Self-Regulatory Organizations; Cboe EDGX 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 EDGX Exchange is launching a new Data Vendor Program to clearly define who data vendors and extranet service providers are. This change helps organize how market data is shared and who’s responsible for it, making things smoother for everyone involved. The new rules are effective immediately, so data vendors and distributors should get ready for these updates now.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Data Vendor Fee Waivers for Feeds
If you qualify as a Data Vendor, the Exchange will waive External Distribution Fees for certain feeds while you build and commercialize those feeds. Waivers specified in the filing include: $5,000 per month for Cboe One Summary waived for 12 months, $12,500 per month for Cboe One Premium waived for 24 months, $2,500 per month for EDGX Summary Depth waived for 24 months, and $2,250 per month for EDGX Top waived for 12 months. To get a waiver you must not have received the applicable feed during the 18 months before your waiver application date and must be integrated or actively integrating the feed and making it commercially available; the waiver starts the date you first receive the feed (a partial month counts as the first month).
Extranet Service Providers Excluded
If you are an Extranet Service Provider (an entity that transmits Exchange Market Data Products via an extranet without modifying them), you are not eligible for the Data Vendor Program. The Exchange also codifies that an Extranet Service Provider is not authorized to use or process an Exchange Market Data Product.
Fee Rule Clarified for Dual-Feed Distributors
If you distribute both Cboe One Summary and Cboe One Premium, you will be charged only the Cboe One Premium External Distribution Fee (the filing shows a Premium External Distribution Fee level of $12,500) and User fees for both feeds may be used to offset that single External Distribution Fee. The Exchange says this codifies existing practice and does not create new or higher fees.
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