Cboe Equities Summary Depth Feed and Cboe One Premium Enhancement

Effective May 4, 2026, the Cboe One Premium and Cboe Equities Summary Depth Feeds will be enhanced to increase the number of aggregated depth-of-book price levels from five (5) to up to twelve (12) price levels per side per exchange, subject to regulatory review.

ADAP messages will support the expansion to twelve ADAP levels, requiring bandwidth of 400 Mb/sec. The system will continue to determine whether ADAP Short or ADAP Long messages are used based on price and size field lengths. The only functional change is the maximum number of ADAP blocks that may follow an ADAP message.

Customers should be prepared to receive ADAP messages containing up to twelve depth levels. Existing implementations will remain compatible. Customers wishing to consume additional depth levels may need to update internal parsing or display logic.

No new message types will be introduced, and no additional fees will be charged with these enhancements. Additionally, no changes to source or rendezvous points are expected. Note that the five price levels of feed for Cboe One Premium will be sunset November 2, 2026.

This functionality will be available to test in the Equities certification environments beginning March 30, 2026. Additionally, there will be a customer confidence test on May 2, 2026.

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