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 Mbps per Multicast PITCH WAN-Shaped feed (effective 12/14/26, Equities WAN-shaped C, D and E feeds will require 500 Mbps of bandwidth). 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.

Table 1. Cboe Market Data Feeds - Historical Highs Bandwidth Statistics
Cboe Market	Interval Seconds	Multicast PITCH		TOP		TCP PITCH
Cboe Market	Interval Seconds	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	836,314	286	300,019	79	408,069	328
	5	458,865	159	181,516	48	350,133	282
	10	379,868	131	153,553	40	345,079	278
	30	276,070	96	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	1,299,200	926
	1	209,444	65	118,348	31	223,388	179
	5	113,384	38	59,283	15	213,289	172
	10	109,687	36	50,475	13	209,523	169
	30	88,356	30	39,766	10	168,733	136
	60	48,420	16	33,584	9	89,026	72
EDGX Equities Exchange	.001	26,080,000	7,719	3,836,000	923	1,800,000	1,415
	.010	23,128,700	6,846	1,393,200	388	1,540,400	1,238
	1	2,143,661	635	191,841	50	382,443	287
	5	429,055	127	114,051	30	248,541	201
	10	214,615	64	102,155	27	225,687	182
	30	149,488	52	78,259	20	157,945	127
	60	117,145	41	65,784	17	124,803	100
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	9,950,782	3,346	4,855,960	1,668	N/A	N/A
	10	8,646,267	2,847	4,322,112	1,488	N/A	N/A
	30	6,454,459	2,198	3,342,927	1,151	N/A	N/A
	60	5,808,602	1,983	2,921,357	1,006	N/A	N/A
Cboe C2 Options Exchange	.001	53,622,000	15,961	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	15,757,101	4,749	7,236,484	2,478	N/A	N/A
	5	7,259,432	2,454	3,363,814	1,154	N/A	N/A
	10	6,271,052	2,131	3,034,570	1,045	N/A	N/A
	30	4,617,193	1,580	2,192,046	755	N/A	N/A
	60	4,351,618	1,491	1,889,792	651	N/A	N/A
Cboe C1 Options Exchange	.001	44,255,000	13,100	24,854,000	8,558	N/A	N/A
	.010	41,914,200	12,407	24,141,000	8,322	N/A	N/A
	1	19,114,521	5,780	8,696,119	2,987	N/A	N/A
	5	11,175,523	3,636	5,672,388	1,954	N/A	N/A
	10	10,325,821	3,406	5,088,823	1,785	N/A	N/A
	30	7,617,789	2,558	4,166,650	1,438	N/A	N/A
	60	6,696,726	2,291	3,447,509	1,190	N/A	N/A

*Statistics as of 10/01/2026 . 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.

Table 2. Gig-Shaped and WAN-Shaped Multicast PITCH Feeds Latency Statistics
Cboe Market	Measurement	8G-Shaped Multicast PITCH Serialization Delay (µs)	5G-Shaped Multicast PITCH Serialization Delay (µs)	Gig-Shaped Multicast PITCH Serialization Delay (µs)	WAN-Shaped Multicast PITCH Serialization Delay (µs)
BZX Equities Exchange	Average	N/A	N/A	33	8,828
	Standard Deviation	N/A	N/A	1,336	171,973
	Historical High	N/A	N/A	33	9,964
BYX Equities Exchange	Average	N/A	N/A	2	120
	Standard Deviation	N/A	N/A	80	7,357
	Historical High	N/A	N/A	9	172
BZX Options Exchange	Average	3	143	N/A	N/A
	Standard Deviation	91	1,075	N/A	N/A
	Historical High	13	143	N/A	N/A
EDGA Equities Exchange	Average	N/A	N/A	7	197
	Standard Deviation	N/A	N/A	269	5,719
	Historical High	N/A	N/A	868	13,672
EDGX Equities Exchange	Average	N/A	N/A	1,003	18,050
	Standard Deviation	N/A	N/A	14,500	228,115
	Historical High	N/A	N/A	1,131	19,465
EDGX Options Exchange	Average	2	251	N/A	N/A
	Standard Deviation	66	1,495	N/A	N/A
	Historical High	3	1,174	N/A	N/A
Cboe C2 Options Exchange	Average	1	102	N/A	N/A
	Standard Deviation	34	813	N/A	N/A
	Historical High	4	202	N/A	N/A
Cboe C1 Options Exchange	Average	2	156	N/A	N/A
	Standard Deviation	132	1,027	N/A	N/A
	Historical High	12	156	N/A	N/A

^*Statistics as of 10/01/2026.

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.

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