Federal Register #SR-CboeBYX2026-013

SEC Notice: Proposed Rule Change by Cboe BYX Exchange, Inc. to Amend Fee Schedule and Definitions

This notice from the Securities and Exchange Commission (SEC) addresses a proposed rule change by Cboe BYX Exchange, Inc. regarding its fee schedule and definitions. - Government Buyer: - Securities and Exchange Commission (SEC) - Cboe BYX Exchange, Inc. (as the regulated entity submitting the rule change) - OEMs and Vendors: - Cboe BYX Exchange, Inc. - Cboe Global Markets (referenced for industry comparison) - Products/Services Requested: - No physical products or service procurements; the notice pertains to amendments in fee schedules and definitions for market data usage - Notable Requirements and Details: - Codifies a user fee exemption for Controlled Distributors using market data solely for permitted purposes (software development, QA, testing, sales support for redistribution, technical monitoring) - Exempts these Controlled Distributors from display usage fees for such purposes - Amends the definition of Non-Display Usage to include facilitation of access and clarifies that usage must not be solely for display to a natural person - Explicitly covers new technology uses, including large language models (LLMs) - Aims to clarify fee policies, ensure equitable allocation, and align with industry standards - SEC is soliciting public comments on the proposed changes - No specific product part numbers, quantities, or procurement of goods/services are included, as this is a policy and fee schedule update

Description

This notice pertains to a proposed rule change by Cboe BYX Exchange, Inc. to amend its fees schedule. The amendments include codifying a user fee exemption for Controlled Distributors who use market data products solely for permitted purposes such as software development and technical monitoring, exempting them from display usage fees. Additionally, the definition of Non-Display Usage is amended to include facilitation of access and clarify that the purpose must not be solely for display to a natural person. The changes aim to provide clarity and equitable fee allocation consistent with industry standards.

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