Cboe BZX Launches Aid for Small Broker Data Feeds
Published Date: 6/4/2025
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 brokers get better, easier access to important market data starting right away, helping them compete without breaking the bank. The changes are effective immediately, so small brokers should check their eligibility and jump on board!
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
Hosting Brokers Get Distribution Fee Credit
If you are a small retail broker that hosts a platform for another small broker, you can get a credit equal to the Distribution Fee of $3,500 per month for the Cboe One Summary Feed when you provide data to at least one External Hosted Subscriber. This credit applies to the Hosting Small Retail Broker's normal Distribution Fee under the Small Retail Broker Program.
External Hosted Subscribers: Fee Waiver and Flat Rate
If you are an External Hosted Subscriber (a small broker receiving Cboe One data via a hosted solution), the Exchange waives your Distribution Fee of $3,500/month and your Data Consolidation Fee of $350/month, and charges a fixed monthly fee of $850 for Cboe One Summary Data in lieu of per-user Non-Professional fees. The program is capped at no more than 10,000 Non-Professional Data Users; once you exceed 10,000 users you must license directly with the Exchange.
Higher User Cap for Small Retail Program
The Exchange raises the Non-Professional Data User maximum for the Small Retail Broker Program from 5,000 users to 10,000 users for the Cboe One Summary Feed. This higher cap also applies to the new Hosted Solutions Program and is intended to support greater participation by small retail brokers.
Program Aims to Expand Retail Investor Access
The Exchange says the new Hosted Solutions Program and the higher 10,000-user cap are intended to increase retail investor access to real-time U.S. equity quote and trade information and to spur competition among data providers. The Exchange expects this to make top-of-book data more widely available to retail investors through hosting arrangements.
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