Federal Register #SR-CboeEDGA-2026-024

SEC Review of Cboe EDGA Data Vendor Program for Market Data Feeds

The Securities and Exchange Commission (SEC) is reviewing a proposed rule change from Cboe EDGA Exchange, Inc. to launch a Data Vendor Program for market data distribution. - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets - OEM Highlight: - Cboe EDGA Exchange, Inc. is the sole OEM and provider of the market data feeds - Products/Services Requested: - Cboe One Summary Feed (part number: Cboe One Summary) - Aggregate best bid/offer and last sale data for EDGA and affiliated exchanges - Cboe One Premium Feed (part number: Cboe One Premium) - Aggregate best bid/offer with up to twelve price levels and last sale data - EDGX Summary Depth Data Feed (part number: EDGX Summary Depth) - Summary depth of book data for EDGX exchange - EDGX Top Data Feed (part number: EDGX Top) - Top of book data for EDGX exchange - Notable Requirements: - Data Vendor Program is open only to External Distributors (not Internal Distributors or Extranet Service Providers) - Eligible Data Vendors must transform and redistribute Cboe market data feeds to unaffiliated third-party distributors - Vendors must not have brokerage relationships with users - Fee waivers for external distribution: 12 months for Cboe One Summary Feed, 24 months for Cboe One Premium Feed - Eligibility requires no receipt of the applicable feed in the prior 18 months and active integration or commercial availability of the feed - No specific product purchase quantities are listed; the opportunity is focused on regulatory changes and incentives for data vendors

Description

Cboe EDGA Exchange, Inc. has filed a proposed rule change with the Securities and Exchange Commission to introduce a Data Vendor Program. The program defines Data Vendors and codifies existing definitions and practices related to data distribution. It aims to incentivize Data Vendors to build out applicable data feeds and make them commercially available by providing fee waivers for certain external distribution fees. The filing is effective immediately and is part of the SEC's regulatory oversight of self-regulatory organizations.

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