Cboe Eases Rules So Tiny Brokers Can Afford Market Feeds Easier
Published Date: 9/30/2025
Notice
Summary
Cboe EDGX is rolling out a new Small Retail Broker Hosted Solutions Program and updating who can join their Small Retail Brokerage Distribution Program for key market data feeds. This change helps smaller brokers get better access to important stock market info, starting right away, with no extra fees announced. If you’re a small retail broker, this update is made just for you to make data easier and fairer to get.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
New Hosted Solutions Program: Fee Waivers
Cboe EDGX created a Small Retail Broker Hosted Solutions Program that gives a Distribution Fee credit/waiver and other fee changes for Hosting Small Retail Broker Distributors and their External Hosted Subscribers for the EDGX Top Data Feed and Cboe One Summary Feed. The Hosting distributor receives a credit of its Distribution Fee (a $750/month credit for EDGX Top and a $3,500/month credit for Cboe One), the External Hosted Subscriber gets a waiver of the Distribution Fee (same dollar amounts), a waiver of the Cboe One Data Consolidation Fee ($350/month), and pays a fixed monthly Non-Professional User fee of $750 for EDGX Top or $850 for Cboe One instead of per-user Non-Professional fees.
Non-Professional User Cap Raised to 10,000
The Exchange increases the maximum Non-Professional Data User cap for the existing Small Retail Broker Program from 5,000 to 10,000 for both the EDGX Top Data Feed and the Cboe One Summary Feed, and uses a 10,000-user cap for the new Hosted Solutions Program. The higher cap applies at the firm level and is intended to allow more small retail brokers to qualify for the program benefits.
Eligibility Limits, Proration, and Licensing Rule
An External Hosted Subscriber that exceeds the 10,000 Non-Professional Data User limit for either feed will no longer be eligible for the program and must license the feed directly from the Exchange; the 10,000 counts are assessed at the firm level for each Hosting distributor and each External Hosted Subscriber separately. If a Hosting Small Retail Broker Distributor joins mid-month its fees will be prorated based on the initial subscription date, but External Hosted Subscriber fees will not be prorated.
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