Federal Register #SR-CboeEDGX-2026-049

SEC Review of Cboe EDGX Exchange Data Vendor Program for Market Data Feeds

This opportunity concerns a proposed Data Vendor Program by Cboe EDGX Exchange, Inc., as published by the Securities and Exchange Commission (SEC): - Government Buyer: - Securities and Exchange Commission (SEC) - Cboe EDGX Exchange, Inc. is the proposing entity - OEMs and Vendors: - Cboe EDGX Exchange, Inc. (primary OEM and data provider) - Products/Services Requested: - Market data feeds for redistribution, including: - Cboe One Summary Feed (part number: Cboe One Summary Feed) - Cboe One Premium Feed (part number: Cboe One Premium Feed) - EDGX Summary Depth Data Feed (part number: EDGX Summary Depth Data Feed) - EDGX Top Data Feed (part number: EDGX Top Data Feed) - Data Vendor Program implementation and administration - Unique or Notable Requirements: - Data Vendors must be external distributors who transform and redistribute Cboe market data products to unaffiliated third parties - Data Vendors cannot maintain brokerage relationships with users and must not act as Extranet Service Providers - Fee waivers for External Distribution Fees are available for 12 or 24 months depending on the data feed, with an 18-month lookback period for eligibility - The program is designed to broaden market data distribution, enhance transparency, and promote competition - Public identification and eligibility verification are required for Data Vendors

Description

The Securities and Exchange Commission (SEC) has issued a notice regarding a proposed rule change filed by Cboe EDGX Exchange, Inc. to introduce a Data Vendor Program. This program defines a new category of market participants called Data Vendors, who are external distributors engaged in soliciting unaffiliated third-party distributors to redistribute transformed market data products. The rule change includes clarifications on fee structures and eligibility criteria for Data Vendors, aiming to promote equitable treatment and enhance market data distribution. The notice invites public comments on the proposed rule change.

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