Cboe BYX Exchange adopts Data Vendor Program with fee waivers
The rule, effective immediately upon filing on September 8, 2026, applies to qualifying external distributors of Cboe One Summary and Premium market data.
On September 8, 2026, Cboe BYX Exchange, Inc. filed a proposed rule change (File No. SR-CboeBYX-2026-032) that the SEC is publishing as a notice of immediate effectiveness. The filing appears in the Federal Register (Vol. 91, No. 180, pages 59164-59173; FR Doc No. 2026-19134) and solicits comments under Section 19(b)(1) of the Securities Exchange Act of 1934.
The proposal introduces a Data Vendor Program, creating a new defined term, "Data Vendor," and codifying the existing definition of "Extranet Service Provider" within the Exchange's fee schedule. The program aims to incentivize qualified participants to develop and commercially offer transformed market data feeds, specifically the Cboe One Summary Feed and Cboe One Premium Feed.
Eligibility hinges on six objective criteria: the external distributor must identify itself as a Data Vendor in public marketing, transform the market data product before redistribution, sell the transformed product as a paid commercial offering, avoid any brokerage relationship with users, not be an Extranet Service Provider, and actively solicit unaffiliated third-party distributors. Qualified Data Vendors receive waivers of the External Distribution Fees for the two feeds.
The Exchange notes that a Data Vendor that later establishes a brokerage relationship with its users will no longer meet the definition and will lose the fee waiver, reverting to the standard External Distribution Fee as of the date of the change.
The current filing follows an earlier submission on July 1, 2026 (SR-CboeBYX-2026-027), a withdrawal on July 15, 2026 with a new filing (SR-CboeBYX-2026-028), and a subsequent withdrawal and replacement on September 8, 2026. The rule text is available on the SEC website, the Exchange's website, and at the Exchange's principal office.
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