Exchange Clarifies Who Counts as a Data Vendor (Spoiler: Snooze)
Published Date: 9/18/2026
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 starts right away, helping them know their responsibilities and fees better. It’s a smart move to keep data flowing smoothly and fairly in the market.
Analyzed Economic Effects
5 provisions identified: 4 benefits, 0 costs, 1 mixed.
24‑Month Premium Fee Waiver for Data Vendors
If you qualify as a Data Vendor, the Exchange will waive the Cboe One Premium External Distribution Fee of $12,500 per month for 24 months. To be eligible you must not have received the Cboe One Premium feed during the 18 months before your waiver application date and must be integrated or actively integrating and making the feed commercially available; the waiver begins on the date you first receive the feed and a partial month counts as the first month.
24‑Month BZX Summary Depth Fee Waiver
If you qualify as a Data Vendor for the BZX Summary Depth feed, the Exchange will waive the External Distribution Fee of $5,000 per month for 24 months. You must not have received that feed during the 18 months before your waiver application date and must be integrated or actively integrating and making it commercially available.
12‑Month Summary Fee Waiver for New Data Vendors
If you qualify as a Data Vendor and are not receiving Cboe One Premium, the Exchange will waive the Cboe One Summary External Distribution Fee of $5,000 per month for 12 months. Eligibility requires not having received the Cboe One Summary feed during the 18 months before the waiver application date and integration or active integration toward commercial availability.
Clear Fee Rule: Premium Covers Summary
The Exchange clarified that an External Distributor that receives both Cboe One Summary and Cboe One Premium will only be responsible for the Cboe One Premium External Distribution Fee (and user fees for both feeds may offset that fee). This amendment codifies the Exchange's current application of the fee structure and does not increase fees.
New Eligibility and Documentation Requirements
To qualify as a Data Vendor you must meet objective criteria: publicly identify as a Data Vendor, transform the Market Data Product before redistribution, redistribute 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. Upon request you must provide an attestation and supporting documents (for example, subscriber lists or descriptions of transformations).
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