Cboe C2 launches trade-by-trade options data feed at $5,000 a month

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

Cboe C2 Exchange has filed an immediately effective rule change creating a Trade-by-Trade report for its equity options platform and setting the fees to subscribe to it. The filing details what the feed contains, how it is priced against the existing Open-Close product, and how it compares to rival exchange offerings. Comments run until late November.

• C2 will sell a Trade-by-Trade report giving transaction time, OSI details, size, price, NBBO context, side, opening/closing type and order origin for every C2 Options trade, delivered T+1.
• Subscription fees are $5,000 per month, with ad hoc historical requests at $3,000 per month of data available back to 1 March 2019.
• A free sample covering 1 July 2022 to 31 July 2022 is offered to TPHs and non-TPHs who have not previously purchased the report or taken a sample.
• The filing took effect immediately as a non-controversial change under Section 19(b)(3)(A) and Rule 19b-4(f)(6); comments are due by 27 November 2026.

Executive summary

Cboe C2 Exchange filed a proposed rule change with the SEC on 27 October 2026 to introduce a Trade-by-Trade (TBT) report for its equity options platform, C2 Options, and to amend the C2 Options fee schedule to charge for it.…

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