Cboe Clarifies Who Counts as Data Vendors
Published Date: 9/18/2026
Notice
Summary
Cboe EDGX Exchange is launching a new Data Vendor Program to clearly define who data vendors and service providers are, making it easier to manage market data distribution. This change affects companies that sell or share Cboe’s market data and helps keep rules clear and fair. The new rules took effect right after filing on September 8, 2026, with no immediate cost changes announced.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Monthly Fee Waivers for Eligible Data Vendors
If you qualify as a Data Vendor, the Exchange will waive External Distribution Fees for specific feeds: $5,000 per month for Cboe One Summary for 12 months; $12,500 per month for Cboe One Premium for 24 months; $2,500 per month for EDGX Summary Depth for 24 months; and $2,250 per month for EDGX Top for 12 months. To get a waiver you must not have received the applicable feed during the 18 months before your waiver application, and you must be integrated or actively integrating the feed and making it commercially available; the waiver begins the month you first receive the feed and a partial first month counts as the first month.
New 'Data Vendor' Definition and Eligibility Tests
The Exchange defines a 'Data Vendor' and sets objective eligibility criteria that an External Distributor must meet to qualify: identify as a Data Vendor in public marketing; transform the Exchange Market Data Product (e.g., aggregation, normalization, enrichment, or repackaging); redistribute the transformed product to downstream Distributors as a paid commercial offering; not maintain a brokerage relationship with Users; not be an Extranet Service Provider; and actively solicit unaffiliated third-party Distributors. Applicants must provide a written attestation on request and may need to supply supporting documentation (subscriber lists, revenue breakdowns, transformation descriptions).
Extranet Service Providers Excluded from Program
The Exchange codifies the term 'Extranet Service Provider' in its fee schedule and explicitly excludes such entities from the Data Vendor Program. An Extranet Service Provider is an entity that transmits an Exchange Market Data Product via its extranet without modification and is not authorized to use or process the product. Entities that fall into this category cannot qualify for the Data Vendor fee waivers.
Clarified Fee Treatment When Receiving Both Feeds
The Exchange explicitly states that an External Distributor receiving both Cboe One Summary and Cboe One Premium will be charged only the Cboe One Premium External Distribution Fee (no separate Cboe One Summary External Distribution Fee will be assessed). The Exchange says this codification does not change the economic substance of existing fee practice and does not impose new or increased fees.
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