Cboe Launches Program to Help Small Brokers Access Market Data Faster
Published Date: 7/14/2025
Notice
Summary
Cboe BYX 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 data feeds. This means small retail brokers get fresh, easier ways to access important market data starting now, with no delays. If you’re a small broker, these changes could save you money and boost your data game!
Analyzed Economic Effects
4 provisions identified: 3 benefits, 0 costs, 1 mixed.
Fee Waivers and Fixed Fees for Hosted Brokers
Cboe BYX will waive the monthly Distribution Fee for both a Hosting Small Retail Broker Distributor and its External Hosted Subscriber: a $250/month credit for BYX Top Data Feed and a $3,500/month credit for Cboe One Summary Feed. The External Hosted Subscriber also gets a $350/month Data Consolidation Fee waiver for Cboe One, and will pay a fixed monthly Non-Professional User fee of $100 for BYX Top and $850 for Cboe One instead of per-user Non-Professional charges; Professional User fees stay the same.
Subscriber Cap Raised to 10,000 Users
The Exchange increases the Non-Professional Data User maximum from 5,000 to 10,000 for both the Small Retail Broker Program and the new Hosted Solutions Program for BYX Top Data and Cboe One Summary. If an External Hosted Subscriber exceeds 10,000 Non-Professional Data Users, it will no longer be eligible for the program and must license the feed directly from the Exchange.
Mid-Month Proration Rule for Hosting Brokers
If a Hosting Small Retail Broker Distributor joins the program mid-month, the Exchange will prorate that Hosting broker's fees for the month based on the subscription start date. The External Hosted Subscriber's fees, however, will not be prorated.
Hosting Broker Eligibility and Firm-Level Counts
The Hosting Small Retail Broker Distributor remains eligible for the program so long as it has at least one External Hosted Subscriber. Non-Professional Data User counts are evaluated at the firm level separately for the Hosting broker and each External Hosted Subscriber, so one External Hosted Subscriber exceeding 10,000 users does not automatically remove the Hosting broker or other subscribers from the program.
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