Cboe BZX Drops Boring Data Vendor Rules Nobody Asked For
Published Date: 10/13/2026
Notice
Summary
Cboe BZX Exchange is launching a new Data Vendor Program to clearly define who data vendors are and update rules around how market data is shared and handled. This change affects companies that distribute market data, making responsibilities clearer and keeping things fair. The new rules are effective immediately, so data vendors should get ready to follow them right away.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
Fee Waivers for Eligible Data Vendors
If you qualify as a Data Vendor and meet the 18-month lookback and integration requirements, the Exchange will waive External Distribution Fees for Applicable Feeds: Cboe One Premium carries a $12,500 per month waiver for 24 months; Cboe One Summary carries a $5,000 per month waiver for 12 months (unless you receive Premium, in which case Summary is covered by the Premium waiver); and BZX Summary Depth carries a $5,000 per month waiver for 24 months. The waiver starts on the date you first receive the Applicable Feed (a partial month counts as the first month). To be eligible you must not have received that feed during the 18 months preceding your waiver application date and must be integrated or actively integrating the feed and making it commercially available.
New 'Data Vendor' Category and Rules
If you are an External Distributor, the Exchange now defines a new category called a "Data Vendor." To qualify you must (1) publicly identify as a Data Vendor, (2) transform the market data before redistributing it, (3) redistribute the transformed data to downstream Distributors as a paid commercial offering, (4) not maintain a brokerage relationship with Users, (5) not be an Extranet Service Provider, and (6) be actively soliciting unaffiliated third-party Distributors. Upon request you must provide a written attestation and may need to provide supporting documentation such as subscriber lists or revenue breakdowns.
Extranet Service Provider Definition Codified
The Exchange added the definition of an "Extranet Service Provider" to its Fee Schedule: an entity that transmits Exchange Market Data via an extranet without modifying content, format, or other characteristics, and that is not authorized to use or process the Exchange Market Data Product. Extranet Service Providers are excluded from the Data Vendor Program.
Clarified Billing for Dual-Feed Distributors
The Exchange explicitly states that an External Distributor that receives both Cboe One Summary and Cboe One Premium will be assessed only the Cboe One Premium External Distribution Fee (and User fees for both feeds may offset that single fee). This codification does not change the economic substance of current billing practice.
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