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Cboe Streaming Markets (CSM)

Cboe Data Feeds

Cboe Streaming Markets (CSM) data feeds are low latency streams of current market data for the Cboe, made available through Cboe Data Services (CDS).

CSM data feeds are available in various combinations for Cboe, in the following Data services:


  • Best bid and offer (BBO) Data only
  • BBO and Book Depth Data
  • Complex Order Book (COB) Data only
  • Flexible Exchange (FLEX) Data only

See below for more information about the contents of these Data services.

The Best Bid and Offer (BBO) data feeds contain the following information:

  • Outstanding quotes and standing orders at the best available price level on each side of the market, with aggregate size
  • Executed trades time, size, price, etc. (last sale data)
  • Totals of customer versus non-customer contracts (at the BBO)
  • All-or-None contingency orders priced better than or equal to the BBO
  • Expected opening price and expected opening size (disseminated prior to the opening of the market and during trading rotations)
  • End-of-day summary by product, including open, high, low and closing price during the trading session (disseminated after the close of a trading session)
  • Recap messages (disseminated during a trading session any time there is a change in the open, high, low or last sale price of a listed option, including product name and total volume traded in the product during the trading session)
  • Complex Order Book (COB) information - see below for more details
  • Product IDs and codes for all listed options contracts

BBO Data is available for Cboe. The quote and last sale data contained in the BBO data feed is identical to the data sent to the Options Price Reporting Authority ("OPRA") for redistribution to the public.

A Book Depth data feed is available to supplement the Cboe BBO data feeds. The Book Depth data feed adds quotes and standing order information for up to five price levels (including BBO) on each side of the market (providing a total of 5, with BBO) for both simple orders and complex strategies (see below for more information about COB). Book Depth Data is refreshed every 2 minutes during a trading session. The Book Depth data feed is generally ordered with the corresponding BBO data feed.

The Flexible Exchange® (FLEX®) option data feed contains last sale data (time, quantity, price, etc.) for trades executed on Cboe, both on-floor and through the CFLEX electronic platform. The FLEX data feed is available at no additional charge.

Extended Trading Hours data from extended trading hour sessions will be made available to BBO and Book Depth Customers free of charge.

The Complex Order Book (COB) data feeds contain the following information for complex strategies (multi-leg trades, such as spreads, straddles and buy-writes) for the Cboe market:

  • Quotes and standing orders on each side of the market
  • Executed trades time, quantity, price, etc. (last sale data)
  • Totals of customer versus non-customer contracts (at the BBO)

COB data feeds are available independently of the single-leg quote and last sale Data for the chosen market, and can be ordered as either BBO or BBO and Book Depth Data. COB is included with the single-leg quote and last sale data feeds for each market at no additional charge.

Customers that receive Cboe Data directly from CDS are required to have two data lines between the Customer and CDS's production data center. This requirement is in place so that Customers will continue to receive Data if one data line becomes inoperable. CDS strongly encourages Customers that receive Data from CDS indirectly through an authorized redistributor (e.g., an extranet service provider or other third party) to maintain two data lines to the authorized redistributor. Customers are also encouraged to maintain a data line to CDS's disaster recovery site, but this is not required. Connectivity charges and port fees described in the applicable Fee Schedule apply separately to each data line.

Display Only Service view only external distribution of BBO and Book Depth Data Feeds. Vendor Customers can distribute the above Data services externally as a Display Only Service in accordance with their CDS market data agreement, the Market Data Policies and relevant Fee Schedule. A Vendor may include Book Depth Data in a Display Only Service without any additional fee.

Data service Fees and connectivity charges can be found in the applicable Fee Schedule: