Exchange Clarifies Data Vendor Rules for Smooth Flow
Published Date: 7/29/2026
Notice
Summary
Cboe EDGA Exchange is launching a new Data Vendor Program to clearly define who data vendors and service providers are, making rules easier to understand. This change affects companies that distribute market data and starts right away, helping them know their responsibilities and fees better. It’s a smart move to keep data flowing smoothly and fairly in the market.
Analyzed Economic Effects
5 provisions identified: 2 benefits, 2 costs, 1 mixed.
Monthly fee waivers for Data Vendors
If you qualify as a Data Vendor, the Exchange will waive External Distribution Fees: $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 you must not have received the applicable feed during the 18 months before your waiver application, and the waiver starts on the date you first receive the feed (a partial month counts as the first month).
Who counts as a 'Data Vendor'
The Exchange defines a Data Vendor with objective rules: it must be an External Distributor whose primary business is soliciting unaffiliated third-party Distributors to redistribute a transformed market data product; it must transform the feed before redistribution; it must redistribute the transformed product as a paid commercial offering to downstream Distributors; it must not maintain a brokerage relationship with Users; and it must not be an Extranet Service Provider. The firm must identify itself as a Data Vendor in public marketing materials.
Retail brokers and extranet providers excluded
The Data Vendor Program explicitly excludes firms that maintain brokerage relationships with Users (e.g., retail broker-dealers) and Extranet Service Providers (entities that transmit Exchange Market Data without modification) from qualifying as Data Vendors for the fee waivers.
Both-feed distributors pay Premium fee
The Exchange expressly codifies that an External Distributor that receives both Cboe One Summary and Cboe One Premium will only be charged the Cboe One Premium External Distribution Fee (and not a separate Summary External Distribution Fee). The Exchange states this codification does not change the economic substance of current fees and does not increase fees on market participants.
Attestation and documentation requirement
An External Distributor seeking Data Vendor status must provide a written attestation that it meets the eligibility criteria, and the Exchange may request supporting documentation such as Distributor subscriber lists, revenue breakdowns by recipient type, and descriptions of the transformations applied to the Market Data Product.
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