Federal Register #SR-CboeBYX-2026-037

Cboe BYX proposes market-data distribution fee waivers for qualifying vendors

This SEC notice concerns Cboe BYX Exchange’s proposed fee-waiver program for distributors of Cboe market-data feeds. - Government entities and organizations - The Securities and Exchange Commission (SEC), Division of Trading and Markets, published the notice; Cboe BYX Exchange, Inc. is the exchange proposing the rule change. - Cboe BZX Exchange, Cboe Global Markets, FINRA, and other national securities exchanges are also referenced. The notice is a regulatory proposal, not a government purchase of products or services. - Products and fee waivers - Cboe One Summary Feed: real-time aggregate best bid and offer data and individual last-sale information. The proposed waiver covers its $5,000 monthly external distribution fee for 12 months. - Cboe One Premium Feed: real-time aggregate best bid and offer and depth-of-book data, with up to 12 price levels. The proposed waiver covers its $12,500 monthly external distribution fee for 24 months. - BZX Summary Depth Feed: identified as eligible under a related proposed Cboe BZX program; further details are not provided in this notice summary. - Notable eligibility and program terms - The program is intended for eligible external distributors that transform market data and pursue commercial redistribution to unaffiliated distributors. - A vendor must not have received the relevant feed during the prior 18 months, must actively work toward integration and commercial availability, must have no brokerage relationship with users, and must not be an Extranet Service Provider. - A partial first month counts as a full waiver month. A vendor receiving the Premium waiver does not also receive a separate Summary waiver while receiving Premium. - Cboe BYX plans to discontinue the five-level version of the Cboe One Premium Feed; the notice says the timing will be announced separately. - No part numbers or quantities are specified; the feeds are market-data services rather than physical products.

Description

Cboe BYX Exchange, Inc. proposes a rule change to introduce a Data Vendor Program for qualifying external distributors of specified market data products. The proposal establishes Data Vendor eligibility criteria and proposes external distribution fee waivers for eligible vendors for Cboe One Summary, Cboe One Premium, and BZX Summary Depth feeds. It also proposes to codify the definition of Extranet Service Provider in the Exchange’s Fee Schedule. The notice invites public comments on whether the proposed rule change is consistent with the Securities Exchange Act.

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