Cboe Exchange Launches Program for Small Retail Brokers' Data Feeds
Published Date: 12/4/2025
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 retail brokers get easier, better access to important market data starting right away, with no extra fees announced yet. If you’re a small broker, these changes could make your data game stronger and simpler starting now!
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
Fee Waivers and $850 Fixed Charge
Cboe is introducing a Hosted Solutions Program where a Hosting Small Retail Broker Distributor that provides data to at least one External Hosted Subscriber is eligible for a credit of the $3,500/month Distribution Fee. An External Hosted Subscriber receives a $3,500/month Distribution Fee waiver, a $350/month Data Consolidation Fee waiver, and pays a fixed $850/month for Cboe One Summary Data instead of per-user Non-Professional fees; Professional User fees remain the same.
Potential Maximum Savings Example
The Exchange provides an example: under the Program's 10,000-user cap, an External Hosted Subscriber could save up to $1,650 (calculated as 10,000 users x $0.25 = $2,500 less the $850 fixed monthly fee = $1,650) for the Cboe One Summary Feed. This example illustrates the maximum monthly savings under the stated cap.
User Cap Raised to 10,000
The maximum Non-Professional Data User count for the Small Retail Broker Program is increased from 5,000 to 10,000 for the Cboe One Summary Feed. External Hosted Subscribers are also capped at 10,000 Non-Professional Data Users; if an External Hosted Subscriber exceeds 10,000 Non-Professional Data Users they will no longer be eligible for the program and must license directly with the Exchange.
Broader Retail Access to Real-Time Data
The Exchange states the Program is intended to incentivize Hosting Small Retail Broker Distributors to offer the Cboe One Summary Feed via hosted solutions, which the Exchange says will make top-of-book market data more widely available to retail investors. The change is designed to encourage redistribution of the feed through hosted platforms and thereby expand access to real-time trade and quote information.
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