Cboe EDGA Implements Data Vendor Program with Immediate Effect

The Securities and Exchange Commission published a notice on September 15, 2026 that Cboe EDGA Exchange, Inc. filed a proposed rule change on September 8, 2026. The filing, identified as Release No. 34-106373 and File No. SR-CboeEDGA-2026-028, is effective immediately pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4.

The proposal creates a Data Vendor Program and adopts a new definition of "Data Vendor." A Data Vendor is 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. The Exchange also seeks to codify the existing definition of Extranet Service Provider within its fee schedule.

Under the program, eligible Data Vendors receive fee waivers for External Distribution Fees on the Cboe One Summary Feed and the Cboe One Premium Feed. The proposal also codifies an existing practice that limits an External Distributor's liability to the External Distribution Fee for Cboe One Premium.

Eligibility requires that an External Distributor publicly identify itself as a Data Vendor, transform the market data product before redistribution, offer the transformed product as a paid commercial service, avoid any brokerage relationship with users, not be an Extranet Service Provider, and actively solicit unaffiliated third-party distributors. The Exchange may request written attestations and supporting documentation such as subscriber lists and revenue breakdowns.

The Exchange notes that if a Data Vendor later establishes a brokerage relationship with its users, the fee waiver will be terminated and standard External Distribution Fees will apply. The notice invites comments from interested persons on the proposed rule change.