Cboe Updates Rules to Boost Small Brokers' Market Data Access
Published Date: 7/14/2025
Notice
Summary
Cboe BZX Exchange is rolling out a new Small Retail Broker Hosted Solutions Program and updating who can join the Small Retail Brokerage Distribution Program for the Cboe One Summary Feed. This means small brokers get easier, better access to important market data starting now, helping them serve their customers smarter and faster. The changes are effective immediately, with no extra fees announced yet.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Hosted Broker Fee Waivers
If a small broker acts as a Hosting Small Retail Broker Distributor and provides Cboe One Summary Data to at least one External Hosted Subscriber, the Exchange will credit the Hosting broker's $3,500/month Distribution Fee. The External Hosted Subscriber receives a $3,500/month Distribution Fee waiver, a $350/month Data Consolidation Fee waiver, and pays a set $850/month for Cboe One Summary Data instead of per-user Non-Professional fees; Professional User fees remain the same.
Non-Professional User Cap Raised
The Exchange increases the maximum Non-Professional Data User limit for the Small Retail Broker Program (and for External Hosted Subscribers in the new Program) from 5,000 to 10,000 Non-Professional Data Users for Cboe One Summary Data. Firms with user counts at or below 10,000 remain eligible for the discounted/waived fees described in the Program.
Eligibility Loss If Users Exceed Cap
If an External Hosted Subscriber exceeds 10,000 Non-Professional Data Users for Cboe One Summary Data, it will no longer be eligible for the Program and must directly license the Applicable Feed with the Exchange. The 10,000 user limit is evaluated at the firm level for each Hosting Small Retail Broker and each External Hosted Subscriber separately.
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