Cboe BYX Joins Data Vendor Party With Zero Surprises
Published Date: 10/13/2026
Notice
Summary
Cboe BYX Exchange is launching a new Data Vendor Program to clearly define who data vendors and service providers are, making rules easier to follow. This change affects companies that distribute market data and starts right away, with no new fees announced yet. It’s all about keeping data sharing smooth and fair for everyone involved.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 0 costs, 1 mixed.
Large Fee Waivers for Data Vendors
If you qualify as a Data Vendor, BYX will waive External Distribution Fees for the Cboe One feeds: it waives $5,000 per month for the Cboe One Summary feed for 12 months, and it waives $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 in the 18 months before your waiver application and must be integrating (or actively integrating) the feed and making it commercially available; the waiver starts on the date you first receive the feed and a partial first month counts as month one.
New Data Vendor Eligibility Rules
The Exchange defines who qualifies as a Data Vendor and sets objective eligibility rules: a Data Vendor must be an External Distributor whose primary business is soliciting unaffiliated third-party Distributors, must transform the market data before redistributing it, must not maintain a brokerage relationship with Users, must not be an Extranet Service Provider, and must provide an attestation and, upon request, supporting documentation. Extranet Service Provider is also codified in the Fee Schedule as an entity that transmits market data without modification.
Only Premium Fee Charged When Distributing Both Feeds
The Exchange explicitly states that an External Distributor that distributes both Cboe One Summary and Cboe One Premium will only be charged the Cboe One Premium External Distribution Fee (no separate Summary distribution fee). The rule change says this codifies the Exchange's existing application and does not increase fees.
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