Federal Register #SR-CboeBYX-2026-028

SEC Notice: Cboe BYX Exchange Data Vendor Program for Market Data Feeds

This notice from the Securities and Exchange Commission (SEC) details a proposed rule change by Cboe BYX Exchange, Inc. to launch a Data Vendor Program for market data feeds. - Government Buyer: - U.S. Securities and Exchange Commission (SEC), Division of Trading and Markets - OEM Highlight: - Cboe BYX Exchange, Inc. is the primary OEM providing the market data feeds - Products/Services Requested: - Cboe One Summary Data Feed - Aggregate best bid and offer (BBO) and last sale information for BYX and affiliated equities exchanges - External Distribution Fee waiver: $5,000/month for 12 months for eligible Data Vendors - Cboe One Premium Data Feed - Aggregate BBO with up to twelve price levels and supplementary data - External Distribution Fee waiver: $12,500/month for 24 months for eligible Data Vendors - Unique/Notable Requirements: - Data Vendors must be external distributors whose primary business is soliciting unaffiliated third-party distributors to redistribute transformed market data products - Data Vendors cannot maintain brokerage relationships with users - Eligibility for fee waivers requires no receipt of the applicable feed in the prior 18 months and active integration or commercial availability of the feed - The program is designed to expand market data distribution and enhance competition - No specific part numbers or purchase quantities are listed, as this is a regulatory program rather than a traditional procurement

Description

The Securities and Exchange Commission has published a notice regarding the filing and immediate effectiveness of a proposed rule change by Cboe BYX Exchange, Inc. to introduce a data vendor program. This program defines a new category of participants called Data Vendors, who are external distributors engaged in soliciting unaffiliated third-party distributors to redistribute transformed market data products. The proposal includes fee waivers for external distribution fees for certain data feeds and clarifies definitions and eligibility criteria to ensure equitable application of the program.

View original listing