Yet Another Exchange Defines Its Data Vendors Program
Published Date: 9/18/2026
Notice
Summary
Cboe BYX Exchange is launching a new Data Vendor Program to clearly define who data vendors and extranet service providers are. This change helps organize how market data is shared and managed, making things smoother for everyone involved. The new rules took effect right after filing on September 8, 2026, with no immediate cost changes announced.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Big Fee Waivers for Data Vendors
If you qualify as a Data Vendor, the Exchange will waive External Distribution Fees of $5,000 per month for the Cboe One Summary Feed for 12 months and $12,500 per month for the Cboe One Premium Feed for 24 months. To get a waiver you must not have received the Applicable Feed during the 18 months before your waiver application, must be integrated or actively integrating the feed to make it commercially available, and the waiver starts on the date you first receive the feed (a partial month counts as the first month). If you receive both feeds, only the Cboe One Premium External Distribution Fee is assessed and the Premium waiver covers Summary as well.
New Data Vendor Definition and Rules
The Exchange created and codified a specific definition of "Data Vendor" and objective eligibility criteria that must be met to qualify. A Data Vendor must be an External Distributor whose primary business objective is soliciting unaffiliated third-party Distributors to redistribute a transformed Market Data Product, must transform the data before redistribution, must not maintain a brokerage relationship with Users, must not be an Extranet Service Provider, must identify itself as a Data Vendor in public marketing, and must actively solicit downstream Distributors; upon request the firm must provide a written attestation and supporting documentation (for example, subscriber lists, revenue breakdowns, or descriptions of transformations). The codified Extranet Service Provider definition states such entities transmit Exchange Market Data via an extranet without modification and are not authorized to use or process the Exchange Market Data Product.
Fee-Codification for Dual-Feed Distributors
The Exchange explicitly codified that External Distributors who receive both Cboe One Summary and Cboe One Premium will only be responsible for paying the Cboe One Premium External Distribution Fee (no separate Summary External Distribution Fee will be assessed). The Exchange states this codification does not change the economic substance of existing fees or impose new or increased fees.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-18424, Political Contributions by Certain Investment Advisers
The Securities and Exchange Commission (the "Commission" or the "SEC") is proposing to rescind the political contribution rule under the Investment Advisers Act of 1940 (the "Advisers Act"), which prohibits investment advisers from providing investment advisory services for compensation to a government client for two years after an adviser or any covered associate of the adviser makes a contribution to certain categories of elected officials or candidates, among other prohibitions. In the more than fifteen years since the rule was adopted, implementation challenges associated with the political contribution rule have resulted in a range of significant unintended consequences, including compliance practices among some investment advisers that may have had the effect of restricting all political contributions by the investment advisers and their employees. Market participants also have stated that the political contribution rule is burdensome, complex, and both lacks clarity and creates a de facto strict liability standard. The Commission is of the view that other existing requirements of the Advisers Act and its associated rules, including prohibitions on fraud, fiduciary duty requirements, the compliance rule, and the code of ethics rule (defined below), are likely sufficient to address pay-to-play practices while allowing an adviser the flexibility to implement an approach that is more appropriately tailored to its particular risks, rendering the political contribution rule unnecessary. The Commission also is proposing to amend the rule under the Advisers Act pertaining to books and records consistent with the proposed rescission.
2026-18190, Transfer Agent Rules
The U.S. Securities and Exchange Commission ("SEC" or "Commission") is proposing to adopt new rules, amend existing rules, amend the existing form for registration with the Commission as a transfer agent (Form TA-1) and the existing form for reporting activities of transfer agents (Form TA-2), and rescind an existing rule governing registered transfer agents. The proposals are designed to modernize the rules governing registered transfer agents.
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
Previous / Next Documents
Previous: 2026-19133, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Introduce a Data Vendor Program
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.
Next: 2026-19135, Agency Information Collection Activities: Extension, Without Change, of a Currently Approved Collection: Petition for Amerasian, Widow(er), or Special Immigrant; Correction Action: 60-Day Notice; Correction
USCIS is extending the approval for the Petition for Amerasian, Widow(er), or Special Immigrant (Form I-360) without making any changes. This correction clarifies that it’s an extension, not a revision, and the public comment period stays the same. If you’re involved with these petitions, no new fees or deadlines have been added—just a smooth continuation!