Cboe BZX fixes free trial window for Open-Close Data products

On August 7, 2026, Cboe BZX Exchange, Inc. filed a proposed rule change with the Securities and Exchange Commission (Release No. 34-106147; File No. SR-CboeBZX-2026-064). The Commission published the filing as a notice of immediate effectiveness on August 17, 2026 (FR Doc No. 2026-16949). The filing seeks to amend the Exchange's fee schedule as it relates to the free-trial provisions for three Open-Close Data products.

The amendment replaces the current participant-selected six-month historical data window with a fixed, uniform six-month period covering July 1, 2022 through December 31, 2022. The change applies to End-of-Day (EOD) Open-Close Data, Ten-Minute Interval Intraday Open-Close Data, and One-Minute Interval Intraday Open-Close Data. Under the proposal, every requesting participant will receive the identical dataset for that July-December 2022 window.

The Exchange states that the uniform window continues to fulfill the free-trial purpose of providing a representative sample for prospective subscribers while simplifying administration and ensuring non-discriminatory access. The trial remains voluntary and free of charge; the underlying subscription fees for the Open-Close Data products are unchanged.

The proposed rule change is grounded in Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4, and the Exchange cites Section 6(b) of the Act, including the Section 6(b)(5) and Section 6(b)(4) requirements concerning equitable, non-discriminatory rules and reasonable allocation of fees. The Exchange argues that the fixed trial window aligns with the Act's objectives of preventing fraud, promoting fair trade, and supporting a free and open market.

The Commission is soliciting comments on the proposed rule change from interested persons. Comments may be submitted in accordance with the procedures outlined on the SEC's website.