Cboe Launches Data Vendor Fee Plan
Published Date: 7/28/2026
Notice
Summary
No summary available.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Fee Waivers: $5,000 and $12,500 Monthly Relief
The Exchange will waive External Distribution Fees for qualifying Data Vendors: $5,000 per month for the Cboe One Summary Feed for 12 months, and $12,500 per month for the Cboe One Premium Feed for 24 months. To get a waiver, a Data Vendor must not have received the applicable feed during the 18 months before the waiver application date and must be integrating (or actively integrating) the feed and making it commercially available; the waiver starts on the date the vendor first receives the feed and a partial month counts as the first month.
Loss of Program Eligibility if Brokerage Relationship Begins
If a Data Vendor begins a brokerage relationship with its Users, it will no longer satisfy the Data Vendor definition and will lose program eligibility; the firm would then be assessed the standard External Distribution Fee as of the date it no longer qualifies. The Exchange ties continued eligibility to the no-brokerage requirement.
New 'Data Vendor' Category Defined
The Exchange creates a new defined category called a “Data Vendor.” To qualify, an External Distributor must (1) be primarily in the business of soliciting unaffiliated third-party Distributors to redistribute a transformed market data product, (2) not maintain a brokerage relationship with Users, and (3) not be an Extranet Service Provider. The rule also lists objective eligibility checks (e.g., marketing materials, transformation of data, paid redistribution to downstream Distributors) and requires an attestation and possible supporting documentation upon request.
Clarify Single Fee When Receiving Both Feeds
The Exchange expressly codifies that an External Distributor receiving both Cboe One Summary and Cboe One Premium is assessed only the Cboe One Premium External Distribution Fee (and not a separate Summary fee), and User fees for both feeds may offset that Premium External Distribution Fee. The Exchange states this does not change the economic substance of existing practice.
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