Cboe EDGA Files Immediate Rule Change to Create Data Vendor Program

On September 28, 2026, Cboe EDGA Exchange, Inc. filed a proposed rule change (File No. SR-CboeEDGA-2026-033; Release No. 34-106618) that becomes immediately effective under Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4. The filing, published in the Federal Register (Vol. 91, No. 196, pages 64978-64986), solicits comments from interested parties.

The proposal introduces a Data Vendor Program by defining "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 include public identification as a Data Vendor, transformation of the market-data product, commercial redistribution to downstream distributors, and provision of a written attestation of compliance.

Participants that qualify as Data Vendors will receive waivers of the External Distribution Fees for the Cboe One Summary Feed and the Cboe One Premium Feed. If a Data Vendor later establishes a brokerage relationship with its users, it will cease to meet the definition and will be assessed the standard External Distribution Fee.

The Exchange also proposes to codify the existing definition of Extranet Service Provider in its Fee Schedule, clarifying that such providers transmit market-data products without modification and are not authorized to process the data for other purposes.

The notice directs readers to Exhibit 5 for the rule text and lists the Exchange's website and the SEC's rule-filings page for additional materials. The Exchange's filing history includes withdrawals of earlier proposals on July 1, 2026 (SR-CboeEDGA-2026-023), July 15, 2026 (SR-CboeEDGA-2026-024), and September 8, 2026 (SR-CboeEDGA-2026-028).