Cboe EDGX proposes Data Vendor Program with fee waivers for market data

Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4, Cboe EDGX Exchange, Inc. filed a proposed rule change on September 28, 2026. The filing, identified as Release No. 34-106616; File No. SR-CboeEDGX-2026-066, is immediately effective and is published in the Federal Register (Vol. 91, No. 196, pages 64986-64995; FR Doc No. 2026-20810). The Commission is soliciting comments from interested persons.

The proposal introduces a Data Vendor Program that defines a new category of participant called a "Data Vendor." It also codifies the existing definition of "Extranet Service Provider" and provides 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.

Eligibility for the Data Vendor Program requires an External Distributor to meet six criteria: (i) identify itself as a Data Vendor in publicly available marketing materials; (ii) transform the market data product before redistribution; (iii) redistribute the transformed product as a paid commercial offering; (iv) maintain no brokerage relationship with any user receiving the data; (v) not be an Extranet Service Provider; and (vi) actively solicit unaffiliated third-party distributors. The Exchange may request written attestations and supporting documentation to verify compliance.

If a participant receiving a fee waiver later establishes a brokerage relationship with its users, it will cease to qualify as a Data Vendor and will be assessed the standard External Distribution Fee for the applicable feed as of the date the definition is no longer satisfied.

The Exchange's filing history includes an initial submission on July 1, 2026 (SR-CboeEDGX-2026-048), subsequent withdrawals on July 15, 2026 (SR-CboeEDGX-2026-049) and September 8, 2026 (SR-CboeEDGX-2026-060), and the final filing on September 28, 2026.