Federal Register #SR-CboeBZX-2026-060

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

The Securities and Exchange Commission (SEC) is announcing a proposed rule change by Cboe BZX Exchange, Inc. to introduce a Data Vendor Program for market data feeds. - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets - OEM/Vendor: - Cboe BZX Exchange, Inc. (primary provider of market data feeds) - Products/Services Requested: - Cboe One Summary Feed: Market data feed with aggregate best bid/offer and last sale info - Cboe One Premium Feed: Market data feed with aggregate BBO and up to 12 price levels of depth - BZX Summary Depth Feed: Market data feed with aggregated two-sided quotations for up to 12 price levels - Notable Requirements: - Data Vendors must be external distributors who transform and redistribute data, with no brokerage relationships or Extranet Service Provider status - Fee waivers for External Distribution Fees are available for limited periods (12-24 months) to incentivize new market entrants - Eligibility for waivers requires no receipt of the applicable feed in the prior 18 months and active integration or commercial availability - The program is designed to broaden access to comprehensive market data and enhance competition

Description

The Securities and Exchange Commission has issued a notice regarding the filing and immediate effectiveness of a proposed rule change by Cboe BZX Exchange, Inc. to introduce a Data Vendor Program. The program defines eligibility criteria for Data Vendors who redistribute transformed market data products and clarifies fee structures for external distribution of specific data feeds. The notice includes details about the rule change, its effective date, and related docket information, aiming to promote broader distribution of comprehensive market data and enhance market efficiency.

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