Cboe EDGX Launches Program for Small Retail Brokers' Data Feeds
Published Date: 6/5/2025
Notice
Summary
Cboe EDGX Exchange is rolling out a new Small Retail Broker Hosted Solutions Program and updating who can join the Small Retail Brokerage Distribution Program for their popular market data feeds. This means small retail brokers get fresh, easier ways to access key market info, starting right away. These changes could save money and open doors for smaller players in the trading world.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
New Hosted Solutions Program with Fee Waivers
If you run a small retail brokerage and host other small brokers, the Exchange created a Small Retail Broker Hosted Solutions Program that waives the normal Distribution Fee (a $750/month credit for EDGX Top Data and a $3,500/month credit for Cboe One Summary Data). External Hosted Subscribers also get the Distribution Fee waived, a waiver of the Cboe One Data Consolidation Fee ($350/month), and pay a fixed monthly fee instead of per-user Non-Professional charges ($750/month for EDGX Top; $850/month for Cboe One).
Non-Professional User Cap Doubled to 10,000
The Exchange raised the maximum number of Non-Professional Data Users that qualify a Small Retail Broker for the discounted program from 5,000 to 10,000 for both the Cboe One Summary Feed and the EDGX Top Data Feed. The new Hosted Solutions Program is also capped at 10,000 Non-Professional Data Users per feed.
Loss of Program Eligibility if Over 10,000 Users
If an External Hosted Subscriber exceeds 10,000 Non-Professional Data Users for either feed, it will no longer be eligible for the Hosted Solutions Program and must directly license the Applicable Feed with the Exchange. That change may lead to higher fees once the cap is exceeded.
Billing Proration Difference for Hosts vs. Subscribers
If a Hosting Small Retail Broker joins the program mid-month, its fees will be prorated for that month based on the subscription start date, but External Hosted Subscribers’ fees will not be prorated. This affects how much each party pays in the first partial month.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-10373 — Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222 — Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-11810 — Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe EDGX Exchange just rolled out a new Clock Service that helps users sync their time systems perfectly with the Exchange. Starting May 18, 2026, they’re charging fees for this service but also offering a free trial to get everyone on board. This affects both members and non-members who want precise timing for their trading activities.
2026-11812 — Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe EDGA Exchange just rolled out a new Clock Service to help traders sync their time systems perfectly. Starting May 18, 2026, users can try it for free, but after that, there will be fees for using this handy tool. This change affects anyone who wants precise timing for trading and keeps things running smoothly.
2026-11809 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe BZX Exchange just rolled out a new Clock Service that helps users sync their time systems with the Exchange’s for better accuracy. Starting May 18, 2026, they’re charging fees for this service but offering a free trial to get everyone started. This affects both members and non-members who want precise timing for their trading activities.
Previous / Next Documents
Previous: 2025-10190 — Proposed Extension of Information Collection; Peace Corps Volunteer Authorization for Examination and/or Treatment
The Peace Corps is asking to keep using a form that lets volunteers get medical exams or treatment when needed. This helps volunteers get care quickly without extra hassle. No big changes or costs are expected, and they’re just making sure the form works well and isn’t a pain to fill out.
Next: 2025-10194 — Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Introduce a Small Retail Broker Hosted Solutions Program and To Update the Existing Eligibility Requirements for the Small Retail Brokerage Distribution Program for the Cboe One Summary Feed
Cboe EDGA 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 fresh, easier ways to access market data, helping them serve their clients better. The changes took effect right away on May 19, 2025, with no surprise fees announced.