Cboe Equities Cboe One Feed, Testing Opportunity Support for SIP Fractional Share Reporting Enhancements
Reference ID: C2025100601
Applicable Cboe Exchanges: BYX Equities, BZX Equities, EDGA Equities, EDGX Equities
OVERVIEW
Effective February 23, 2026, FINRA will implement enhancements to its equity trade reporting facilities to support reporting of fractional share quantities. These enhancements are being made in coordination with the Unlisted Trading Privileges (UTP) and Consolidated Tape Association (CTA) Securities Information Processors (SIPs) to facilitate dissemination of fractional share quantities for National Market System (NMS) securities. Beginning November 2025, the SIPs will open industry testing for fractional share trade reporting and dissemination.
In support of these enhancements, effective January 26, 2026, Cboe will update the National Cumulative Volume field in the Cboe Titanium Cboe One Equities Feed and the nationalVolume field in the Cboe Titanium Cboe Global Cloud Feed to support fractional values, enabling downstream consumers to align with SIP volume dissemination. Certain expanded messages will also be sunset from the Cboe One Equities Feed and Cboe One Global Cloud Feed. Further details can be found in the Cboe Titanium Cboe One Equities Feed Specification and Cboe Titanium Cboe Global Cloud Feed Specification.
In addition, all Cboe U.S. Equities Exchanges plan to align their testing dates with those established by the UTP SIP and Securities Industry Automation Corporation (SIAC), as outlined below and in the CTA Notice and UTP Vendor Alert.
TECHNICAL DETAILS
Effective January 26, 2026, to support the reporting of fractional shares, Cboe will update the Cboe Titanium Cboe One Equities Feed and Cboe Titanium Cboe Global Cloud Feed, as outlined below.
Cboe Titanium Cboe One Equities Feed
The Cboe Titanium Cboe One Equities Feed delivers consolidated quote, trade, and Aggregated Depth At Price (ADAP) information for all Cboe U.S. Equities (Cboe One U.S.). In addition, pursuant to the Cboe Global Markets Global Data Agreement, Cboe Data Services, LLC offers customers the Cboe One Canada Feed (which brings together equivalent information for all four Trading Books of the Cboe Canada Inc. exchange) via TCP/IP and UDP using the binary Cboe One protocol.
Cboe will add the following new messages to the Cboe Titanium Cboe One Equities Feed, allowing the National Cumulative Volume field to support a new Data Type of Binary 12.6:
- Cboe Titanium Cboe One U.S. Feed and Cboe Titanium Cboe One Canada Feed
Fractional Symbol Summary Message
Fractional Trade Message
Fractional Trade Break Message
Fractional End of Day Summary Message
Cboe Titanium Cboe One Canada Feed
Expanded Fractional Symbol Summary Message
Expanded Fractional Trade Message
Expanded Fractional Trade Break Message
Expanded Fractional End of Day Summary Message
Cboe will sunset the following messages from the Cboe Titanium Cboe One Equities Feed:
Short Symbol Summary Message
Long Symbol Summary Message
Trade Message
Trade Break Message
End of Day Summary Message
Expanded Symbol Summary Message
Expanded Trade Message
Expanded Trade Break Message
Expanded End of Day Summary Message
Cboe Titanium Cboe Global Cloud Feed
The Cboe Titanium Cboe One Global Cloud Feed delivers consolidated quote, trade, and ADAP information for all Cboe US Equities (Cboe One U.S.) via connection to Cboe's Amazon MSK cluster using the Cboe One Feed protocol. In addition, the Cboe One Canada Global Cloud Feed delivers equivalent information for all Cboe One Canada Inc. Trading Books combined, via the same connection and protocol.
Cboe will add the following new messages to the Cboe One Global Cloud Feed, allowing the nationalVolume field to support a new Data Type of Volume:
Fractional Symbol Summary Message
Fractional Trade Message
Fractional Trade Break Message
Fractional End of Day Summary Message
Cboe will sunset the following messages from the Cboe One Global Cloud Feed:
Symbol Summary Message
Trade Message
Trade Break Message
End of Day Summary
TESTING OPPORTUNITIES
To support customer testing ahead of the February 23, 2026 fractional shares launch, Cboe will align its testing schedule with the dates established by the UTP SIP and SIAC. The testing schedule is outlined below.
| Milestone | Description | Date |
|---|---|---|
| Industry Test #1 | Functional testing | Saturday, November 15, 2025 |
| Industry Test #2 | Functional, failure recovery, and capacity testing | Saturday, December 13, 2025 |
| Industry Test #3 | Fallback testing | Saturday, January 10, 2026 |
| Cboe One Equities Feed and Cboe Global Cloud Feed Updates Go-Live | Launch of Cboe One Equities Feed and Cboe Global Cloud Feed updates in Production | Monday, January 26, 2026 |
| Industry Test #4 | Only if any prior test is unsuccessful | Saturday, February 7, 2026 |
| Industry Test #5 | Confidence testing | Saturday, February 21, 2026 |
| SIP Fractional Shares Go-Live | SIP Fractional Shares enhancements supported in Production | Monday, February 23, 2026 |
ADDITIONAL INFORMATION
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