Cboe BZX Rolls Out New Market Data Feeds with Fees
Published Date: 9/24/2025
Notice
Summary
Cboe BZX Exchange is launching new market data products to give traders better info on complex options orders. This change affects anyone using BZX’s trading data and starts right away, with some new fees for accessing these data feeds. It’s a smart move to keep traders in the know and the market running smoothly.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 1 costs, 1 mixed.
New Complex Order Market Data Feeds
If you use BZX trading data, the Exchange will offer three new real-time feeds for its Complex Order Book: BZX Options Depth (Complex), BZX Options Top (Complex), and BZX Options Auction Feed. These feeds are optional and designed to give firms extra real-time information about complex options orders.
Fees May Apply To Receive Feeds
The Exchange intends to submit a separate filing to establish fees for the new Complex Order Feeds, so if you choose to receive these feeds you may have to pay new access fees. Market participants are not required to buy the feeds; they may choose whether to request and pay for the data.
Planned Implementation Date: Oct 13, 2025
The Exchange proposes to implement the Complex Order feeds on October 13, 2025 (this date may change). The Exchange will announce the final implementation date by Exchange Notice.
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