SEC Rolls Out Data Perks for Small Fry Brokers in Stock World
Published Date: 9/30/2025
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 brokers get easier, cheaper access to important market data starting right away. If you’re a small retail broker, expect some fresh perks and updated rules that could save you money and boost your trading game.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 2 costs, 0 mixed.
Hosted Program: Big Fee Waivers and Flat Fee
Cboe created a Small Retail Broker Hosted Solutions Program that gives Hosting Small Retail Broker Distributors a $3,500/month Distribution Fee credit and gives External Hosted Subscribers a $3,500/month Distribution Fee waiver and a $350/month Data Consolidation Fee waiver for the Cboe One Summary Feed. Instead of per-user Non-Professional fees, an External Hosted Subscriber pays a flat $850/month for Cboe One Summary Data; Professional User fees stay the same. The filing states this structure can equate to a maximum savings of $1,650 (10,000 users x $0.25 = $2,500 then $2,500 - $850 = $1,650) for Cboe One Summary Feed.
User Cap Raised to 10,000
The Exchange increases the Non-Professional Data User maximum for the existing Small Retail Broker Program from 5,000 to 10,000 users for the Cboe One Summary Feed. The proposed Hosted Solutions Program is also capped at 10,000 Non-Professional Data Users for Cboe One Summary Feed.
Lose Program If You Exceed 10,000 Users
If an External Hosted Subscriber exceeds the Non-Professional Data User maximum of 10,000 for Cboe One Summary Data, it will no longer be eligible for the program and must directly license with the Exchange. Eligibility ends once the 10,000-user cap is exceeded.
Mid-Month Proration Rule
If a Hosting Small Retail Broker Distributor joins the program mid-month, the Exchange will prorate that Hosting broker's fees for the month based on the subscription start date. The External Hosted Subscriber's fees will not be prorated.
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