# 2026-19118: Exchange Defines 'Data Vendor' to Avoid Confusion

2026-19118, Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Introduce a Data Vendor Program, is a Federal Register notice from Securities and Exchange Commission published 2026-09-18, effective 2026-09-08; PRIA reads it as touching household money (as of 2026-09-25).

- Canonical: https://policyrisk.com/federal-register/2026-19118
- As of: 2026-09-25
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2026-19118
- Title: Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Introduce a Data Vendor Program
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 91 FR 59176
- Published: 2026-09-18
- Effective: 2026-09-08
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-09-25

## In one line

Exchange Defines 'Data Vendor' to Avoid Confusion

## 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.

## Effects PRIA read

- New "Data Vendor" Definition Set: mixed, medium. 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…
- Monthly External Fee Waivers Offered: benefit, high. 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 Ven…
- Only Premium Fee Charged If Both Feeds: benefit, low. 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 Exte…
- 18‑Month Lookback Eligibility Limit: cost, medium. 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.
- Documentation and Attestation Requirement: cost, low. 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 appli…

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## Sources
- [2026-19118 on federalregister.gov](https://www.federalregister.gov/documents/2026/09/18/2026-19118/self-regulatory-organizations-cboe-edga-exchange-inc-notice-of-filing-and-immediate-effectiveness-of)
- [2026-19118 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-09-18/pdf/2026-19118.pdf)

## Related
- [Previous: 2026-19117, Self-Regulatory Organizations; MX2 LLC; Notice of Filing and Immediate Effectiv…](https://policyrisk.com/federal-register/2026-19117)
- [Next: 2026-19119, Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing an…](https://policyrisk.com/federal-register/2026-19119)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2026-19118 (as of 2026-09-25).