Federal Register #SR-C2-2026-009

SEC Notice: Proposed Rule Change to Cboe C2 Exchange Fee Schedule and User Fee Exemption

This notice outlines a proposed regulatory update by the Securities and Exchange Commission (SEC) regarding Cboe C2 Exchange, Inc.'s fee schedule for market data usage: - Government Buyer: - Securities and Exchange Commission (SEC) - OEMs and Vendors: - Cboe C2 Exchange, Inc. (proposing entity) - Cboe BZX Exchange, Inc. (referenced for similar changes) - Products/Services Requested: - No procurement of products or services; this is a regulatory change - Key Details: - Codifies a user fee exemption for Controlled Distributors using market data solely for permitted purposes (e.g., software development, QA, testing, sales support, technical monitoring) - Exempts these users from Display Usage fees - Updates the definition of 'Non-Display Usage' to include machine or automated access not solely supporting display for natural persons, such as training Large Language Models (LLMs) - Aims to clarify, standardize, and ensure equitable allocation of fees among market participants - No direct purchase, contract, or solicitation for goods or services is involved

Description

The Securities and Exchange Commission has filed a notice regarding a proposed rule change by Cboe C2 Exchange, Inc. to amend its fees schedule. The rule change aims to codify a user fee exemption for Controlled Distributors who use market data products solely for permitted purposes such as software development, quality assurance, testing, sales support related to redistribution, or technical monitoring, exempting them from Display Usage fees. Additionally, the proposal amends the definition of "Non-Display Usage" to include any method of accessing or facilitating access to market data by machines or automated devices for purposes not solely supporting display for natural persons, reflecting evolving technology such as the use of Large Language Models. The changes are intended to provide clarity, transparency, and equitable allocation of fees among market participants.

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