Exchange Defines 'Data Vendor' to Avoid Confusion
Published Date: 9/18/2026
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 sets clear responsibilities, with the new rules effective immediately from September 8, 2026. It helps keep data flowing smoothly and fairly, with no surprise costs for users.
Analyzed Economic Effects
5 provisions identified: 2 benefits, 2 costs, 1 mixed.
Monthly External Fee Waivers Offered
Qualifying Data Vendors get fee waivers: the Exchange waives the $5,000 per month External Distribution Fee for the Cboe One Summary Feed for 12 months, and waives the $12,500 per month External Distribution Fee for the Cboe One Premium Feed for 24 months. The waiver begins on the date the Data Vendor first receives the applicable feed (a partial month counts as the first month).
New "Data Vendor" Definition Set
The Exchange creates a new, specific definition of “Data Vendor.” To qualify a firm must (i) be an External Distributor that publicly identifies as a Data Vendor, (ii) transform the market data before redistributing it, (iii) redistribute the transformed product to downstream Distributors as a paid commercial offering, (iv) not maintain a brokerage relationship with Users, (v) not be an Extranet Service Provider, and (vi) actively solicit unaffiliated third-party Distributors.
18‑Month Lookback Eligibility Limit
To get a waiver a Data Vendor must not have received the Applicable Feed during the 18 months before the waiver application date; waivers are targeted to firms integrating or actively integrating the feed for commercial availability.
Only Premium Fee Charged If Both Feeds
The Exchange codifies that an External Distributor receiving both Cboe One Summary and Cboe One Premium will be assessed only the Cboe One Premium External Distribution Fee (and not a separate Summary External Distribution Fee), and User fees for both products may be used to offset that single External Distribution Fee.
Documentation and Attestation Requirement
An External Distributor seeking Data Vendor status must provide a written attestation of compliance with the eligibility criteria upon request; the Exchange may request supporting documentation such as subscriber lists, revenue breakdowns by recipient type, and descriptions of transformations applied to the Market Data Product.
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Department and Agencies
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