Cboe BYX Eases Market Data for Small Retail Brokers
Published Date: 9/10/2025
Notice
Summary
Cboe BYX Exchange is rolling out a new Small Retail Broker Hosted Solutions Program and updating who can join its Small Retail Brokerage Distribution Program for key market data feeds. This means smaller brokers get easier, better access to important stock market info starting right away, helping them serve their customers smarter and faster. If you’re a small retail broker, these changes could save you money and open new doors starting now!
Analyzed Economic Effects
5 provisions identified: 2 benefits, 1 costs, 2 mixed.
New Hosted Solutions Program — Big Fee Cuts
If you are a small retail broker hosting or receiving market data via a hosted solution, the Exchange will waive distribution fees of $250/month for BYX Top and $3,500/month for Cboe One for both the hosting broker and the hosted subscriber. External Hosted Subscribers will also get the Cboe One Data Consolidation Fee ($350/month) waived and pay flat monthly fees of $100 for BYX Top and $850 for Cboe One instead of per-user Non-Professional fees. At the 10,000-user cap this can equal up to $150/month saved for BYX Top and $1,650/month saved for Cboe One (as stated by the Exchange). Professional User fees do not change.
User Cap Raised to 10,000
If you participate in the Small Retail Broker Program, the Exchange increases the maximum Non-Professional Data User limit from 5,000 to 10,000 for both the existing Small Retail Broker Program and the new Hosted Solutions Program. This higher cap is applied at the firm level for each distributor or hosted subscriber.
Exceed 10,000 Users — Lose Program Access
If an External Hosted Subscriber exceeds 10,000 Non-Professional Data Users, it will no longer be eligible for the Hosted Solutions Program and must directly license the feed with the Exchange. The Exchange will evaluate Non-Professional counts at the firm level separately for hosting distributors and each External Hosted Subscriber.
Mid-Month Proration Rule Change
If a Hosting Small Retail Broker joins the program mid-month, the Exchange will prorate the Hosting broker's fees for that month based on the subscription start date, but the External Hosted Subscriber's fees will not be prorated.
Changes Effective Immediately (with 60‑day Review)
The Exchange filed the rule change on August 28, 2025 and it became effective upon filing; the SEC may suspend the change within 60 days of the filing. If you are a small retail broker, these program terms are available immediately subject to potential SEC action within that 60-day window.
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