Minute-by-Minute Stock Fees: Traders and Scholars Pay Up
Published Date: 8/26/2025
Notice
Summary
Cboe BZX Exchange is rolling out new fees for its One-Minute Interval Intraday Open-Close Report, a fresh data product that gives detailed stock info every minute during the trading day. This change affects traders and data users who want this info, with fees kicking in right away. Plus, there’s a cool discount for academics digging into historical data!
Analyzed Economic Effects
5 provisions identified: 1 benefits, 4 costs, 0 mixed.
One‑Minute Feed: $6,000/Month Subscription
The Exchange will charge $6,000 per month (or $72,000 per year) to subscribe to the One‑Minute Interval Intraday Open‑Close Data feed. This subscription delivers one‑minute snapshots of Exchange option trading and is a voluntary paid product.
Historical Ad‑Hoc File: $2,500/Month
Firms may request historical One‑Minute Interval Intraday Open‑Close Data on an ad‑hoc basis for $2,500 per request per month covering all Exchange‑listed securities. Ad‑hoc requests can cover any months beginning with March 2019 for which data is available.
Derived Data Distribution: $7,500/Month
The Exchange will charge $7,500 per month to permit unlimited external distribution of Derived Data created from the One‑Minute Interval Intraday Open‑Close Data. This fee is in addition to any product subscription or historical file fees.
Academic Discount: $2,500 First Year
Qualifying academic purchasers may buy historical One‑Minute Interval Intraday Open‑Close Data for $2,500 for the first year. Additional months after the first year may be purchased separately and will be prorated based on the yearly rate (i.e., $208.33 per month). Qualification requires an accredited academic institution, academic use only, use limited to faculty and students, exclusion of commercial use, and no industry funding.
Fees Effective Immediately After Filing
The Exchange filed the fee change on August 14, 2025 and the rule change has become effective pursuant to Section 19(b)(3)(A) and Rule 19b‑4(f), meaning the new fees are in effect upon filing. The Commission may temporarily suspend the change at any time within 60 days of filing.
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