Cboe BZX adopts Data Vendor Program with fee waivers

On September 28, 2026, Cboe BZX Exchange, Inc. filed a proposed rule change with the Securities and Exchange Commission introducing a Data Vendor Program. The notice, published October 7, 2026, states that the rule is immediately effective.

The proposal defines "Data Vendor" as 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 require public identification as a Data Vendor, transformation of the data, commercial redistribution, a written attestation, and compliance with the listed standards.

The rule also codifies the existing definition of "Extranet Service Provider," describing it as an entity that transmits an exchange market data product via its own extranet without modification. Both definitions will be incorporated into the Exchange's fee schedule.

Eligible Data Vendors receive fee waivers for External Distribution Fees on the Cboe One Summary Feed, Cboe One Premium Feed, and BZX Summary Depth Feed. Should a participant later establish a brokerage relationship with its users, the waiver is terminated and standard fees apply.

The filing references earlier submissions on July 1, 2026 (SR-CboeBZX-2026-059), July 15, 2026, September 8, 2026, and the final submission on September 28, 2026 (SR-CboeBZX-2026-081). Comments are being solicited in accordance with the Commission's standard procedures.