Cboe Bills for Trade-by-Trade Details: Free Trial for Newbies
Published Date: 2/13/2026
Notice
Summary
Cboe Exchange is rolling out new fees for its Trade-by-Trade report, a detailed data product that traders and academics can now access. Starting soon, users will pay for this report, but there’s a free one-month trial and a special discount for qualifying academics. This change affects anyone who uses Cboe’s trade data and kicks in immediately to keep things transparent and fair.
Analyzed Economic Effects
5 provisions identified: 2 benefits, 2 costs, 1 mixed.
Monthly subscription costs $12,000
Cboe proposes a monthly subscription fee of $12,000 (which equals $144,000 per year) to access the Trade-by-Trade (TBT) report. This applies to subscribers who choose the ongoing monthly subscription option.
Ad-hoc historical data priced at $8,000
Cboe proposes an ad-hoc purchase price of $8,000 per month of TBT Report data. Ad-hoc requests can cover any number of months of data beginning October 7, 2019, and mid-month or specific-date requests will be prorated.
Free trial offered to new users
The Exchange proposes a free trial for TBT Report users who have not previously subscribed; the filing describes the trial as a one-month trial and elsewhere states users would not be subject to fees for up to 6 months' worth of data for users who have not purchased or received a free trial. The trial is intended to let potential subscribers test the data before purchasing.
Academic discount for ad-hoc purchases
Cboe proposes a Qualifying Academic Discount for ad-hoc TBT Report purchases: qualifying academic purchasers may buy historical ad-hoc TBT Reports for $24,000 for the first year and $2,000 per month for each additional month. This discount applies only to ad-hoc requests, not to the $12,000/month subscription.
TBT is historical (T+1) only
The TBT Report will be produced and updated at the end of each trading day and made available overnight after midnight Eastern Time (T+1), so the data is strictly historical and cannot be used to influence intraday trading decisions.
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