Cboe EDGA Eases Data Access for Small Brokers Nationwide
Published Date: 7/14/2025
Notice
Summary
Cboe EDGA 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 retail brokers get easier, better access to important market data, helping them serve their customers faster and smarter. The changes took effect right after filing on June 30, 2025, with no extra fees announced yet.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 0 costs, 1 mixed.
Fee waivers for hosted reseller networks
Cboe EDGA created a Small Retail Broker Hosted Solutions Program that gives a Hosting Small Retail Broker a credit of the $3,500/month Distribution Fee and gives its External Hosted Subscriber a waiver of the $3,500/month Distribution Fee and the $350/month Data Consolidation Fee. Professional User fees remain unchanged under the Program.
Flat $850 monthly option for hosted subscribers
An External Hosted Subscriber that receives Cboe One Summary Data via a hosted solution will pay a set monthly fee of $850 instead of per-Non-Professional User fees; Professional User fees still apply. At the Program cap of 10,000 Non-Professional Data Users, the filing states a maximum savings of $1,650 (calculation: 10,000 x $0.25 = $2,500; $2,500 - $850 = $1,650).
Non-Professional user cap raised to 10,000
The Exchange increased the maximum Non-Professional Data User limit for the Small Retail Broker Program (and for External Hosted Subscribers under the new Program) from 5,000 to 10,000 users. 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 differences for fees
If a Hosting Small Retail Broker joins the Program mid-month, the Exchange will prorate its fees for that month based on the subscription start date. The External Hosted Subscriber's fees, however, will not be prorated for mid-month joins.
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