Federal Register #SR-CboeBZX-2026-074

SEC Notice: Cboe BZX Exchange Data Vendor Program and Market Data Fee Waivers

The Securities and Exchange Commission (SEC) is announcing a proposed rule change from Cboe BZX Exchange, Inc. to introduce a Data Vendor Program. - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets - OEMs and Vendors: - Cboe BZX Exchange, Inc. - Cboe Global Markets, Inc. (affiliated entity) - MIAX PEARL, LLC (mentioned in related rule amendment) - Products/Services Requested: - Market data feeds: - Cboe One Summary Feed - Aggregate best bid and offer (BBO) and individual last sale information for BZX and affiliated equities exchanges - Cboe One Premium Feed - Aggregate BBO with up to 12 price levels and depth of book data - BZX Summary Depth Feed - Aggregated two-sided quotations for up to 12 price levels for all displayed orders - Services: - Data Vendor Program implementation and fee waivers for eligible Data Vendors - Amendment to Rule 2628 by MIAX PEARL, LLC regarding trading halt resumption times - Unique/Notable Requirements: - Fee waivers for External Distribution Fees to incentivize Data Vendors to integrate and redistribute market data feeds - Cboe One Summary Feed: 12-month waiver - Cboe One Premium Feed: 24-month waiver - BZX Summary Depth Feed: 24-month waiver - Eligibility criteria: Data Vendors must not have received the feed in the prior 18 months and must actively integrate the feed - Clarification of fee responsibilities for External Distributors subscribing to both Cboe One Summary and Cboe One Premium feeds - Distinction between Data Vendors, External Distributors, Internal Distributors, and retail brokers - Rule amendment by MIAX PEARL, LLC to ensure trading resumes no earlier than 4:00 a.m. ET following a Level 3 market-wide circuit breaker halt, in connection with expanded trading hours

Description

The Cboe BZX Exchange, Inc. proposes a rule change to introduce a Data Vendor Program. This program defines the term Data Vendor and includes clarifying changes to codify existing definitions and practices related to data distribution. The program aims to incentivize Data Vendors to develop and commercially distribute specific market data feeds by providing fee waivers for certain external distribution fees. The rule change also clarifies fee responsibilities for external distributors of the Cboe One Summary and Cboe One Premium data feeds.

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