Federal Register #SR-CboeBZX-2026-033

SEC Notice: Cboe BZX Exchange Rule Change on User Fee Exemption and Non-Display Usage

This notice from the Securities and Exchange Commission (SEC) addresses a proposed rule change by Cboe BZX Exchange, Inc. regarding its fee schedule: - Government Buyer: - Securities and Exchange Commission (SEC) - OEM/Vendor Mentioned: - Cboe BZX Exchange, Inc. - Key Details: - The rule change codifies an existing user fee exemption for Controlled Distributors who use market data products solely for permitted purposes (e.g., software development, quality assurance, testing, sales support, technical monitoring) - These users are exempt from display usage fees - Updates the definition of 'Non-Display Usage' to include access by machines or automated devices not solely for display to natural persons - Specifically addresses new technology trends, such as the use of Large Language Models (LLMs) - Aims to provide clarity, transparency, and equitable allocation of fees among market participants - No procurement of goods or services is involved; this is a regulatory notice, not a solicitation for products or services - No specific products, part numbers, or purchase quantities are requested

Description

Cboe BZX Exchange, Inc. filed a proposed rule change with the Securities and Exchange Commission to amend its fees schedule. The amendments codify an existing user fee exemption for Controlled Distributors using market data products solely for permitted purposes such as software development and testing, exempting them from display usage fees. Additionally, the filing updates the definition of "Non-Display Usage" to include access or facilitation of access by machines or automated devices not solely for display to natural persons, reflecting evolving technology such as Large Language Models. The changes aim to provide clarity, transparency, and equitable fee allocation among market participants.

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