Cboe BYX Exchange adopts Data Vendor Program with immediate effect

On September 28, 2026, Cboe BYX Exchange, Inc. filed a proposed rule change (File No. SR-CboeBYX-2026-037, Release No. 34-106615) that the SEC is publishing as a notice of filing and immediate effectiveness. The filing appears in Federal Register Volume 91, Number 196, pages 64998-65007, and the Commission is soliciting comments.

The proposal introduces a new defined term, "Data Vendor," to describe an External Distributor that (i) actively solicits unaffiliated third-party distributors to redistribute a transformed market data product, (ii) does not maintain a brokerage relationship with users, and (iii) is not an Extranet Service Provider. Eligibility criteria include public identification as a Data Vendor, transformation of the data, commercial redistribution, and a written attestation of compliance.

Under the program, eligible Data Vendors would receive fee waivers for External Distribution Fees on the Cboe One Summary Feed and Cboe One Premium Feed. The waivers apply only while the participant satisfies the Data Vendor definition; loss of eligibility triggers the standard External Distribution Fee.

The Exchange also proposes to codify the existing definition of Extranet Service Provider in its fee schedule, defining it as an entity that transmits an Exchange market data product via its own extranet without modification. The definition reinforces the distinction between Data Vendors and entities that merely relay data.

The full text of the proposed rule change is available on the SEC's website, the Exchange's website, and at the Exchange's principal office. The notice invites comments from interested parties in accordance with Rule 19b-4.