Cboe BZX adopts Data Vendor Program with immediate fee waivers

On September 8, 2026 Cboe BZX Exchange, Inc. filed a proposed rule change (File No. SR-CboeBZX-2026-074) with the SEC. The Commission published the filing on September 15, 2026 in the Federal Register (Vol. 91, No. 180, pp. 59236-59245, FR Doc No. 2026-19133) and declared the amendment immediately effective.

The amendment creates a Data Vendor Program by adding the term "Data Vendor" to the Exchange's fee schedule. A Data Vendor is defined as an External Distributor that (i) 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 requires satisfaction of six objective criteria, including public identification as a Data Vendor, transformation of the data, commercial redistribution, and provision of written attestations.

Participants that meet the definition will receive waivers of the External Distribution Fee for the Cboe One Summary Feed, Cboe One Premium Feed, and BZX Summary Depth Feed. The waiver applies only while the participant continues to satisfy the Data Vendor criteria; loss of eligibility triggers the standard fee.

The filing 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 modifying the content.

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 Commission is seeking comments from interested persons.