Cboe EDGX Unveils Same Old Data Vendor Program Nonsense
Published Date: 10/13/2026
Notice
Summary
Cboe EDGX Exchange is launching a new Data Vendor Program to clearly define who data vendors are and update rules for how market data is shared and sold. This change affects companies that distribute Cboe’s market data, making the process clearer and more official. The new rules are effective immediately, so data vendors and distributors should get ready to follow them right away.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
New 'Data Vendor' Eligibility Rules
The Exchange creates a formal "Data Vendor" definition with six objective eligibility criteria an External Distributor must meet to qualify (identify as a Data Vendor in public marketing; transform the Market Data Product; redistribute to downstream Distributors commercially; not maintain a brokerage relationship with Users; not be an Extranet Service Provider; actively solicit unaffiliated third-party Distributors). The Exchange will assess marketing materials and may require a written attestation of compliance.
Fee Waivers for Qualifying Data Vendors
Qualifying Data Vendors can receive External Distribution Fee waivers for specific feeds: Cboe One Summary — $5,000/month waived for 12 months (not available if receiving Cboe One Premium); Cboe One Premium — $12,500/month waived for 24 months; EDGX Summary Depth — $2,500/month waived for 24 months; EDGX Top — $2,250/month waived for 12 months. To be eligible a Data Vendor must not have received the Applicable Feed during the 18 months prior to the waiver application and must be integrated, or actively integrating, the feed for commercial availability; the waiver begins on the date the vendor first receives the feed (a partial month counts as the first month).
Single Fee When Distributing Both Cboe One Feeds
The Exchange codifies that an External Distributor that receives both Cboe One Summary and Cboe One Premium will only be charged the Cboe One Premium External Distribution Fee (i.e., only the Premium fee is assessed and User fees for both feeds may offset that Premium fee). The Exchange states this codification does not change the economic substance of existing fee treatment.
Attestation and Documentation Requirements
An External Distributor seeking Data Vendor status must provide, upon request, a written attestation of compliance with the eligibility criteria. The Exchange may also 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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