[Federal Register Volume 91, Number 144 (Wednesday, July 29, 2026)]
[Notices]
[Pages 47886-47894]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2026-15252]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105983; File No. SR-CboeEDGX-2026-049]
Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Introduce a Data Vendor Program
July 24, 2026.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on July 15, 2026, Cboe EDGX Exchange, Inc. (the ``Exchange'' or ``EDGX)
filed with the Securities and Exchange Commission (the ``Commission'')
the proposed rule change as described in Items I, II, and III below,
which Items have been prepared by the Exchange. The Commission is
publishing this notice to solicit comments on the proposed rule change
from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe EDGX Exchange, Inc. (the ``Exchange'' or ``EDGX'') proposes to
introduce a Data Vendor Program, which includes introducing a new
defined term of Data Vendor, along with other clarifying changes. The
text of the proposed rule change is provided in Exhibit 5.
The text of the proposed rule change is also available on the
Commission's website (https://www.sec.gov/rules/sro.shtml), the
Exchange's website (https://www.cboe.com/us/equities/regulation/rule_filings/edgx/), and at the principal office of the Exchange.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of this proposed rule change is to (i) introduce a
definition of Data Vendor; (ii) codify the existing definition (as
defined in the Exchange's applicable North American Market Data
Policies) of Extranet Service Provider; (iii) codify an existing
practice that permits an External Distributor of both Cboe One Summary
and Cboe One Premium to be liable only for the External Distribution
Fee for Cboe One Premium; and (iv) create a program for Data Vendors in
order to incentivize Data Vendors to build out the applicable feeds and
make them commercially available to subscribers.\3\ The proposed
program will provide fee waivers (as described below) for External
Distribution Fees for Data Vendors for the Cboe One Summary Feed, Cboe
One Premium Feed, EDGX Summary Depth Data Feed, and EDGX Top Data Feed.
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\3\ The Exchange initially submitted the proposed rule change on
July 1, 2026 (SR-CboeEDGX-2026-048). On July 15, 2026, the Exchange
withdrew that filing and submitted this filing.
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[[Page 47887]]
Proposed Definitions
In connection with this proposed program, the Exchange first
proposes to adopt a definition for a specific category of participants.
Specifically, the Exchange proposes to establish the term ``Data
Vendor'' to mean ``an External Distributor that (i) is actively
engaged, as part of its primary business objective, in the solicitation
of unaffiliated third-party Distributors to redistribute a transformed
Market Data Product; (ii) does not maintain a brokerage relationship
with Users in connection with the receipt or use of the applicable
Market Data Product; and (iii) is not an Extranet Service Provider.''
As part of this new definition, and as further described below, the
Exchange proposes to codify the existing definition of Extranet Service
Provider within the Cboe Global North American Market Data Policies to
be within its Fee Schedule.
The Exchange has also established objective, verifiable criteria
for determining eligibility as a Data Vendor. The following criteria,
which will be reflected in the Exchange's Fee Schedule, must be
satisfied: (1) the External Distributor must identify itself as a Data
Vendor in publicly available marketing materials; (2) the External
Distributor must transform the applicable Market Data Product before
redistribution, which may include aggregation across multiple data
sources, normalization into a consistent format, enrichment with
reference data or analytics, or repackaging into a proprietary delivery
mechanism (e.g., terminal, API, or proprietary feed); (3) the External
Distributor must redistribute the applicable transformed Market Data
Product to downstream Distributors as part of a paid commercial
offering; (4) the External Distributor must not maintain a brokerage
relationship with any User to whom it distributes the applicable Market
Data Product; (5) the External Distributor must not be an Extranet
Service Provider; and (6) the External Distributor must be actively
engaged in the solicitation of unaffiliated third-party Distributors to
subscribe to and redistribute the applicable transformed Market Data
Product. Upon request, the External Distributor must provide a written
attestation certifying compliance with the foregoing criteria. The
Exchange may request supporting documentation, including but not
limited to Distributor subscriber lists, revenue breakdowns by
recipient type, and descriptions of the transformations applied to the
Market Data Product. These objective eligibility criteria ensure that
the Data Vendor Program is equitably applied to all similarly situated
market participants.
External Distributor
To begin, ``Data Vendor'' is intended to only encompass External
Distributors and not Internal Distributors. An External Distributor is
defined as a Distributor that receives the Exchange Market Data product
and then distributes that data to a third party or one or more Users
outside the Distributor's own entity.\4\ The Exchange seeks to adopt
this program in order to encourage broader redistribution of this data.
As such, the Exchange limits this to External Distributors as the
intent of this program is to have data distributed outside one's own
entity.
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\4\ See EDGX Equities Fee Schedule.
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Primary Business Is To Redistribute to Distributors
To be eligible as a Data Vendor, an External Distributor must be
taking in data for the primary business purpose of selling access to
the applicable feed as a service in its own right, not merely
redistributing data in incidental support of broader business functions
such as trade execution, account management, or brokerage services. The
Exchange notes that, as part of its business, a Data Vendor may
redistribute a market data product to Users, but the primary purpose
must be to redistribute data to Distributors. The Exchange will assess
whether an External Distributor's primary business purpose satisfies
this criterion based on the External Distributor's publicly available
marketing materials. If the Exchange were to modify this requirement to
permit a primary business purpose of redistribution to either
Distributors or Users, it would unintentionally include firms that may
redistribute only to Users and that are not traditionally considered
data vendors (e.g., a media outlet or a bank).
Transformed Market Data Product
To be eligible, the Exchange requires that the Data Vendor not
simply pass through data in its original form. Transformation may
include aggregation across multiple sources, normalization into a
consistent format, enrichment with derived analytics, or repackaging
into a proprietary delivery mechanism (e.g., terminal, API, feed), or
any other value-added processing that distinguishes the output from the
original source data.
No Brokerage Relationship With Users
Next, the Exchange proposes that the definition of Data Vendor
include a stipulation that a Data Vendor must not maintain a brokerage
relationship with Users who receive the market data product. The
Exchange already has programs aimed at retail brokers, for example,
both the Small Retail Broker Program and the Small Retail Broker Hosted
Solutions Program.\5\ This proposed program is intended to encourage
Data Vendors specifically to take in the applicable feeds and
distribute them. A Data Vendor's service model is different from a
retail broker's, as a Data Vendor's business model is built around
providing data to firms and Users alike, whereas a retail broker's
business model is focused on connecting Users to markets in order to
trade and may include providing market data as part of its offering to
its Users. As the Exchange already has programs specifically for retail
brokers, the Exchange does not believe it would be appropriate to
include retail brokers here. The Exchange notes that if a Data Vendor
that is currently receiving a fee waiver under this Program
subsequently commences a brokerage relationship with its Users, it will
no longer satisfy the definition of Data Vendor and will cease to be
eligible for the Program. In such case, the External Distributor would
be assessed the standard External Distribution Fee for the applicable
feed as of the date it no longer satisfies the definition of Data
Vendor.
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\5\ See EDGX Equities Fee Schedule.
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Not an Extranet Service Provider
As noted above, the Exchange proposes also to define Extranet
Service Provider when it introduces the definition of Data Vendor into
its Fee Schedule. Today, this term already exists in the Cboe Global
Markets North American Data Policies.\6\ The Exchange proposes to
codify this definition in its Fee Schedule because the proposed
definition of Data Vendor directly references this defined term.
Specifically, the Exchange proposes to codify that an Extranet Service
Provider is ``an entity that has entered into a Cboe Global Markets
Global Data Agreement and Transmits an Exchange Market Data Product,
via an extranet operated by such entity, to data recipients. `Transmit'
means to direct an Exchange Market Data Product to one or more data
recipients without modification of the content, format, or other
characteristics of the Exchange Market Data Product.'' An Extranet
[[Page 47888]]
Service Provider is not authorized to use or process an Exchange Market
Data Product for any purpose.
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\6\ See Market_Data_Policies.pdf.
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Applicable Data Feeds
By way of background, the Exchange offers the Cboe One Premium Data
Feed, which is a data feed that disseminates, on a real-time basis, the
aggregate best bid and offer (``BBO'') of all displayed orders for
securities traded on the Exchange and its affiliated equities exchanges
and enables recipients to receive aggregated two-sided quotations from
EDGX and its affiliated equities exchanges for up to twelve (12) price
levels (and, for a limited time, up to five (5) price levels).\7\ The
Cboe One Premium Data Feed is created using the data from the Exchange
and each of its affiliated equities exchanges' Summary Depth data feeds
(allowing for up to 48 total price levels).
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\7\ EDGX filed to increase the levels of the Cboe One Premium
Data Feed from five (5) levels to twelve (12) levels. To help in
this transition, it is currently supporting both the five and twelve
level feeds; however, as stated in its rule, EDGX shall sunset the
five (5) level feed of Cboe One Premium by December 31, 2026 (with
the date to be announced via Exchange Notice). See Rule 13.8(b)(i).
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The Exchange also offers the Cboe One Summary Data Feed, which
disseminates, on a real-time basis, the aggregate BBO of all displayed
orders for securities traded on EDGX and its affiliated equities
exchanges and also contains individual last sale information for EDGX
and its affiliated equities exchanges.\8\
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\8\ The Cboe One Summary Feed is distinguishable from the Cboe
One Premium Feed in that it does not provide depth of book data. In
contrast, the Cboe One Premium Feed contains all the available data
in the Cboe One Summary Feed and also provides depth of book data.
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The Exchange offers the EDGX Summary Depth Data Feed, which is a
data feed that offers aggregated two-sided quotations up to twelve
price levels for all displayed orders entered into the System and the
EDGX Top Data Feed, which is a data feed that offers top-of-book
quotations and last sale information based on orders entered into the
Exchange's System.
External Distribution Fees for Cboe One Premium and Cboe One Summary
The proposed rule change also clarifies that External Distributors
of both Cboe One Summary and Cboe One Premium shall only be responsible
for paying the External Distribution Fee for Cboe One Premium. The
current fee schedule provides that ``Cboe One Summary User Fees can be
applied to Cboe One Summary and Cboe One Premium External Distribution
Fees.'' Under the Exchange's existing application of this provision, an
External Distributor receiving both Cboe One Summary and Cboe One
Premium is assessed only the Cboe One Premium External Distribution
Fee,\9\ and User Fees for both Cboe One Summary and Cboe One Premium
may be applied to offset that fee.
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\9\ To better illustrate this concept, consider the following
examples. Example 1: If a firm subscribes to only Cboe One Summary,
its User costs will be used to offset the External Distribution Fee
for Cboe One Summary. In the event the firm's User costs total
$2,000, the firm will pay $2,000 in User fees and $3,000 ($5,000-
$2,000) for its External Distribution Fee. Example 2: If a firm
subscribes only to Cboe One Premium, its User costs will be used to
offset the External Distribution Fee for Cboe One Premium. In the
event a firm's User costs total $10,000, the firm will pay $10,000
in User fees and $2,500 ($12,500-$10,000) for its External
Distribution Fee. Example 3: If a firm subscribes to both Cboe One
Summary and Cboe One Premium, only the External Distribution Fee for
Cboe One Premium is assessed and this fee may be offset by both Cboe
One Summary and Cboe One Premium User fees. In the event a firm's
User costs are $2,000 for Cboe One Summary and $10,000 for Cboe One
Premium, the firm will pay a total of $12,000 in User fees ($10,000
+ $2,000) and it will pay $500 for its External Distribution Fee
($12,500-($10,000 + $2,000)).
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The Exchange is now proposing to make this treatment explicit by
adding clarifying language to the fee schedule stating that External
Distributors of both feeds are only responsible for paying the External
Distribution Fee for Cboe One Premium. This amendment does not alter
the economic substance of the Exchange's existing fee structure, nor
does it impose any new or increased fees on market participants.
Rather, it reduces potential ambiguity by expressly codifying the
Exchange's existing application of the user fee offset provisions. The
Exchange believes this clarification will promote transparency and
reduce confusion among External Distributors regarding their fee
obligations under the Cboe One market data product offerings.
Impact of Proposed Program
As noted above, the proposed program would waive External
Distribution Fees for Data Vendors of the Cboe One Summary Feed, Cboe
One Premium Feed, EDGX Summary Depth Data Feed, and EDGX Top Data Feed
(each, an ``Applicable Feed'') that satisfy certain eligibility
requirements. A Data Vendor must not have received the Applicable Feed
for which it seeks the waiver during the 18 months \10\ preceding the
waiver application date, and must integrate, or be actively in the
process of integrating, the Applicable Feed and making it commercially
available to its subscribers. The Data Vendor need not have fully
integrated the Applicable Feed or made it commercially available before
the waiver begins. For a qualifying Data Vendor, the applicable waiver
commences on the date it first receives the Applicable Feed, and, if
that date occurs mid-month, that partial month counts as the first
month of the waiver period. Specifically, the Exchange proposes to
waive the External Distribution Fee of $5,000 per month for Cboe One
Summary for 12 months (the ``Summary Waiver Period''), except that a
Data Vendor is not eligible for a Summary Waiver Period if it is
receiving Cboe One Premium because Cboe One Summary is included in the
Cboe One Premium External Distribution Fee as noted herein. To clarify,
because a Data Vendor receiving Cboe One Premium pays only the Cboe One
Premium External Distribution Fee (and no separate fee is assessed for
Cboe One Summary), there is no separate Cboe One Summary External
Distribution Fee to waive for such a firm.\11\ The Exchange proposes to
waive the External Distribution Fee of $12,500 per month for Cboe One
Premium for 24 months (the ``Premium Waiver Period'').
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\10\ The Exchange notes that this same 18-month requirement is
the standard for its other fee waiver programs. See EDGX Equities
Fee Schedule.
\11\ As noted above, a firm that subscribes to both Cboe One
Premium and Cboe One Summary is only charged the External
Distribution Fee for Cboe One Premium. Accordingly, an eligible Data
Vendor that builds out to both feeds simultaneously receives only
the Premium Waiver Period.
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If an eligible Data Vendor already receives Cboe One Summary, it
may still receive the Premium Waiver Period if it has not received Cboe
One Premium during the 18 months preceding the waiver application date
and satisfies the integration and commercial availability requirement
with respect to Cboe One Premium. During the Premium Waiver Period, the
Data Vendor's Cboe One Summary subscription would be covered under the
Premium Waiver, and no separate External Distribution Fee would be
assessed for Cboe One Summary. Similarly, an eligible Data Vendor that
builds out both Cboe One feeds simultaneously would receive only the
Premium Waiver Period.
Lastly, for eligible Data Vendors, the Exchange also proposes to
waive the External Distribution Fee of $2,500 per month for EDGX
Summary Depth for 24 months (the ``Summary Depth Waiver Period'') and
the External Distribution Fee for EDGX Top of $2,250 for 12 months (the
``Top Waiver Period'').
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations
[[Page 47889]]
thereunder applicable to the Exchange and, in particular, the
requirements of Section 6(b) of the Act.\12\ Specifically, the Exchange
believes the proposed rule change is consistent with the Section
6(b)(5) \13\ requirements that the rules of an exchange be designed to
prevent fraudulent and manipulative acts and practices, to promote just
and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling,
processing information with respect to, and facilitating transactions
in securities, to remove impediments to and perfect the mechanism of a
free and open market and a national market system, and, in general, to
protect investors and the public interest. Additionally, the Exchange
believes the proposed rule change is consistent with the Section
6(b)(5) \14\ requirement that the rules of an exchange not be designed
to permit unfair discrimination between customers, issuers, brokers, or
dealers.
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\12\ 15 U.S.C. 78f(b).
\13\ 15 U.S.C. 78f(b)(5).
\14\ Id.
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In particular, the Exchange believes the proposed rule change
promotes just and equitable principles of trade by establishing a
clear, objective, and transparent definition of ``Data Vendor'' that
properly captures the characteristics distinguishing Data Vendors from
other categories of External Distributors. The proposed definition sets
forth specific, verifiable criteria--namely, that a Data Vendor must
(i) be an External Distributor; (ii) be actively engaged, as part of
its primary business objective, in the solicitation of unaffiliated
third-party Distributors to redistribute a transformed Market Data
Product; (iii) not maintain a brokerage relationship with Users; and
(iv) not be an Extranet Service Provider. By establishing objective
eligibility criteria, the proposed rule change ensures that similarly
situated market participants are treated consistently and that the
benefits of the Data Vendor Program are available to all External
Distributors that meet the defined qualifications.
The Exchange further believes that the codification of the existing
Extranet Service Provider definition within the Fee Schedule promotes
just and equitable principles of trade. Because the proposed Data
Vendor definition directly references the term ``Extranet Service
Provider,'' market participants seeking to understand their eligibility
for the Program should not be required to consult the Cboe Global
Markets North American Data Policies to determine how that term
applies. By incorporating both defined terms into the Fee Schedule
itself, the Exchange ensures that participants have access to the
complete framework.
The Exchange further believes that the proposed rule change removes
impediments to and perfects the mechanism of a free and open market and
a national market system. The Data Vendor Program is designed to
incentivize Data Vendors to integrate the Applicable Feeds, make them
commercially available to subscribers, and redistribute them by
providing fee waivers for External Distribution Fees for the Cboe One
Summary Feed, Cboe One Premium Feed, EDGX Summary Depth Data Feed, and
EDGX Top Data Feed. By waiving the External Distribution Fee for Cboe
One Summary for 12 months, Cboe One Premium for 24 months, EDGX Summary
Depth for 24 months, and EDGX Top for 12 months, the Exchange
encourages broader redistribution of its market data products. Broader
distribution of market data enhances price transparency and supports
informed decision-making across the national market system, which in
turn perfects the mechanism of a free and open market by ensuring that
market participants have access to comprehensive, competitive data
offerings.
By allowing the waiver to begin while an eligible Data Vendor is
actively integrating the Applicable Feed and working to make it
commercially available, the Program lowers barriers to entry during the
build-out period and incentivizes a broader set of market participants
to enter the Exchange's data distribution chain, thereby expanding the
availability of market data throughout the national market system.
The proposed rule change also protects investors and the public
interest. By encouraging Data Vendors to take in, transform, and
redistribute market data feeds, the proposed program promotes greater
availability of enriched market data products to downstream
Distributors and Users. The transformation requirement--which may
include aggregation across multiple sources, normalization into a
consistent format, enrichment with derived analytics, or repackaging
into a proprietary delivery mechanism such as a terminal, API, or
feed--is a key element of qualifying as a Data Vendor and ensures that
meaningful value is added to the data before redistributing it, thereby
increasing the utility and accessibility of market information. To the
extent the Program achieves its purpose and results in more widespread
redistribution of the Applicable Feeds, market participants may benefit
from enhanced access to consolidated real-time price, depth-of-book,
top-of-book, and last sale information through the distribution
channels developed by Data Vendors.
Additionally, the codification of the existing Extranet Service
Provider definition within the Fee Schedule provides additional clarity
on the program requirements and codifies the definition that exists
already in the Cboe Global Markets North American Market Data Policies.
Furthermore, the clarification that External Distributors of both Cboe
One Summary and Cboe One Premium are only responsible for paying the
External Distribution Fee for Cboe One Premium promotes transparency by
expressly codifying a practice that is already reflected in the
Exchange's existing application of the fee provision. This reduces
potential confusion among market participants regarding their fee
obligations.
Not Unfairly Discriminatory
The Exchange believes that the proposed Data Vendor Program is
consistent with and complementary to its existing programs for other
categories of market participants, and that offering a targeted fee
waiver program specifically for Data Vendors does not constitute unfair
discrimination. The Exchange has a history of establishing
differentiated programs that recognize the distinct roles of different
market participants. For example, the Small Retail Broker Distribution
Program, provides discounted Distribution Fees and Data Consolidation
Fees for eligible broker-dealers distributing the applicable feeds to
Non-Professional Data Users with whom the broker-dealer has a brokerage
relationship.\15\ This program is designed to address the specific
characteristics and economic needs of small retail broker-dealers.
Similarly, the Small Retail Broker Hosted Solutions Program, provides
fee waivers for eligible Small Retail Brokers that provide the
applicable feeds to other Small Retail Brokers via hosted
solutions.\16\ This program recognizes that smaller retail brokers face
unique integration challenges and cost constraints when building out
hosted data solutions. In addition, the New Internal Distributor Waiver
for the EDGX Depth Data Feed waives Internal Distribution Fees for
three months for Internal Distributors that have not received the EDGX
Depth Data Feed during the prior 18 months.\17\ This
[[Page 47890]]
program incentivizes new Internal Distributors to integrate the depth-
of-book feed into their systems.
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\15\ See EDGX Equities Fee Schedule.
\16\ See EDGX Equities Fee Schedule.
\17\ Id.
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The proposed Data Vendor Program is consistent with this approach.
Data Vendors occupy a distinct role in the market data distribution
ecosystem. Unlike retail brokers, whose primary business is providing
trade execution and account management services to Users (with market
data distribution as an ancillary feature), Data Vendors are primarily
engaged in the business of transforming and redistributing market data
to other Distributors. This fundamental difference in business model
justifies a distinct program with tailored eligibility criteria and
waiver periods. The waiver periods under the proposed Data Vendor
Program--12 months for Cboe One Summary and EDGX Top, and 24 months for
Cboe One Premium and EDGX Summary Depth--are designed to reflect the
relative complexity of integrating each feed. Depth-of-book products
such as Cboe One Premium and EDGX Summary Depth typically require more
extensive technical build-out, including handling of larger data
volumes, more complex display and aggregation logic, and more rigorous
quality assurance processes. Additionally, EDGX Summary Depth and Cboe
One Premium are more expensive relative to the top of book of feeds.
This means that Data Vendors require additional interest from clients
in these products before they can even break even. Accordingly, the
Exchange believes a 24-month waiver period for these products is
appropriate to provide sufficient time for Data Vendors to complete
their build-out. Top-of-book and summary products, in contrast, are
generally less complex to integrate, and the Exchange believes a 12-
month waiver period is appropriate for these feeds.
The Exchange does not maintain comparable fee waiver programs for
larger broker-dealers that distribute market data to their brokerage
customers. The Exchange believes this distinction is appropriate. The
Small Retail Broker programs are specifically designed to address the
cost constraints faced by smaller broker-dealers in building out market
data distribution capabilities. Larger broker-dealers, by contrast,
typically have established data infrastructure and greater resources to
absorb market data distribution costs as part of their overall
brokerage operations, and, as such, their cost per user is meaningfully
lower. The Data Vendor Program is intended to address a different need:
incentivizing specialized data redistribution firms to build out the
Applicable Feeds and bring on additional downstream Distributors. By
encouraging Data Vendors to invest in the transformation and
redistribution of the Exchange's market data products, the Program
expands the reach and availability of this data throughout the national
market system, benefiting end users and promoting competition. The
Exchange therefore believes that creating a targeted program for Data
Vendors, in addition to its existing programs for Small Retail Brokers
and Internal Distributors, among others, is consistent with Section
6(b)(5) of the Act and does not constitute unfair discrimination.
The Exchange also believes the proposed rule change is consistent
with Section 6(b)(5) of the Act in that it is not designed to permit
unfair discrimination between customers, issuers, brokers, or dealers.
The Data Vendor Program is available to all External Distributors that
satisfy the objective criteria set forth in the proposed definition of
Data Vendor and, for waiver eligibility, the additional objective
criteria regarding the 18-month lookback for prior receipt of the
Applicable Feed and integration or active integration of the Applicable
Feed for commercial availability. The distinctions drawn by the
definition--(i) requiring that a Data Vendor's primary business
objective be the solicitation of unaffiliated third-party Distributors,
(ii) that it not maintain a brokerage relationship with Users, and
(iii) that it not be an Extranet Service Provider--reflect meaningful
differences in business models and market functions.
External Distributors
The Exchange believes that limiting the Data Vendor Program to
External Distributors is not unfairly discriminatory. Internal
Distributors and External Distributors occupy fundamentally different
roles in the market data distribution ecosystem and are not similarly
situated participants. An Internal Distributor receives a market data
product and distributes it solely within its own entity, whereas an
External Distributor redistributes data outside its entity to Users or
other Distributors--and a Data Vendor, as a specialized category of
External Distributor, further serves the specific function of
soliciting unaffiliated third-party Distributors to redistribute a
transformed market data product. The Data Vendor Program is designed
precisely to incentivize and expand this type of external
redistribution, a purpose that has no meaningful application to
Internal Distributors who, by definition, cannot advance the proposed
program's goal of broadening the reach of the Exchange's market data to
downstream Distributors and end-user investors. Furthermore, the
Exchange already offers programs for its Internal Distributors that it
does not offer for External Distributors.\18\
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\18\ See, e.g., EDGX Equities Fee Schedule that describes the
New Internal Distributor Waiver for EDGX Depth Data Feed.
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Primary Business Is To Redistribute to Distributors
To be eligible as a Data Vendor, an External Distributor must be
taking in data for the primary business purpose of selling access to
the applicable feed as a service in its own right--not merely
redistributing data in incidental support of broader business functions
such as trade execution, account management, or brokerage services. The
Exchange notes that as part of its business, a Data Vendor may
redistribute a market data product to Users, but the primary purpose
must be the redistribution of data to Distributors. The Exchange will
assess whether an External Distributor's primary business purpose
satisfies this criterion based on the External Distributor's publicly
available marketing materials. This requirement is not unfairly
discriminatory because it is directly tied to the purpose of the
Program: encouraging entities whose core commercial activity is the
transformation and redistribution of market data to build out the
Applicable Feeds and bring on additional downstream Distributors,
thereby expanding the reach and availability of the Exchange's data
products. An entity that distributes market data only incidentally--as
an ancillary feature of a brokerage, execution, or account management
business--does not serve this purpose.
Transformed Market Data Product
The Exchange believes it is not unfairly discriminatory to require
that a Data Vendor transform market data as a condition of eligibility,
as transformation is a definitional characteristic that goes to the
core of what distinguishes a Data Vendor from other categories of
External Distributors and is directly tied to the Program's purpose of
incentivizing participants that create new, differentiated distribution
channels for the Exchange's consolidated market data. This reasoning is
directly analogous to the rationale for excluding Extranet Service
Providers--entities that transmit data without modification and
therefore cannot create the type of value-added products, whether
delivered via terminal, API, or proprietary feed, that
[[Page 47891]]
the Program is designed to incentivize. Because the transformation
requirement ensures that the Program's fee incentives are directed only
at entities whose business is built around adding that value, the
Exchange believes this criterion is reasonable and does not constitute
unfair discrimination.
No Brokerage Relationship With Users
The Exchange believes it is not unfairly discriminatory to require
that Data Vendors not maintain a brokerage relationship with Users. The
Exchange already maintains separate programs specifically for
qualifying broker-dealers that distribute market data to their
brokerage customers. Specifically, the Exchange offers the Small Retail
Broker Distribution Program, which provides discounted Distribution
Fees and Data Consolidation Fees for eligible broker-dealers
distributing the applicable feeds to Non-Professional Data Users with
whom the broker-dealer has a brokerage relationship. The Exchange also
offers the Small Retail Broker Hosted Solutions Program, which provides
fee waivers and lower data costs for Small Retail Brokers that provide
the applicable feeds to other Small Retail Brokers via hosted
solutions. These existing programs are specifically designed to
encourage retail brokers to distribute market data, and the eligibility
criteria for those programs reflect the characteristics of the retail
brokerage business model.
The proposed Data Vendor Program does not displace or reduce the
benefits available to retail brokers under those existing programs.
Rather, it creates a parallel and complementary framework for a
distinct category of participants--Data Vendors--that do not maintain
brokerage relationships with Users, and whose primary business purpose
is categorically different from that of a retail broker. Just as it
would not be appropriate to extend the Small Retail Broker Program to
Data Vendors, it is similarly appropriate--and not unfairly
discriminatory--not to extend the Data Vendor Program to retail brokers
or other participants that maintain brokerage relationships with their
Users, whose needs are separately addressed by the Exchange's existing
programs.
Not an Extranet Service Provider
The Exchange also believes it is not unfairly discriminatory to
exclude Extranet Service Providers from the Data Vendor Program. An
Extranet Service Provider, as defined, is an entity that transmits a
market data product to data recipients without modification of the
content, format, or other characteristics of the product. Extranet
Service Providers do not transform, enrich, or add value to the data
they transmit--they serve as conduits, passing data through in its
original form. This is fundamentally distinct from the function of a
Data Vendor, which, by definition, must transform the Market Data
Product as part of its service offering.
The Data Vendor Program is specifically premised on the value that
transformation adds to the data distribution ecosystem. By enabling
Data Vendors to create differentiated products--delivered via a
terminal, API, proprietary feed, or other value-added mechanism--that
appeal to a broader range of downstream Distributors, the Program
advances the Exchange's goal of maximizing the reach and utility of its
consolidated market data throughout the national market system.
Extending the Program to Extranet Service Providers, which do not
perform this transformative function, would undermine the Program's
core purpose and would not serve the policy goal of broadening
distribution of market data products in readily accessible, value-added
formats.
The Exchange has created programs to address the distinct needs and
business models of different categories of market participants, and the
proposed Data Vendor Program is a natural extension of this approach.
In addition to the Small Retail Broker programs described above, the
Exchange also offers fee waivers for eligible Internal Distributors of
the EDGX Depth Data Feed, which are intended to incentivize new
Internal Distributors to integrate data feeds into their systems. The
differentiation between Data Vendors and other categories of market
participants reflects the distinct roles these entities play and the
distinct incentive structures appropriate to each and does not
constitute unfair discrimination.
18-Month and Integration Requirements
The Exchange further believes it is not unfairly discriminatory to
limit the Program to Data Vendors that have not received the Applicable
Feed for which they seek a waiver during the 18 months preceding the
waiver application date, and that have integrated, or are actively in
the process of integrating,\19\ the Applicable Feed and making it
commercially available to subscribers. The 18-month limitation is
designed to ensure that the fee waivers serve their intended purpose of
reducing the upfront cost barriers for new market participants. This
approach is directly consistent with the analogous frameworks the
Exchange has adopted in prior programs--including the Internal
Distributor Waiver for the EDGX Depth Data Feed, which similarly limits
fee relief to distributors that have not received the relevant feed in
the prior 18 months. The integration and commercial availability
requirement is likewise reasonable because it ensures that the waiver
is directed to Data Vendors that are undertaking the build-out
necessary to distribute the Applicable Feed to subscribers, while not
requiring full integration or commercial availability before the waiver
begins. The Exchange therefore believes that these objective
limitations are reasonable and appropriate, prevent the Program from
operating as a permanent subsidy for established distributors, and are
not unfairly discriminatory.
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\19\ The Exchange notes that no specific step is required for
this, only that Data Vendor is working to integrate the Applicable
Feed into its system.
---------------------------------------------------------------------------
The Exchange also believes the proposed rule change is consistent
with Section 6(b)(4) of the Act,\20\ which requires that Exchange rules
provide for the equitable allocation of reasonable dues, fees, and
other charges among its Trading Permit Holders and other persons using
its facilities. The proposed fee waivers represent a reasonable and
equitable allocation of charges. The fee waivers for External
Distribution Fees are limited in duration--12 months for Cboe One
Summary, 24 months for Cboe One Premium, 24 months for EDGX Summary
Depth, and 12 months for EDGX Top--and are available only to Data
Vendors that have not received the Applicable Feed for which they seek
a waiver during the 18 months preceding the waiver application date and
that have integrated, or are actively in the process of integrating,
the Applicable Feed and making it commercially available to
subscribers. This time-limited structure ensures that the waivers serve
their intended purpose of incentivizing new market entry and build-out
of data feeds. The 18-month lookback requirement further ensures the
equitable allocation of fees by limiting the Program to new feeds for
Data Vendors, and the integration and commercial availability
requirement ensures that the waiver is tied to actual build-out and
distribution activity. The Exchange notes that this same 18-month
standard is consistent with the requirements applied in its other fee
waiver programs.
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\20\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------
The clarification that External Distributors of both Cboe One
Summary and Cboe One Premium shall only be
[[Page 47892]]
responsible for paying the External Distribution Fee for Cboe One
Premium does not alter the economic substance of the Exchange's
existing fee structure and does not impose any new or increased fees on
market participants. Rather, it expressly codifies the Exchange's
existing application of the user fee offset provisions--under which an
External Distributor disseminating both products is assessed only the
Cboe One Premium External Distribution Fee--thereby ensuring that all
market participants have a clear and equitable understanding of their
fee obligations. The Exchange therefore believes the proposed rule
change provides for the equitable allocation of reasonable fees among
persons using its facilities.
Lastly, the Exchange believes that the limitations regarding the
waiver structure for both Cboe One Premium and Cboe One Summary
equitably allocate fees. With respect to the Cboe One Summary waiver,
only Data Vendors that (i) have not received Cboe One Summary during
the 18 months preceding the waiver application date, (ii) are
integrating or actively in the process of integrating Cboe One Summary
and making it commercially available to subscribers, and (iii) are not
receiving Cboe One Premium are eligible for the Summary Waiver Period.
The Exchange believes that this is reasonable, as a firm that
subscribes to Cboe One Premium already may elect to receive (without
incurring an additional External Distribution Fee) Cboe One Summary
Feed. For this reason, there is no need to provide a separate Summary
Waiver Period while a firm receives Cboe One Premium, because that firm
may receive the Cboe One Summary Feed without paying an additional
External Distribution Fee that the proposed program seeks to waive.
Next, the Exchange notes that if a Data Vendor currently receives
Cboe One Summary and elects to receive Cboe One Premium under the
proposed program, so long as the Data Vendor has not received the Cboe
One Premium Feed during the 18 months preceding the waiver application
date and satisfies the integration and commercial availability
requirement with respect to Cboe One Premium, the Data Vendor may
receive the Premium Waiver Period. During that period, the Data
Vendor's existing Cboe One Summary \21\subscription will be covered
under the Premium Waiver, and no separate External Distribution Fee
will be assessed for Cboe One Summary. This is because the Cboe One
Summary External Distribution Fee is subsumed within the Cboe One
Premium External Distribution Fee--accordingly, there is no separate
Cboe One Summary fee to waive for a firm receiving Cboe One Premium.
The Exchange believes this treatment is reasonable because it avoids
providing overlapping or duplicative waiver relief while still
incentivizing an existing Summary subscriber to build out Cboe One
Premium.
---------------------------------------------------------------------------
\21\ For example, if a Data Vendor currently subscribes to Cboe
One Summary Feed and is eligible for the proposed program for the
Cboe One Premium Feed, no separate External Distribution Fee would
be assessed for Cboe One Summary during the Premium Waiver Period
because Cboe One Summary is included in the Cboe One Premium
subscription. The Data Vendor would receive the Premium Waiver
Period and would not receive a separate Summary Waiver Period during
that time.
---------------------------------------------------------------------------
Lastly, if a Data Vendor has not received either Cboe One Summary
or Cboe One Premium during the 18 months preceding the waiver
application date and elects to build out both Cboe One feeds
simultaneously, the Data Vendor will not receive separate Summary and
Premium waivers. Instead, because the Cboe One Summary External
Distribution Fee is subsumed within the Cboe One Premium External
Distribution Fee, the Data Vendor will receive only the Premium Waiver
Period, and no separate Summary Waiver Period will apply while it
receives Cboe One Premium.
With respect to EDGX Summary Depth and EDGX Top, the Exchange
believes that the applicable waiver periods also equitably allocate
fees. The 24-month Summary Depth Waiver Period is reasonable because
integrating a depth-of-book product may require a more substantial
build-out by a Data Vendor, while the 12-month Top Waiver Period is
reasonable because EDGX Top provides top-of-book and last sale
information and generally should require a less extensive integration
effort. In each case, the waiver is available only if the Data Vendor
satisfies the 18-month lookback and integration or active-integration
requirements for the applicable feed.
For all of the foregoing reasons, the Exchange believes the
proposed rule change is consistent with the Act and the rules and
regulations thereunder, including, in particular, the requirements of
Sections 6(b)(4) \22\ and 6(b)(5) \23\ of the Act.
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\22\ 15 U.S.C. 78f(b)(4).
\23\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange does not
believe the proposed rule change imposes any burden on intramarket
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. The proposed Data Vendor Program is available to
all External Distributors that satisfy the objective, clearly defined
criteria set forth in the proposed definition of ``Data Vendor'' and
the Program's waiver eligibility standards. Any External Distributor
that, as part of its primary business objective, solicits unaffiliated
third-party Distributors to redistribute a transformed Market Data
Product, does not maintain a brokerage relationship with Users in
connection with the applicable Market Data Product, is not an Extranet
Service Provider, has not received the Applicable Feed for which it
seeks a waiver during the 18 months preceding the waiver application
date, and has integrated or is actively integrating the Applicable Feed
and making it commercially available to subscribers may qualify for the
Program on equal terms. Because eligibility is determined by objective,
verifiable criteria rather than by subjective or discretionary
determinations, no External Distributor is advantaged or disadvantaged
relative to any other similarly situated participant.
To the extent that certain External Distributors--such as retail
broker-dealers or Extranet Service Providers--do not qualify for the
Data Vendor Program, this does not impose a burden on intramarket
competition. As described above, retail broker-dealers and Extranet
Service Providers are not similarly situated to Data Vendors. Retail
broker-dealers distribute market data to their own brokerage customers
as an ancillary feature of their core business of providing trade
execution and account management services, and their data distribution
needs are more appropriately addressed by the Exchange's existing Small
Retail Broker Distribution Program and Small Retail Broker Hosted
Solutions Program. Extranet Service Providers, by contrast, transmit
data in its original form without transformation, and therefore do not
serve the same function in the data distribution ecosystem as Data
Vendors, which aggregate, transform, and redistribute data to
downstream Distributors. Designing a fee program specifically targeted
to Data Vendors, rather than applying it uniformly across all
categories of External Distributors, does not burden intramarket
[[Page 47893]]
competition--it reflects the materially different roles, business
models, and barriers of these distinct categories of participants.
Similarly, limiting the Data Vendor Program to External
Distributors and not extending it to Internal Distributors does not
impose a burden on intramarket competition. Internal Distributors
receive and use market data solely within their own legal entities and
do not redistribute data to third parties outside their organizations.
They are therefore not participants in the same competitive market for
external data redistribution that the Program is designed to promote,
and their needs are separately addressed through the Exchange's
existing Internal Distributor programs--including the New Internal
Distributor Waiver for the EDGX Depth Data Feed. The proposed Program
is specifically designed to incentivize external redistribution of the
Applicable Feeds, a purpose that has no meaningful application to
Internal Distributors and that creates no competitive disadvantage for
them.
The Exchange does not believe the proposed rule change imposes any
burden on intermarket competition that is not necessary or appropriate
in furtherance of the purposes of the Act. To the contrary, the
Exchange believes the proposed rule change will enhance intermarket
competition by incentivizing a broader class of market participants to
subscribe to and redistribute the Exchange's market data products,
thereby increasing the Exchange's ability to compete with other
national securities exchanges and data vendors for the business of Data
Vendors and their downstream Distributor clients.
The market for equity market data is highly competitive. Numerous
national securities exchanges offer products that compete directly with
the Cboe One Summary Feed, Cboe One Premium Feed, EDGX Summary Depth
Data Feed, and EDGX Top Data Feed. Market participants can obtain
comprehensive market data from numerous sources, including competing
exchanges (such as NYSE and Nasdaq), the consolidated tape (SIP), and
alternative trading systems. Prospective Data Vendors evaluating
whether to build out the Applicable Feeds must weigh the upfront costs
of connectivity, software development, integration, and commercial
launch against the commercial opportunity presented by the Exchange's
data products. The Data Vendor Program is designed to make the
Exchange's market data offering competitively priced relative to
alternative options, encouraging Data Vendors to enter the Exchange's
data distribution chain and thereby expanding the availability and
reach of the Exchange's market data throughout the national market
system.
Far from burdening intermarket competition, the proposed rule
change is a direct response to competitive market forces. The
Exchange's decision to offer targeted fee waivers to new Data Vendors
reflects its recognition that it must compete aggressively for the
participation of data redistribution firms, and that reducing the
upfront cost of entry is a legitimate and necessary competitive tool in
the market for exchange data products. The Commission has recognized
that exchanges operate in a competitive environment with respect to
market data, and that exchange fee programs designed to attract new
participants and expand market data distribution are consistent with
the Act's goals of promoting competition and efficiency in the national
market system.
The proposed clarification that External Distributors of both Cboe
One Summary and Cboe One Premium are only responsible for paying the
External Distribution Fee for Cboe One Premium similarly does not
impose any burden on intermarket competition. This change does not
alter the economic substance of the Exchange's existing fee structure
and does not impose any new fees on any market participant. It simply
makes explicit the Exchange's existing application of the user fee
offset provisions, reducing potential confusion and ensuring that all
market participants have a clear and consistent understanding of their
fee obligations. Regulatory clarity of this nature promotes, rather
than burdens, competition by enabling market participants to make fully
informed decisions about their participation in the Exchange's market
data programs.
With respect to the Cboe One Summary and Cboe One Premium feeds
specifically, the Exchange notes that the proposed Data Vendor Program
does not impose any burden on competition arising from differential
pricing between Cboe One and the applicable underlying equities
feeds.\24\ The Exchange notes that historically, its pricing for Cboe
One products has been based on the sum of the External Distribution
Fees for the four underlying equities feeds.\25\ As an initial matter,
not all underlying equities feeds are offered under this Program. The
proposed Data Vendor Program applies only to the following feeds: EDGX
Top, EDGX Summary Depth, BZX Summary Depth, Cboe One Premium, and Cboe
One Summary. A Data Vendor may choose to receive a waiver for Cboe One
Summary or Cboe One Premium, or for EDGX Top, or for EDGX Summary
Depth, or for BZX Summary Depth, or any combination thereof, subject to
the applicable eligibility requirements. However, the proposed Program
does not offer fee waivers for BZX Top, BYX Top, or EDGA Top data
feeds, nor does it offer fee waivers for BYX Summary Depth or EDGA
Summary Depth. Accordingly, the applicable underlying equities feeds do
not ``sum'' to the applicable Cboe One feed under this proposed
Program.\26\
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\24\ For Cboe One Summary, the four equities feeds are BZX Top,
BYX Top. EDGA Top and EDGX Top. For Cboe One Premium, the four
equities feeds are BZX Summary Depth, BYX Summary Depth, EDGA
Summary Depth and EDGX Summary Depth.
\25\ For example, under the Small Retail Broker Distribution
Program, the discounted External Distribution Fee for Cboe One
Summary is $3,500 per month, which equals the sum of the External
Distribution Fees for the four underlying Top feeds: BZX Top
($2,500), BYX Top ($250), EDGA Top ($0), and EDGX Top ($750). See
Cboe BZX, BYX, EDGA, and EDGX U.S. Equities Exchange Fee Schedules.
Because the proposed Data Vendor Program does not offer fee waivers
for BZX Top, BYX Top, EDGA Top, BYX Summary Depth, or EDGA Summary
Depth, the External Distribution Fee for each of those feeds would
remain in effect for any Data Vendor receiving those feeds, while
the External Distribution Fee for Cboe One Summary ($0 during the
Summary Waiver Period) or Cboe One Premium ($0 during the Premium
Waiver Period) would be waived. This results in a pricing
differential between the sum of the underlying equities feeds and
the Cboe One feeds under this Program.
\26\ For example, the External Distribution Fee is $0 for Cboe
One Summary under the proposed Program, but the sum of the four
underlying equities feeds under the proposed Program is $2,750 ($0
EDGX Top + $2,500 BZX Top _ + $250 BYX Top + $0 EDGA Top).
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Even setting aside the foregoing, the Exchange does not believe
that pricing the Cboe One Summary or Cboe One Premium feeds differently
from the underlying equities feeds imposes any burden on competition.
To date, the Exchange is not aware of any distributor that purchases
the underlying equities feeds (either the Top or Summary Depth Feeds)
for the purpose of creating its own consolidated product comparable to
Cboe One Summary or Cboe One Premium. This demonstrates that the
practical market concern underlying any perceived burden--that
distributors might be disadvantaged by differential pricing on Cboe One
that is not extended to the underlying feeds--does not correspond to
actual market behavior.
Moreover, Cboe One Summary and Cboe One Premium are distinct,
independent data products--they are not merely consolidations of data
from the four underlying equities feeds. In addition to consolidating
top-of-book
[[Page 47894]]
data from BZX, BYX, EDGX, and EDGA, Cboe One Summary includes
supplementary data elements not found in the individual underlying
feeds, including data derived from the Securities Information Processor
(``SIP'') containing information on the national cumulative volume.
This additional content makes Cboe One a distinct product with
independent utility. Market participants subscribe to the underlying
equities feeds and Cboe One for fundamentally different purposes. For
example, a subscriber may be interested only in top-of-book data from a
single exchange, such as EDGX, for trading, routing or compliance
purposes. Such a subscriber has no need for a consolidated product.
Conversely, subscribers seeking a comprehensive, cross-exchange view of
Cboe liquidity choose Cboe One precisely because it offers consolidated
data with additional enhancements. These distinct use cases support
differentiated pricing treatment.
Data Vendors may, in theory, choose to purchase each of the four
underlying equities feeds and create their own consolidated product.
However, this option is not economically viable in practice. Cboe One
offers a pre-consolidated feed with additional information--including
cumulative volume from the SIP--that is not available in the underlying
feeds. Even before considering any fee waivers or discounts, the time,
effort, and technical resources required for a data vendor to acquire
the four underlying feeds, integrate them, and supplement them with
additional data sources would exceed the cost of simply subscribing to
Cboe One. The proposed Program therefore does not place distributors at
a competitive disadvantage because self-consolidation is not a
realistic market alternative.
Section 6(b)(8) of the Exchange Act requires that exchange rules
not impose any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act. Cboe One
Summary, Cboe One Premium, and the applicable underlying equities feeds
are separate products serving different market needs. Just as the
Commission has permitted exchanges to offer different fees for depth-
of-book data versus top-of-book data, the Exchange should have
discretion to price its consolidated summary product differently from
its component feeds.
Finally, the proposed Data Vendor Program is pro-competitive. By
reducing the cost of consolidated and top-of-book data products for
qualifying Data Vendors, the Exchange enables broader distribution of
comprehensive market information to downstream distributors and,
ultimately, to retail and institutional investors. Wider access to
market data promotes informed investment decisions, enhances market
efficiency, and supports the Exchange Act's goals of investor
protection and fair and efficient markets. The Exchange does not view
external distributors as competitors for its real-time feed offerings;
rather, distributors serve as essential conduits that expand delivery
of Cboe real-time market data to end users who do not have the
technical capability or commercial need to connect directly to Cboe's
individual market data feeds. This is particularly important for the
retail community, as retail investors typically access market data
through vendors rather than purchasing it directly from exchanges. By
offering the proposed Data Vendor Program, the Exchange enables
distributors to deliver competitively priced, comprehensive market data
to a broader audience, thereby enhancing--not burdening--competition in
the market data landscape.
For the foregoing reasons, the Exchange does not believe that the
proposed rule change imposes any burden on competition that is not
necessary or appropriate in furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \27\ and paragraph (f) of Rule 19b-4 \28\
thereunder. At any time within 60 days of the filing of the proposed
rule change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
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\27\ 15 U.S.C. 78s(b)(3)(A).
\28\ 17 CFR 240.19b-4(f).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
file number SR-CboeEDGX-2026-049 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-CboeEDGX-2026-049. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (https://www.sec.gov/rules/sro.shtml). Copies of the filing will be available for inspection and
copying at the principal office of the Exchange. Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publication submitted material
that is obscene or subject to copyright protection. All submissions
should refer to file number SR-CboeEDGX-2026-049 and should be
submitted on or before August 19, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\29\
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\29\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-15252 Filed 7-28-26; 8:45 am]
BILLING CODE 8011-01-P