Cboe Charges for Minute-by-Minute Stock Buzz: Academics Get Discounts
Published Date: 2/13/2026
Notice
Summary
Cboe Exchange is starting to charge fees for its new One-Minute Interval Intraday Open-Close Report, a detailed data product showing stock activity every minute during the trading day. Traders, investors, and academics who use this data will see these changes, but there’s a free trial and a special discount for qualifying academic users. These fees kicked in right after the filing on January 28, 2026, so users should check their costs now!
Analyzed Economic Effects
5 provisions identified: 2 benefits, 3 costs, 0 mixed.
One‑Minute Feed $12,000/Month
Cboe now charges $12,000 per month (or $144,000 per year) to subscribe to the new One‑Minute Interval Intraday Open‑Close data feed. This is an optional market data subscription that firms must pay if they choose to receive the minute-by-minute feed.
Historical One‑Minute Data Fees
Ad‑hoc historical requests for the One‑Minute data cost $4,000 per request per month for data less than four years old and $2,500 per request per month for data five or more years old. Ad‑hoc requests may cover any number of months beginning with October 7, 2019, and fees are prorated for mid‑month requests.
Derived Data Distribution $7,500/Month
To allow unlimited external distribution of Derived Data created from the One‑Minute Intraday Open‑Close Data, Cboe will charge $7,500 per month in addition to any product fees. This fee permits distributors to externally share value‑added products built from the one‑minute data.
Academic Pricing: $12,000 First Year
Qualifying academic purchasers may buy historical One‑Minute Intraday Open‑Close Data for $12,000 for the first year and then $1,000 per month for each additional month. To qualify, the purchaser must be an accredited academic institution or faculty/staff using the data for independent academic research, teaching, or bona fide educational purposes; use must be limited to faculty and students, exclude commercial use, and not be funded by a securities industry participant.
Six‑Month Free Trial Available
Cboe applies its existing six‑month free trial to the One‑Minute Intraday Open‑Close Data for TPHs and non‑TPHs who have not previously subscribed to or received a free trial for the dataset. New eligible users can receive up to six months of the historical intraday data without charge.
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