Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Introduce a Data Vendor Program
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.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-15169, Self-Regulatory Organizations; ICE Clear Credit LLC; Order Approving Proposed Rule Change Relating to the Treasury Clearing Service Initial Margin Approach Model Description Document, Treasury Clearing Service Guaranty Fund and Stress Test Approach Model Description Document, and Treasury Clearing Service Risk Parameter Setting and Review Policy
ICE Clear Credit LLC updated some important documents that explain how it manages risks and money for its U.S. Treasury clearing service. These changes are mostly clarifications to help everyone understand the rules better, with no big changes to costs or timing. This update affects financial firms that use ICE Clear Credit to clear Treasury trades and keeps the system safe and clear.
2026-15175, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of Amendment No. 1 and Order Approving a Proposed Rule Change, as Modified by Amendment No. 1, To Amend the Opening Auction Process Provided Under Rule 11.23(b)(2)(B) To Delay the Opening Auction Under Certain Market Conditions
Previous / Next Documents
Previous: 2026-15170, Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Pursuant to IEX Rule 15.110(a) and (c) To Establish a Rebate for the External Distribution of Real-Time IEX Market Data Products
Next: 2026-15172, Self-Regulatory Organizations; Texas Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Exchange's Compliance Rule Regarding the National Market System Plan Governing the Consolidated Audit Trail