Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule To Offer a Free Trial for Certain Ad-Hoc Historical Data

<NOTICE> SECURITIES AND EXCHANGE COMMISSION <DEPDOC>[Release No. 34-104365; File No. SR-CBOE-2025-082]</DEPDOC> <SUBJECT>Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule To Offer a Free Trial for Certain Ad-Hoc Historical Data</SUBJECT> <DATE>December 11, 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 December 3, 2025, Cboe Exchange, Inc. (the “Exchange”) 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 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> <HD SOURCE="HD1">I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change</HD> Cboe Exchange, Inc. (the “Exchange” or “Cboe Options”) proposes to amend its Fee Schedule to (i) rename the “Open-Close” data to “End-of-Day Open-Close”; and (ii) offer a free trial for up to six months for ad-hoc historical data requests for its End-of-Day Open-Close Data (“EOD Open-Close Data”) to all Cboe Trading Permit Holders (“TPHs”) and non-TPHs, who have not previously subscribed to EOD Open-Close Data or previously received a free trial. 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/options/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> Cboe Exchange, Inc. (the “Exchange” or “Cboe Options”) proposes to amend its Fee Schedule to (i) rename the “Open-Close” data to “End-of-Day Open-Close”; and (ii) offer a free trial for up to six months for ad-hoc historical data requests for its EOD Open-Close Data, to all Cboe Trading Permit Holders (“TPHs”)  <SU>3</SU> <FTREF/> and non-TPHs, who have not previously subscribed to EOD Open-Close Data or previously received a free trial. The free trial is effective beginning November 24 [ <E T="03">sic</E> ], 2025. The Exchange also seeks to remove language from its Fee Schedule language providing a 20% discount for the purchase of historical ad hoc Open-Close Data totaling $20,000 or more, from April 23, 2025 through June 30, 2025, because this period has now expired. <FTNT> <SU>3</SU>  The terms “Trading Permit Holder” and “TPH” have the meaning set forth in the Bylaws. <E T="03">See</E> Rule 1.1. </FTNT> Currently, the Exchange's Fee Schedule notes that it offers, for a fee, “Open Close” data, which is meant to denote the Exchange's offering of End-of-Day Open-Close data. For the sake of clarity, the Exchange now proposes to amend the name of this data set from “Open Close” to “End-of-Day Open-Close.” By way of background, the Exchange currently offers End-of-Day (“EOD”) and Intraday Open-Close Data (collectively, “Open-Close Data”). EOD Open-Close Data is an end-of-day volume summary of trading activity on the Exchange at the option level by origin (customer, professional customer, broker-dealer, and market maker), side of the market (buy or sell), price, and transaction type (opening or closing). The customer and professional customer volume is further broken down into trade size buckets (less than 100 contracts, 100-199 contracts, greater than 199 contracts). The EOD Open-Close Data is proprietary Exchange trade data and does not include trade data from any other exchange. It is also a historical data product and not a real-time data feed. Additionally, the Exchange seeks to amend its Fee Schedule to rename the “Open-Close” data to “End-of-Day Open-Close.” The Intraday Open-Close Data provides summary level data of trading activity on the Exchange at the option level by origin (customer, professional customer, broker-dealer, and market maker), side of the market (buy or sell), and transaction type (opening or closing). The customer and professional customer volume are further broken down into trade size buckets (less than 100 contracts, 100-199 contracts, greater than 199 contracts). The Intraday Open-Close Data is proprietary Exchange trade data and does not include trade data from any other exchange. The Intraday Open-Close Data provides options transaction data that is captured in snapshots taken in 10-minute intervals during the trading day. This data is then made available to subscribers within five minutes of the conclusion of the 10-minute interval period. The Intraday Open-Close Data is proprietary Exchange trade data and does not include trade data from any other exchange. All Open-Close Data products are completely voluntary products, in that the Exchange is not required by any rule or regulation to make this data available and that potential customers may purchase it on an ad-hoc basis only if they voluntarily choose to do so. <HD SOURCE="HD3">Free Trial</HD> Currently, the Exchange offers a free trial for historical ad hoc requests of Intraday Day Open Close Data for up to six months to all TPHs and non-TPHs who have not previously subscribed to EOD Open-Close Data or previously received a free trial. The Exchange now seeks to establish the same free trial for historical ad hoc requests for EOD Open-Close Data. Both the EOD Open-Close Data and Intraday Open-Close Data is available to all customers at the same price and in the same manner. The current charge ad hoc requests for historical End-of-Day Open-Close Data for all Cboe Securities (Equities, Indexes, and ETFs) is $600 per month, for one to four years, and $300 per month for five or more years. Similarly, the current charge for historical ad hoc Intraday Open-Close Data is $1000 per month. The Exchange believes the proposed trial will serve as an incentive for new subscribers who have never purchased EOD Open-Close Data to start purchasing such data. Particularly, the Exchange believes it will give potential subscribers the ability to use and test the data offering before signing up for additional months. The Exchange also notes another exchange offers a free trial for new subscribers of a similar data product. <SU>4</SU> <FTREF/> Lastly, the purchase of EOD Open-Close Data is discretionary and not compulsory. <FTNT> <SU>4</SU>  See Nasdaq ISE, Options 7 Pricing Schedule, Section 10A, Market Data. </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>5</SU> <FTREF/> Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5)  <SU>6</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>7</SU> <FTREF/> requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. <FTNT> <SU>5</SU>  15 U.S.C. 78f(b). </FTNT> <FTNT> <SU>6</SU>  15 U.S.C. 78f(b)(5). </FTNT> <FTNT> <SU>7</SU>   <E T="03">Id.</E> </FTNT> In adopting Regulation NMS, the Commission granted self-regulatory organizations (“SROs”) and broker-dealers increased authority and flexibility to offer new and unique market data to the public. It was believed that this authority would expand the amount of data available to consumers, and also spur innovation and competition for the provision of market data. The Exchange believes the proposed free trial of EOD Open-Close Data will further broaden the availability of U.S. option market data to investors consistent with the principles of Regulation NMS. The Exchange's EOD Open-Close Data is designed to help investors understand underlying market trends to improve the quality of investment decisions. Indeed, subscribers to the data may be able to enhance their ability to analyze option trade and volume data and create and test trading models and analytical strategies. The Exchange believes its EOD Open-Close Data provides a valuable tool that subscribers can use to gain comprehensive insight into the trading activity in a particular series, but also emphasizes such data is not necessary for tr ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ Preview showing 10k of 18k characters. Full document text is stored and available for version comparison. ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━