Market Data Feeds
Cboe offers four different types of market data feeds:
- Multicast PITCH
- TCP PITCH
- TOP
- Last Sale
Cboe requires that customers allocate a minimum of 10 Gbps per Multicast PITCH 8G or 5G-shaped feed, 1 Gbps per Gig-Shaped feed, and 100 Mb/s per Multicast PITCH WAN-Shaped feed. With respect to TCP PITCH and TOP feeds, Cboe understands firms will have varying levels of sensitivity with respect to latency and as such encourages customers to use the statistics provided below to make a well-informed decision regarding the bandwidth they will require based on their organization’s latency sensitivity.
The table below shows the bandwidth statistics for historical highs for Cboe market data feeds. The table shows the bandwidth and Messages Per Second (MPS) peaks for 1, 5, 10, 30, and 60-second intervals. Peaks for 1 and 10 millisecond interval peaks are also included. The TCP statistics include 11 bytes for TCP/IP overhead per packet and do not include the data link layer overhead.
| Cboe Market | Interval Seconds | Multicast PITCH | TOP | TCP PITCH | |||
|---|---|---|---|---|---|---|---|
| MPS | Mb/s | MPS | Mb/s | MPS | Mb/s | ||
| BZX Equities Exchange | .001 | 21,906,000 | 6,485 | 2,751,000 | 669 | 2,090,000 | 1,680 |
| .010 | 19,767,500 | 5,854 | 1,565,500 | 385 | 1,918,900 | 1,542 | |
| 1 | 661,312 | 228 | 279,919 | 74 | 408,069 | 328 | |
| 5 | 458,865 | 159 | 181,516 | 48 | 350,133 | 282 | |
| 10 | 379,868 | 131 | 153,553 | 40 | 345,079 | 278 | |
| 30 | 242,836 | 84 | 108,395 | 28 | 247,154 | 199 | |
| 60 | 192,468 | 67 | 87,545 | 23 | 208,273 | 167 | |
| BYX Equities Exchange | .001 | 18,225,000 | 5,395 | 3,995,000 | 961 | 2,165,000 | 1,481 |
| .010 | 11,200,000 | 3,315 | 1,518,500 | 385 | 1,620,000 | 1,114 | |
| 1 | 216,316 | 68 | 118,737 | 31 | 287,657 | 231 | |
| 5 | 122,092 | 41 | 59,985 | 16 | 151,437 | 69 | |
| 10 | 97,771 | 33 | 52,313 | 14 | 125,665 | 57 | |
| 30 | 75,117 | 26 | 44,086 | 11 | 97,798 | 45 | |
| 60 | 57,300 | 20 | 34,144 | 9 | 74,634 | 34 | |
| BZX Options Exchange | .001 | 53,780,000 | 15,961 | 13,848,000 | 4,764 | N/A | N/A |
| .010 | 50,083,300 | 14,825 | 12,457,800 | 4,286 | N/A | N/A | |
| 1 | 19,140,227 | 5,743 | 6,463,617 | 2,265 | N/A | N/A | |
| 5 | 10,766,932 | 3,549 | 5,227,154 | 1,871 | N/A | N/A | |
| 10 | 9,989,098 | 3,356 | 4,555,679 | 1,651 | N/A | N/A | |
| 30 | 7,393,339 | 2,518 | 3,538,378 | 1,221 | N/A | N/A | |
| 60 | 5,891,085 | 2,013 | 2,981,243 | 1,030 | N/A | N/A | |
| EDGA Equities Exchange | .001 | 20,626,000 | 6,106 | 4,243,000 | 1,022 | 1,878,000 | 1,197 |
| .010 | 12,108,700 | 3,584 | 1,481,500 | 437 | 1,495,000 | 1,202 | |
| 1 | 209,839 | 66 | 118,348 | 31 | 223,388 | 180 | |
| 5 | 113,384 | 38 | 65,923 | 17 | 213,290 | 172 | |
| 10 | 109,687 | 37 | 55,514 | 14 | 209,524 | 168 | |
| 30 | 88,356 | 30 | 47,854 | 12 | 168,734 | 136 | |
| 60 | 53,392 | 18 | 40,587 | 10 | 89,026 | 72 | |
| EDGX Equities Exchange | .001 | 26,193,000 | 7,753 | 3,836,000 | 923 | 1,800,000 | 1,415 |
| .010 | 23,176,100 | 6,860 | 1,393,200 | 388 | 1,540,400 | 1,238 | |
| 1 | 2,143,661 | 635 | 203,048 | 54 | 382,443 | 288 | |
| 5 | 429,055 | 127 | 136,793 | 36 | 258,911 | 215 | |
| 10 | 259,927 | 90 | 118,936 | 31 | 243,882 | 197 | |
| 30 | 177,518 | 61 | 90,433 | 23 | 186,546 | 151 | |
| 60 | 142,422 | 49 | 76,163 | 20 | 154,775 | 125 | |
| EDGX Options Exchange | .001 | 56,952,000 | 16,957 | 19,422,000 | 6,681 | N/A | N/A |
| .010 | 47,315,900 | 14,053 | 18,712,400 | 6,439 | N/A | N/A | |
| 1 | 20,192,514 | 6,044 | 8,588,305 | 2,945 | N/A | N/A | |
| 5 | 10,371,347 | 3,353 | 5,361,302 | 1,925 | N/A | N/A | |
| 10 | 8,956,406 | 3,003 | 4,806,920 | 1,657 | N/A | N/A | |
| 30 | 6,882,654 | 2,342 | 3,835,827 | 1,322 | N/A | N/A | |
| 60 | 5,808,602 | 1,983 | 3,275,959 | 1,130 | N/A | N/A | |
| Cboe C2 Options Exchange | .001 | 53,622,000 | 15,962 | 17,714,000 | 6,121 | N/A | N/A |
| .010 | 45,456,100 | 13,455 | 16,904,700 | 5,815 | N/A | N/A | |
| 1 | 16,540,922 | 4,974 | 7,236,484 | 2,478 | N/A | N/A | |
| 5 | 8,669,332 | 2,802 | 4,751,626 | 1,712 | N/A | N/A | |
| 10 | 7,196,746 | 2,428 | 3,867,593 | 1,413 | N/A | N/A | |
| 30 | 5,503,212 | 1,884 | 2,855,190 | 985 | N/A | N/A | |
| 60 | 4,459,877 | 1,531 | 2,408,799 | 832 | N/A | N/A | |
| Cboe C1 Options Exchange | .001 | 52,548,000 | 15,679 | 25,716,000 | 8,930 | N/A | N/A |
| .010 | 41,914,200 | 12,407 | 24,687,700 | 8,509 | N/A | N/A | |
| 1 | 19,114,521 | 5,781 | 9,069,573 | 3,117 | N/A | N/A | |
| 5 | 11,882,182 | 3,826 | 6,106,066 | 2,192 | N/A | N/A | |
| 10 | 10,758,321 | 3,640 | 5,474,648 | 1,894 | N/A | N/A | |
| 30 | 9,359,064 | 3,194 | 4,772,229 | 1,651 | N/A | N/A | |
| 60 | 7,649,362 | 2,618 | 4,108,423 | 1,422 | N/A | N/A | |
*Statistics as of 07/01/2026 . Equities TOP feed is TCP. Options TOP feed is multicast.
Note that Cboe data will have microbursts within the one-second interval above, and these microbursts will exceed the peak rates at the one-second interval. This is demonstrated within the 1 and 10 millisecond interval statistics. The extent to which the network connection to the customer will cope with the microbursts exceeding the available bandwidth without packet loss will depend heavily on the buffers in the end-to-end path.
During spikes in quote updates, customers using less than sufficient bandwidth will experience queuing of their market data. Customers using the same bandwidth to both receive quotes and transmit orders may expect their orders to be slightly delayed if they have less than sufficient bandwidth. Many customers will find these delays unacceptable and should provision their bandwidth to reduce these delays. The following table demonstrates statistics regarding latency incurred as a result of queuing on Gig-Shaped and WAN-Shaped Multicast PITCH feeds.
| Cboe Market | Measurement |
|
|
|
|
|---|---|---|---|---|---|
| BZX Equities Exchange | Average | N/A | N/A | 33 | 9,964 |
| Standard Deviation | N/A | N/A | 1,271 | 443,896 | |
| Historical High | N/A | N/A | 33 | 9,964 | |
| BYX Equities Exchange | Average | N/A | N/A | 4 | 172 |
| Standard Deviation | N/A | N/A | 100 | 11,618 | |
| Historical High | N/A | N/A | 9 | 172 | |
| BZX Options Exchange | Average | 13 | 119 | N/A | N/A |
| Standard Deviation | 88 | 1,016 | N/A | N/A | |
| Historical High | 13 | 141 | N/A | N/A | |
| EDGA Equities Exchange | Average | N/A | N/A | 10 | 259 |
| Standard Deviation | N/A | N/A | 324 | 4,921 | |
| Historical High | N/A | N/A | 868 | 13,672 | |
| EDGX Equities Exchange | Average | N/A | N/A | 879 | 16,515 |
| Standard Deviation | N/A | N/A | 14,343 | 247,377 | |
| Historical High | N/A | N/A | 1,131 | 19,465 | |
| EDGX Options Exchange | Average | 3 | 256 | N/A | N/A |
| Standard Deviation | 67 | 1,621 | N/A | N/A | |
| Historical High | 3 | 1,174 | N/A | N/A | |
| Cboe C2 Options Exchange | Average | 3 | 115 | N/A | N/A |
| Standard Deviation | 69 | 934 | N/A | N/A | |
| Historical High | 4 | 202 | N/A | N/A | |
| Cboe C1 Options Exchange | Average | 3 | 126 | N/A | N/A |
| Standard Deviation | 105 | 900 | N/A | N/A | |
| Historical High | 12 | 152 | N/A | N/A |
*Statistics as of 07/01/2026.
As the volume on an exchange increases, the market data feed bandwidth required to accommodate peaks will also grow. Customers can obtain the latest published market data bandwidth and serialization statistics within this Connectivity Manual. Additionally, monthly statistical updates are presented through the FIF Market Data Capacity working group.