Federal Register #SRCboeEDGX2026027

SEC Review of Cboe EDGX Exchange Proposed Market Data Fee Schedule Changes

This notice from the Securities and Exchange Commission (SEC) details a proposed rule change by Cboe EDGX Exchange, Inc. regarding its fee schedule for market data products. - Government Buyer: - Securities and Exchange Commission (SEC) - OEMs and Vendors: - Cboe EDGX Exchange, Inc. (proposing entity) - Cboe BZX Exchange, Inc. (referenced for similar changes) - Products/Services Requested: - No physical products or service procurements; the notice concerns regulatory changes to 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 (e.g., software development, quality assurance, 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 for display to natural persons, addressing new technology such as Large Language Models (LLMs) - Aligns with similar proposals by Cboe BZX Exchange, Inc. and industry standards (e.g., NASDAQ) - No specific product part numbers, quantities, or procurement of goods/services are involved; this is a regulatory change impacting fee structures and definitions for market data access

Description

The Securities and Exchange Commission has issued a notice regarding a proposed rule change by Cboe EDGX Exchange, Inc. to amend its fee 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, quality assurance, testing, sales support, or technical monitoring, exempting them from Display Usage fees. Additionally, the definition of "Non-Display Usage" is amended to include any method of accessing or facilitating access to market data by machines or automated devices not solely for display to natural persons, reflecting evolving technology such as Large Language Models. The proposal aims to provide clarity, transparency, and equitable fee allocation among market participants.

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