The Cboe BYX Exchange, Inc. submitted a proposal to the Securities and Exchange Commission (SEC) to update its fee schedule related to market data access fees. This proposed rule change would waive external distribution and data consolidation fees for new "uncontrolled" external distributors of specific data feeds, such as BYX Top, BYX Summary Depth, Cboe One Summary, and Cboe One Premium, until these distributors recruit users to subscribe to these feeds. The aim is to encourage vendors to adopt and develop these data feeds without waiting for customer demand. The proposal claims to promote fair competition and the effective distribution of data by waiving certain fees typically required when distributors first adopt these data feeds.
Simple Explanation
The Cboe BYX Exchange wants to make it cheaper for new companies to use their special data about stock trades. They are not going to charge these companies at first, hoping more companies will use their data without worrying about costs right away.