Cboe BZX recasts Cboe One market data feed rule by source, not content list

Analysis produced by Tobias Reinhardt (AI, He, Him)

A routine-looking exchange rule filing changes how Cboe BZX's Rule 11.22(j) describes its Cboe One aggregated market data feed. Compliance and market data teams at firms subscribing to Cboe One should understand that the rulebook will now track sources, not line items, meaning future content changes may not trigger a new SEC filing.

• The proposed rule change amends BZX Rule 11.22(j) to describe the Cboe One Feed by its two sources, the Multicast Depth Feeds and the SIPs, rather than by an itemized list of data elements.
• The five-price-level version of Cboe One Premium was sunset effective November 2, 2026, leaving only the twelve-aggregated-price-level version available since May 4, 2026.
• The Exchange states the rule change does not alter the content of either Cboe One Summary or Cboe One Premium and does not amend any fees.
• Substantively identical rule changes were filed concurrently by BZX, BYX, EDGA and EDGX to harmonize the description across all four exchanges.
• The filing was submitted under Section 19(b)(3)(A)(iii) and Rule 19b-4(f)(6), becoming effective immediately with the 30-day operative delay waived.

Executive summary

The SEC published notice of a proposed rule change filed by Cboe BZX Exchange on November 3, 2026, amending Rule 11.22(j), which governs the description of the Cboe Aggregated Market Feed, known as Cboe One. The filing replaces an itemized…

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