Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Introduce a Data Vendor Program
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.
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!
2026-15281, Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Rule 15c2-1
2026-15247, 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 Amend the Exchange's Fee Schedule