Cboe EDGA Clarifies Rules with New Data Vendor Program
Published Date: 10/13/2026
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 for them. The new rules took effect right after filing on September 28, 2026, with no immediate cost changes announced.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
Waived External Distribution Fees Offered
If you qualify as a Data Vendor, EDGA will waive the External Distribution Fee of $5,000 per month for the Cboe One Summary Feed for 12 months and will waive the External Distribution Fee of $12,500 per month for the Cboe One Premium Feed for 24 months. The waiver for a qualifying feed begins on the date the Data Vendor first receives that feed (a partial month counts as the first month).
New Data Vendor Eligibility Rules
To get the waivers, an External Distributor must qualify as a Data Vendor by meeting objective criteria: identify as a Data Vendor in public marketing; transform the Market Data Product before redistribution; 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 be actively soliciting unaffiliated third-party Distributors. A Data Vendor also must not have received the applicable feed during the 18 months before the waiver application date and must be integrated or actively integrating the feed for commercial availability.
One Premium Fee Covers 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 (i.e., Summary is subsumed into Premium). The filing says this codifies the Exchange's existing practice and does not impose new or higher fees.
Documentation and Attestation Requirement
An External Distributor seeking Data Vendor status must provide a written attestation of compliance with the eligibility criteria upon request, and the Exchange may request supporting documentation such as Distributor subscriber lists, revenue breakdowns by recipient type, and descriptions of the transformations applied to the Market Data Product.
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