-by-trade options data with new fees
The Exchange's rule change takes effect immediately, charging $6,000 monthly for subscriptions or $4,000 for ad-hoc requests.
On November 3, 2026, Cboe BZX Exchange, Inc. filed a non-controversial proposed rule change (File No. SR-CboeBZX-2026-089; Release No. 34-106802) that became immediately effective. The filing, made on October 21, 2026, seeks to add a Trade-by-Trade (TBT) Report for BZX Options and to amend the exchange's fee schedule to charge for the new product.
The TBT Report will deliver a separate row for each options trade executed on BZX Options, including transaction time, underlying symbol, OSI details, trade size and price, market-context indicators, side, type (opening or closing), and order capacity. For Options Members, execution IDs from both the Simple Book and Complex Order Book will be provided. The data will be compiled at day-end and made available overnight after midnight Eastern Time (T+1), ensuring it is strictly historical.
The exchange proposes a monthly subscription fee of $6,000 for the TBT Report and a $4,000 per-month charge for ad-hoc requests, with prorated pricing for mid-month subscriptions or specific date ranges. Ad-hoc requests may cover any month for which data exist, beginning March 1, 2019. A free sample covering July 1-31, 2022, will be offered to both Options Members and non-Members who have not previously received the report.
The Exchange cites Section 6(b) of the Securities Exchange Act of 1934 as the statutory basis, asserting that the rule change promotes transparency, supports detailed transaction-level analysis, and aligns with Regulation NMS objectives. The Commission is publishing this notice to solicit comments from interested parties.
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