Cboe EDGX Exchange Files Immediate Data Vendor Program Rule Change

On September 8, 2026, Cboe EDGX Exchange, Inc. filed a proposed rule change under Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4 that becomes effective immediately upon filing. The filing, identified as File No. SR-CboeEDGX-2026-060 and released as No. 34-106382, was published in the Federal Register on September 15, 2026 (FR Doc No. 2026-19127).

The proposal introduces a Data Vendor Program that defines a "Data Vendor" as an External Distributor that actively solicits unaffiliated third-party distributors to redistribute a transformed market-data product, does not maintain a brokerage relationship with users, and is not an Extranet Service Provider. It also codifies the existing definition of Extranet Service Provider within the Exchange's fee schedule.

Eligibility criteria require the External Distributor to identify itself as a Data Vendor in public marketing materials, transform the market data before redistribution, sell the transformed product as a paid commercial offering, and provide written attestation of compliance. The Exchange may request supporting documentation such as subscriber lists, revenue breakdowns, and descriptions of data transformations.

Participants that meet the criteria will receive fee waivers for External Distribution Fees on the Cboe One Summary Feed, Cboe One Premium Feed, EDGX Summary Depth Data Feed, and EDGX Top Data Feed. If a participant later establishes a brokerage relationship with its users, the waiver terminates and standard external distribution fees will apply.

The Commission is soliciting comments on the proposed rule change from interested persons. All materials, including the text of the proposed rule change, are available on the SEC's website and the Exchange's website.