Cboe EDGX removes Last Sale market data feed and associated fees

Cboe EDGX Exchange, Inc. filed a proposed rule change on September 28, 2026 (Release No. 34-106591; File No. SR-CboeEDGX-2026-065) to amend Rule 13.8(d). The amendment deletes the Last Sale market data feed and removes all fees tied to that feed from the Exchange's fee schedule. The change is effective immediately under Section 19(b)(3)(A) of the Securities Exchange Act of 1934 and Rule 19b-4(f)(6).

The Exchange states the Last Sale Feed is redundant because execution information it provides is already available through the EDGX Top and EDGX Depth Market Data Feeds. It will announce a specific sunset date via Exchange Notice within 90 days of the filing. Subscribers who currently receive the Last Sale Feed may transition to the EDGX Top Feed, which includes top-of-book quotations not offered by the Last Sale Feed.

Fee comparisons show the EDGX Top Feed carries a modest increase: for internal distribution the monthly distribution fee is $750 versus $500 for Last Sale, and the professional user fee is $4 versus $0. For external distribution the distribution fee is $2,250 versus $1,500. Other fees - professional user fee $4.00/month, non-professional user fee $0.10/month, enterprise fee $15,000/month, and digital media enterprise fee $2,500/month - remain unchanged. All fees associated with the Last Sale Feed will be removed on the effective date.

The Exchange argues the amendment aligns with Section 6(b)(5) and 6(b)(4) of the Act, eliminating an impediment to a free and open market while ensuring equitable allocation of fees. It also asserts the change imposes no unnecessary burden on competition because the underlying data remains accessible through other feeds.

The Commission has published the notice to solicit comments and may temporarily suspend the rule change within 60 days of filing if deemed necessary for the public interest, investor protection, or other statutory purposes.