Cboe EDGA Refines Cboe One Market Data Fee Rules
Published Date: 1/8/2026
Notice
Summary
Cboe EDGA Exchange is updating its fee rules for the Cboe One market data service to make it clearer how user fees apply and get credited. This change affects anyone using or distributing Cboe One data and takes effect immediately, helping users understand their costs better. No big price hikes, just smarter fee details starting now!
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
User Fees Can Offset Distributor Charges
If you are an External Distributor of Cboe One data, the rule clarifies that Cboe One Summary User Fees can be credited against either the Cboe One Summary External Distribution Fee or the Cboe One Premium External Distribution Fee, while Cboe One Premium User Fees can only be applied to the Cboe One Premium External Distribution Fee. External Distributor monthly fees are $5,000 for Cboe One Summary and $12,500 for Cboe One Premium, and credits may reduce the Distributor Fee dollar-for-dollar up to the amount of the Distributor Fee (for example, $12,500 minus $4,500 = $8,000).
Credit Limited to External Distributors
The fee credit described applies only to External Distributors (those that distribute Cboe One data to third parties outside their own entity) and does not apply to Internal Distributors who distribute data only within their own firm. External Distributors may receive the credit; Internal Distributors remain ineligible.
Incentive to Expand Retail Access
The Exchange states the credit is intended to incentivize new External Distributors to enlist Users, including Non-Professional Users (retail investors), to subscribe to Cboe One Summary or Cboe One Premium. That aim could broaden the distribution of Cboe One market data to retail or non-professional users.
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