Cboe EDGA Updates Eligibility for Small Broker Data Programs
Published Date: 6/5/2025
Notice
Summary
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.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 0 costs, 1 mixed.
Hosted Solutions: $3,500 Fee Waivers & $850 Fixed Fee
Cboe EDGA created a Small Retail Broker Hosted Solutions Program that credits a Hosting Small Retail Broker's $3,500/month Distribution Fee for the Cboe One Summary Feed. An External Hosted Subscriber receives a $3,500/month Distribution Fee waiver, a $350/month Data Consolidation Fee waiver, and instead of paying per Non-Professional user fees pays a flat $850/month for Cboe One Summary Data; Professional User fees stay the same. The program is capped at 10,000 Non-Professional Data Users and an External Hosted Subscriber that exceeds 10,000 users must license directly with the Exchange.
Cap Doubled: Non-Professional User Limit to 10,000
The Exchange increased the maximum Non-Professional Data User subscriber count for the Small Retail Broker Distribution Program for the Cboe One Summary Feed from 5,000 to 10,000. The proposed Hosted Solutions Program also uses the same 10,000 Non-Professional Data User cap.
Estimated Maximum Savings Example: $1,650
The filing shows an example calculation that, under the 10,000-user cap for Cboe One Summary Data, an External Hosted Subscriber could realize a maximum savings of $1,650 (calculated as 10,000 users x $0.25 = $2,500; $2,500 - $850 = $1,650).
Mid-Month Proration Rule for Hosting Brokers
If a Hosting Small Retail Broker Distributor joins the program mid-month, the Exchange will prorate the Hosting Small Retail Broker's fees for that month based on the subscription start date. The External Hosted Subscriber's fees will not be prorated.
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Key Dates
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Previous / Next Documents
Previous: 2025-10193 — Self-Regulatory Organizations; Cboe EDGX 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 and EDGX Top Data Feed
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.
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