Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish Certain Market Data Products

<NOTICE> SECURITIES AND EXCHANGE COMMISSION <DEPDOC>[Release No. 34-104006; File No. SR-CboeBZX-2025-127]</DEPDOC> <SUBJECT>Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish Certain Market Data Products</SUBJECT> <DATE>September 19, 2025.</DATE> Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the “Act”), <SU>1</SU> <FTREF/> and Rule 19b-4 thereunder, <SU>2</SU> <FTREF/> notice is hereby given that on September 12, 2025, Cboe BZX Exchange, Inc. (the “Exchange” or “BZX”) filed with the Securities and Exchange Commission (the “Commission”) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Exchange filed the proposal as a “non-controversial” proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act  <SU>3</SU> <FTREF/> and Rule 19b-4(f)(6) thereunder. <SU>4</SU> <FTREF/> The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. <FTNT> <SU>1</SU>  15 U.S.C. 78s(b)(1). </FTNT> <FTNT> <SU>2</SU>  17 CFR 240.19b-4. </FTNT> <FTNT> <SU>3</SU>  15 U.S.C. 78s(b)(3)(A)(iii). </FTNT> <FTNT> <SU>4</SU>  17 CFR 240.19b-4(f)(6). </FTNT> <HD SOURCE="HD1">I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change</HD> Cboe BZX Exchange, Inc. (the “Exchange” or “BZX”) proposes to establish certain market data products. The text of the proposed rule change is provided in Exhibit 5. The text of the proposed rule change is also available on the Commission's website ( <E T="03">https://www.sec.gov/rules/sro.shtml</E> ), the Exchange's website ( <E T="03">https://www.cboe.com/us/equities/regulation/rule_filings/bzx/</E> ), and at the principal office of the Exchange. <HD SOURCE="HD1">II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD> In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. <HD SOURCE="HD2">A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD> <HD SOURCE="HD3">1. Purpose</HD> The Exchange proposes to establish the following feeds in connection with its proposed rule change to introduce Complex Orders:  <SU>5</SU> <FTREF/> BZX Options Depth for the Exchange's Complex Order Book, BZX Options Top for the Exchange's Complex Order Book and BZX Options Auction Feed for the Exchange's Complex Order Book (collectively, the “Exchange's Complex Order Feeds”). <SU>6</SU> <FTREF/> <FTNT> <SU>5</SU>  See SR-CboeBZX-2025-126. </FTNT> <FTNT> <SU>6</SU>  The Exchange intends to submit a separate rule filing to establish fees for the Exchange's Complex Order Feeds. </FTNT> Currently, the Exchange offers BZX Options Depth  <SU>7</SU> <FTREF/> and BZX Options Top  <SU>8</SU> <FTREF/> market data feeds for its Simple Book. <SU>9</SU> <FTREF/> In connection with its proposed rule change to implement Complex Orders, <SU>10</SU> <FTREF/> the Exchange now proposes to also include the applicable feeds for the Complex Order Book, <SU>11</SU> <FTREF/> as the Exchange's affiliates currently do. <SU>12</SU> <FTREF/> <FTNT> <SU>7</SU>   <E T="03">See</E> Rule 21.15(b)(1). </FTNT> <FTNT> <SU>8</SU>   <E T="03">See</E> Rule 21.15(b)(2). </FTNT> <FTNT> <SU>9</SU>   <E T="03">See</E> Rule 16.1. </FTNT> <FTNT> <SU>10</SU>   <E T="03">See supra</E> note 5. </FTNT> <FTNT> <SU>11</SU>   <E T="03">Id.</E> </FTNT> <FTNT> <SU>12</SU>   <E T="03">See e.g.,</E> Cboe EDGX Rule 21.15(b)(1), 21.15(b)(2) and 21.15(b)(5). Noting that all three feeds: EDGX Options Depth, EDGX Options Top and EDGX Options Auction Feed, offer separate data feeds for the EDGX Simple Book and EDGX Complex Order Book as such terms are defined in EDGX Rule 21.20. </FTNT> The BZX Options Depth is a data feed that currently offers depth of book quotations and execution information based on options orders entered into the Simple Book. As proposed, the Exchange would offer an additional market data feed for BZX Options Depth that would contain depth of book quotations and execution information based on options orders entered into the Complex Order Book. BZX Options Top is a data feed that currently offers top of book quotations and execution information based on option orders entered into the Simple Book. As proposed, the Exchange would offer an additional market data feed for BZX Options Top that would contain top of book quotations and execution information based on options orders entered into the Complex Order Book. Lastly, the Exchange proposes to offer a new market data feed, BZX Options Auction Feed, which will provide information regarding the current status of price and size information related to auctions conducted by the Exchange for the Complex Order Book. The Exchange's Complex Order Feeds, similar to the existing BZX Options Depth and BZX Options Top market data feeds for its Simple Book, are all real-time market data feeds. The Exchange notes that the Exchange's Complex Order Feeds shall contain the same fields as the Exchange's affiliates, with the exception that there may be minor differences across the exchanges to account for differences in trading venues, such as Cboe Exchange, Inc. offering a Global Trading Hours session. <SU>13</SU> <FTREF/> The Exchange's Complex Order Feeds do not contain any new data fields that are not already included in the Exchange's affiliates applicable data feeds. Each of the Exchange Complex Order Feeds can help subscribers make informed investment decisions and operate in the same manner as the Exchange's affiliated options exchange feeds as well as the existing BZX Options Depth and BZX Options Top market data feeds for the Simple Book. Further, market participants may continue to receive the existing BZX Options Depth and BZX Options Top market data feeds for the Simple Book, and are not required to purchase the proposed Exchange Complex Order Feeds. <SU>14</SU> <FTREF/> <FTNT> <SU>13</SU>   <E T="03">See</E> Cboe Titanium U.S. Options Complex Auction Multicast PITCH Specification (specifying details for the Exchange's and its affiliates Complex Auction feeds); <E T="03">see also</E> Cboe Titanium U.S. Options Complex Multicast TOP Specification (specifying details for the Exchange's and its affiliates Complex Top feeds); <E T="03">see also</E> Cboe Titanium U.S. Options Complex Multicast PITCH Specification (specifying details for the Exchange's and its affiliates Complex Depth feeds). All three specifications lay out the fields provided across the exchanges for these three feeds. </FTNT> <FTNT> <SU>14</SU>  The Exchange intends to submit a separate filing to establish fees for these products. </FTNT> <HD SOURCE="HD3">Implementation Date</HD> In connection with the proposed rule change to implement Complex Orders, <SU>15</SU> <FTREF/> the Exchange proposes to implement this change on October 13, 2025; however, this date may be subject to change. The Exchange will announce via Exchange Notice the implementation date of the proposed rule change. <FTNT> <SU>15</SU>   <E T="03">See</E> supra note 5. </FTNT> <HD SOURCE="HD3">2. Statutory Basis</HD> The Exchange believes the proposed rule change is consistent with the Securities Exchange Act of 1934 (the “Act”) and the rules and regulations thereunder applicable to the Exchange and, in particular, the requirements of Section 6(b) of the Act. <SU>16</SU> <FTREF/> Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5)  <SU>17</SU> <FTREF/> requirements that the rules of an exchange be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. Additionally, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5)  <SU>18</SU> <FTREF/> requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. This proposal is in keeping with those principles in that it promotes increased transparency through the dissemination of the optional Exchange Complex Order Feeds to those interested in paying to receive any or all of these data feeds. <FTNT> <SU>16</SU>  15 U.S.C. 78f(b). </FTNT> <FTNT> <SU>17</SU>  15 U.S.C. 78f(b)(5). </FTNT> <FTNT> <SU>18</SU>   <E T="03">Id.</E> </FTNT> The Exchange also believes this proposal is consistent with Section 6(b)(5) of the Act because it protects investors and the public interest and promotes just and equitable principles of trade by providing investors with new options for receiving market data as requested by potential purchasers. The proposed rule change would benefit investors by facilitating their prompt access to the value-added information in connection with the launch of Complex Orders. All three of the proposed Exchange Complex Order Feeds can enable market participants to make i ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ Preview showing 10k of 19k characters. Full document text is stored and available for version comparison. ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━