Cboe BYX Eases Data Access for Small Retail Brokers
Published Date: 6/4/2025
Notice
Summary
Cboe BYX Exchange is rolling out a new Small Retail Broker Hosted Solutions Program and updating who can join their Small Retail Brokerage Distribution Program for key market data feeds. This change helps smaller brokers get better access to important stock market info starting right away, with no extra fees announced yet. If you’re a small retail broker, this update is made just for you to make data easier and fairer to use.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Hosted-solution users get flat monthly fees
If you are a small retail broker that receives BYX Top Data or Cboe One Summary Data through another small broker’s hosted (white‑label) platform, you can pay a fixed monthly fee instead of per-user fees: $100/month for BYX Top Data and $850/month for Cboe One Summary Data. This replacement of per-user Non‑Professional fees can produce maximum monthly savings of $150 for BYX Top and $1,650 for Cboe One when applied to the program cap of 10,000 Non‑Professional users.
Hosting brokers get full distribution credit
If you are a small retail broker that hosts other small brokers’ platforms (a Hosting Small Retail Broker Distributor), the Exchange will credit (waive) your monthly Distribution Fee for the applicable feeds: $250/month for BYX Top Data and $3,500/month for Cboe One Summary Data, provided you serve at least one External Hosted Subscriber.
Eligibility cap doubled to 10,000 users
The Exchange raises the maximum number of Non‑Professional Data Users eligible for the Small Retail Broker Program (and the new Hosted Solutions Program) from 5,000 to 10,000 Non‑Professional users. If an External Hosted Subscriber exceeds 10,000 Non‑Professional users, it becomes ineligible for the program and must license the feed directly from the Exchange.
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