Cboe EDGX Launches Program for Small Retail Brokers' Data Feeds
Published Date: 6/5/2025
Notice
Summary
Cboe EDGX Exchange is rolling out a new Small Retail Broker Hosted Solutions Program and updating who can join the Small Retail Brokerage Distribution Program for their popular market data feeds. This means small retail brokers get fresh, easier ways to access key market info, starting right away. These changes could save money and open doors for smaller players in the trading world.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
New Hosted Solutions Program with Fee Waivers
If you run a small retail brokerage and host other small brokers, the Exchange created a Small Retail Broker Hosted Solutions Program that waives the normal Distribution Fee (a $750/month credit for EDGX Top Data and a $3,500/month credit for Cboe One Summary Data). External Hosted Subscribers also get the Distribution Fee waived, a waiver of the Cboe One Data Consolidation Fee ($350/month), and pay a fixed monthly fee instead of per-user Non-Professional charges ($750/month for EDGX Top; $850/month for Cboe One).
Non-Professional User Cap Doubled to 10,000
The Exchange raised the maximum number of Non-Professional Data Users that qualify a Small Retail Broker for the discounted program from 5,000 to 10,000 for both the Cboe One Summary Feed and the EDGX Top Data Feed. The new Hosted Solutions Program is also capped at 10,000 Non-Professional Data Users per feed.
Loss of Program Eligibility if Over 10,000 Users
If an External Hosted Subscriber exceeds 10,000 Non-Professional Data Users for either feed, it will no longer be eligible for the Hosted Solutions Program and must directly license the Applicable Feed with the Exchange. That change may lead to higher fees once the cap is exceeded.
Billing Proration Difference for Hosts vs. Subscribers
If a Hosting Small Retail Broker joins the program mid-month, its fees will be prorated for that month based on the subscription start date, but External Hosted Subscribers’ fees will not be prorated. This affects how much each party pays in the first partial month.
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