Notice2026-00110
Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Cboe One Fees
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
January 8, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 5 (Thursday, January 8, 2026)</title>
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[Federal Register Volume 91, Number 5 (Thursday, January 8, 2026)]
[Notices]
[Pages 734-737]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-00110]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104539; File No. SR-CboeEDGA-2025-035]
Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Amend Its Cboe One Fees
January 5, 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 December 22, 2025, Cboe EDGA Exchange, Inc. (the ``Exchange'' or
``EDGA'') filed with the Securities and Exchange Commission
(``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 EDGA Exchange, Inc. (the ``Exchange'' or ``EDGA'') proposes to
amend its fee schedule as it relates to Cboe One Summary and Cboe One
Premium External Distribution Fees. The text of the proposed rule
change is also available on the Commission's website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>), the Exchange's website (<a href="https://www.cboe.com/us/equities/regulation/rule_filings/bzx/">https://www.cboe.com/us/equities/regulation/rule_filings/bzx/</a>), 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
[[Page 735]]
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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend its fee schedule to clarify how User
\3\ Fees are credited to Cboe One Summary and Cboe One Premium External
Distribution \4\ Fees.\5\ By way of background, the Exchange's Cboe One
Feed \6\ is a market data product that provides cost-effective, high-
quality reference quotes and trade data for market participants looking
for comprehensive, real time market data. The Cboe One Feed provides
market participants a comprehensive, unified view of the market from
all four Cboe equities exchanges: Cboe BYX Exchange, Incorporated
(``BYX''), Cboe BZX Exchange, Incorporated (``BZX''), Cboe EDGA
Exchange, Incorporated (the ``Exchange,'' or ``EDGA''), and Cboe EDGX
Exchange, Incorporated (``EDGX'') (collectively, ``Affiliates'' and
together with the Exchange, ``Cboe Equities Exchanges'').
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\3\ A User of an Exchange Market Data product is a natural
person, a proprietorship, corporation, partnership, or entity, or
device (computer or other automated service), that is entitled to
receive Exchange data. See Cboe U.S. Equities Fee Schedules, EDGA
Equities, Market Data Fees, available at <a href="https://www.cboe.com/us/equities/membership/fee_schedule/edga/">https://www.cboe.com/us/equities/membership/fee_schedule/edga/</a>.
\4\ An External Distributor of an Exchange Market Data product
is 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. Id.
\5\ The proposed fee changes will take effect on December 22,
2025.
\6\ See ``Cboe One Feed,'' available at: <a href="https://www.cboe.com/market_data_services/us/equities/cboe_one/">https://www.cboe.com/market_data_services/us/equities/cboe_one/</a>.
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Two versions of the Cboe One Feed are offered--Cboe One Summary and
Cboe One Premium--allowing subscribers to select their preferred level
of depth. Both versions provide subscribers with aggregated quote and
trade updates for the Cboe Equities Exchanges. In addition to
aggregated quote and trade data, the Cboe One Premium Feed also
includes five levels of aggregate depth information for all four
exchanges.
Currently, the Exchange charges External Distributors a monthly fee
of $5,000 \7\ for Cboe One Summary, and a monthly fee of $12,500 \8\
for Cboe One Premium. The Exchange's fee schedule also currently
provides External Distributors the ability to receive a credit against
their External Distribution fees. Specifically, the fee schedule
states, ``Each External Distributor will be eligible to receive a
credit against its monthly Distributor Fee for the Cboe One Feed equal
to the amount of its monthly User Fees up to a maximum of the
Distributor Fee for the Cboe One Feed.''
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\7\ See Cboe U.S. Equities Fee Schedules, EDGA Equities, Market
Data Fees, available at: <a href="https://www.cboe.com/us/equities/membership/fee_schedule/edga/">https://www.cboe.com/us/equities/membership/fee_schedule/edga/</a>.
\8\ Id.
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However, as currently codified, it is unclear to subscribers and
potential subscribers that their Cboe One Summary User Fees can be
applied to either their Cboe One Summary or Cboe One Premium External
Distribution Fees. Accordingly, in order clarify the fee schedule the
Exchange now wishes to amend the fee schedule to provide that: (i) Cboe
One User Summary Fees can be applied to both Cboe One Summary and Cboe
One Premium External Distribution Fees; and (ii) Cboe One Premium User
Fees can only be applied to Cboe One Premium External Distribution
Fees. By way of illustration, an External Distributor of Cboe One
Summary who has $4,500 in Cboe One Summary User Fees would be able to
credit those User Fees against their Cboe One Summary External
Distribution Fee, and pay a net fee of $500--i.e., Cboe One Summary
External Distribution Fee ($5,000) Less the Cboe One Summary User Fees
($4,500) = $500. Similarly, an External Distributor that subscribes to
both Cboe One Summary and Cboe One Premium that has Cboe One Summary
User Fees totaling $4,500 could also deduct their User Fees against
their Cboe One Premium External Distribution Fee and pay a net fee of
$8,000--i.e., $12,500 (Cboe One Premium External Distribution Fee)
minus $4,500 (Cboe One Summary User Fees) = $8,000. Finally, an
External Distributor of Cboe One Premium who has Cboe One Premium User
Fees totaling $10,000 could deduct such User Fees from their Cboe One
Premium External Distribution Fee and pay a net fee of $2,500--i.e.,
$12,500 (Cboe One Premium External Distribution Fee) minus $10,000
(Cboe One Premium User Fees) = $2,500.
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 thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\9\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \10\ 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) \11\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers. The Exchange also believes the proposed rule
change is consistent with Section 6(b)(4) of the Act,\12\ 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.
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\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(5).
\11\ Id.
\12\ 15 U.S.C. 78f(b)(4).
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The Exchange believes these proposed amendments to its fee schedule
are reasonable because it will now be clearer to subscribers of a Cboe
One Feed how their User Fees may be applied to their External
Distribution Fees. As noted above, External Distributors of Cboe One
Summary could end up paying reduced costs, or no costs at all, by
applying their Cboe One Summary User Fees to their Cboe One Summary or
Cboe One Premium External Distribution Fees. Similarly, a Distributor
that receives the Cboe One Premium Feed for External Distribution could
end up paying reduced fees, or no fee at all, by applying their Cboe
One Premium User Fees, or Cboe One Summary User Fees, to their Cboe One
Premium External Distribution Fees. As such, subscribers to Cboe One
Summary may now be further incentivized to upgrade their Cboe One
Summary subscriptions to Cboe One Premium, thereby benefiting their
Users with the provision of not just aggregated trade and quotation
information, but aggregated depth. Overall, the Exchange believes this
clarifying change to its fee
[[Page 736]]
schedule will help to make high quality market data for the Cboe
Equities Exchanges more readily available to a wider range of market
participants.
Furthermore, the Exchange believes it is also equitable and not
unfairly discriminatory to apply the credit to External Distributors
only because, like the free 3-month credit, it is also intended to
incentivize new External Distributors to enlist Users, including Non-
Professional Users \13\ such as retail investors, to subscribe to the
Cboe One Summary or Cboe One Premium Feed, in an effort to broaden the
products' distribution.
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\13\ A ``Non-Professional User'' of an Exchange Market Data
product is a natural person or qualifying trust that uses Data only
for personal purposes and not for any commercial purpose and, for a
natural person who works in the United States, is not: (i)
registered or qualified in any capacity with the Securities and
Exchange Commission, the Commodities Futures Trading Commission, any
state securities agency, any securities exchange or association, or
any commodities or futures contract market or association; (ii)
engaged as an ``investment adviser'' as that term is defined in
Section 202(a)(11) of the Investment Advisors Act of 1940 (whether
or not registered or qualified under that Act); or (iii) employed by
a bank or other organization exempt from registration under federal
or state securities laws to perform functions that would require
registration or qualification if such functions were performed for
an organization not so exempt; or, for a natural person who works
outside of the United States, does not perform the same functions as
would disqualify such person as a Non-Professional User if he or she
worked in the United States. Supra note 7.
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While this incentive is not available for Internal Distribution
\14\ of a Cboe One Feed, the Exchange believe it is appropriate as
Internal Distributor have no Users outside of their own firm.
Furthermore, External Distributors are subject to higher risks of
launch as the data is provided outside of their own firms. For these
reasons, the Exchange believes it is appropriate to provide this
incentive to only External Distributors. The Exchange also notes that
the External Distributor Fee credit for the Cboe One Feed also helps to
ensure that the proposed credit for the Cboe One Feed will not cause
the combined cost of subscribing to the each of the top, depth, and
summary data feeds offered by the Cboe Equities Exchanges to be greater
than the amount that would be charged to subscribed to the Cboe One
Feed, thereby ensuring that vendors can.
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\14\ An Internal Distributor of an Exchange Market Data product
is a Distributor that receives the Exchange Market Data product and
then distributes that data to one or more Users within the
Distributor's own entity. Supra note 7.
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Moreover, the proposed External Distribution Fee credit would not
permit unfair discrimination because all of the Exchange's subscribers
and market data vendors are eligible to qualify for such credit.
Further, the Cboe One Feeds are distributed and purchased on a
voluntary basis, in that neither the Exchange nor market data
distributors are required by any rule or regulation to make these data
products available. Accordingly, Distributors (including vendors) and
Users can discontinue use at any time and for any reason, including due
to an assessment of the reasonableness of fees charged. Further, the
Exchange is not required to make any proprietary data products
available or to offer any specific pricing alternatives to any
customers.
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. Rather, the Exchange
believes that the External Distribution Fee credit will enhance
competition because doing so will better enable the Exchange to not
incentivize subscriptions to equities data that is competitive with
similar products offered by other exchanges, but will also provide
pricing that is competitive as well. Namely, the Cboe One Feeds provide
investors with an alternative for receiving market data that competes
directly with similar market data products currently offered by the New
York Stock Exchange \15\ and the Nasdaq Stock Market, LLC.\16\ In this
regard, the fees for the Cboe One Feeds are constrained by competition,
and the existence of alternatives to the Cboe One Feeds makes the
External Distribution Fee credit essential a critical tool in enabling
the Exchange to offer attractive pricing for its equities data.
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\15\ See NYSE Best Quote & Trades, available at: <a href="https://www.nyse.com/data-products/catalog/nyse-bqt">https://www.nyse.com/data-products/catalog/nyse-bqt</a>.
\16\ See Nasdaq Basic, available at: <a href="https://www.nasdaq.com/solutions/data/equities/nasdaq-basic">https://www.nasdaq.com/solutions/data/equities/nasdaq-basic</a>.
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Although the Cboe Equities Exchanges are the exclusive distributors
of the individual data feeds from which certain data elements would be
taken to create the Cboe One Feeds, the Exchange would not be the
exclusive distributor of the aggregated and consolidated information
that comprise the Cboe One Feed. Any entity that receives, or elects to
receive, the underlying data feeds would be able to, if it so chooses,
to create a data feed with the same information included in the Cboe
One Feed and sell and distribute it to its clients so that it could be
received by those clients as quickly as the Cboe One Feed. Moreover,
the current Distribution Fees that the Exchanges charges for the Cboe
One Feed are not less than the combined fee of subscribing to each
individual data feed. In this regard, by enabling a vendor to apply
their Cboe One Summary User Fees to their External Distribution Fees
for their Cboe One Summary or Cboe One Premium subscription, the
Exchange will be better positioned to make its Cboe One Feed more
attractive to market participants that have available to them a variety
of similar, and competitively priced products.
Moreover, the proposed External Distributor Fee credit will impose
any burden on intramarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. As noted above,
all of the Exchange's subscribers and market data vendors are eligible
to qualify for such credit, and the Cboe One Feeds are distributed and
purchased on a voluntary basis, in that neither the Exchange nor market
data distributors are required by any rule or regulation to make these
data products available. Distributors (including vendors) and Users can
discontinue use at any time. Additionally, as also noted, while the
credit applies only to External Distributors, the Exchange believes
such distinction is appropriate because this pricing mechanism is
designed to help incentivize and broaden external usage, and Internal
Distributors only have internal users.
Overall, the Exchange considered the competitiveness of the. market
for proprietary data and all of the implications of that competition.
The Exchange believes that it has considered all relevant factors and
has not considered irrelevant factors in order to establish fair,
reasonable, and not unreasonably discriminatory fees and an equitable
allocation of fees among all users. The existence of alternatives to
the Cboe One Feed, including the existing underlying feeds,
consolidated data, and proprietary data from other sources, ensures
that the Exchange cannot set unreasonable fees, or fees that are
unreasonably discriminatory, when vendors and subscribers can elect
these alternatives or choose not to purchase a specific proprietary
data product if its cost to purchase is not justified by the returns
any particular vendor or subscriber would achieve through the purchase.
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.
[[Page 737]]
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 \17\ and paragraph (f) of Rule 19b-4 \18\
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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\17\ 15 U.S.C. 78s(b)(3)(A).
\18\ 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
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#780a0d141d551b1715151d160c0b380b1d1b561f170e"><span class="__cf_email__" data-cfemail="c7b5b2aba2eaa4a8aaaaa2a9b3b487b4a2a4e9a0a8b1">[email protected]</span></a>. Please include
file number SR-CboeEDGA-2025-035 on the subject line.
Paper Comments
<bullet> 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-CboeEDGA-2025-035. 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 (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). 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-CboeEDGA-2025-035 and should be
submitted on or before January 29, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
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\19\ 17 CFR 200.30-3(a)(12).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2026-00110 Filed 1-7-26; 8:45 am]
BILLING CODE 8011-01-P
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