Exchange Launches Data Vendor Clarity Program
Published Date: 7/29/2026
Notice
Summary
Cboe BZX 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 sets clear responsibilities, with the new rules effective immediately. It’s a smart move to keep data flowing smoothly and fairly, with no surprise costs or delays.
Analyzed Economic Effects
5 provisions identified: 3 benefits, 2 costs, 0 mixed.
Monthly Fee Waivers for Data Vendors
The Exchange will waive External Distribution Fees for qualifying Data Vendors: $5,000 per month for the Cboe One Summary Feed for 12 months, $12,500 per month for the Cboe One Premium Feed for 24 months, and $5,000 per month for the BZX Summary Depth Feed for 24 months. To get a waiver a Data Vendor must not have received the applicable feed during the 18 months before its waiver application, must be integrating (or actively integrating) the feed and making it commercially available, and the waiver starts on the date it first receives the feed (a partial month counts as the first month).
New 'Data Vendor' Definition
The Exchange creates a new defined term, “Data Vendor,” and sets objective eligibility criteria that an External Distributor must meet to qualify. The rules say a Data Vendor must be an External Distributor, publicly identify as a Data Vendor, transform the market data before redistribution, solicit unaffiliated third-party Distributors, not have a brokerage relationship with Users, and not be an Extranet Service Provider.
Exclusions: Brokers and Extranet Providers
The Data Vendor Program excludes firms that maintain brokerage relationships with Users and Extranet Service Providers (entities that transmit exchange data without modification). Excluded firms are not eligible for the Data Vendor fee waivers.
One Fee When Receiving Both Feeds
The Exchange clarifies 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. The change codifies the Exchange's existing practice and does not increase fees.
Attestation and Documentation Requirement
An External Distributor seeking Data Vendor status must provide a written attestation of compliance with the eligibility criteria and, upon request, may need to provide supporting documents such as distributor subscriber lists, revenue breakdowns by recipient type, and descriptions of the data transformations applied. The Exchange may request this documentation to verify eligibility.
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