Cboe Boosts Small Brokers with New Data Access Program
Published Date: 9/10/2025
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 fresh, easier ways to access market data starting right away, with no extra fees announced yet. If you’re a small retail broker, these changes could make your data game stronger and simpler starting now!
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Hosting Brokers Get $3,500 Monthly Credit
If you operate a small broker that hosts other small brokers (a Hosting Small Retail Broker Distributor), the Exchange will credit your monthly Distribution Fee of $3,500 for the Cboe One Summary Data when you provide the feed to at least one External Hosted Subscriber. This waiver is part of the new Small Retail Broker Hosted Solutions Program and applies immediately under the filed rule change.
External Hosted Subscribers: Fixed $850 Fee and Waivers
If you are an External Hosted Subscriber (a small broker receiving Cboe One Summary Data via a hosted solution), the Exchange will waive your $3,500/month Distribution Fee and your $350/month Data Consolidation Fee, and instead charge a fixed monthly fee of $850 for Cboe One Summary Data in lieu of per-Non-Professional-user charges. Professional User fees stay the same, the program is capped at 10,000 Non-Professional Data Users, and if you exceed 10,000 Non-Professional Data Users you must license the feed directly from the Exchange. At the 10,000-user cap, the Exchange states a maximum illustrative savings of $1,650 per month under this structure (10,000 users x $0.25 = $2,500; $2,500 - $850 = $1,650).
User Cap Raised to 10,000 for Small Brokers
If you participate in the existing Small Retail Broker Distribution Program for Cboe One Summary Data, the Exchange is increasing the maximum number of Non-Professional Data Users you may distribute to from 5,000 to 10,000. The Exchange proposes to use the same 10,000-user cap for the new Hosted Solutions Program.
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