Cboe Updates Rules to Boost Small Brokers' Market Data Access
Published Date: 7/14/2025
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 easier, better access to important market data starting now, helping them serve their customers smarter and faster. The changes are effective immediately, with no extra fees announced yet.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Hosted Broker Fee Waivers
If a small broker acts as a Hosting Small Retail Broker Distributor and provides Cboe One Summary Data to at least one External Hosted Subscriber, the Exchange will credit the Hosting broker's $3,500/month Distribution Fee. The External Hosted Subscriber receives a $3,500/month Distribution Fee waiver, a $350/month Data Consolidation Fee waiver, and pays a set $850/month for Cboe One Summary Data instead of per-user Non-Professional fees; Professional User fees remain the same.
Non-Professional User Cap Raised
The Exchange increases the maximum Non-Professional Data User limit for the Small Retail Broker Program (and for External Hosted Subscribers in the new Program) from 5,000 to 10,000 Non-Professional Data Users for Cboe One Summary Data. Firms with user counts at or below 10,000 remain eligible for the discounted/waived fees described in the Program.
Eligibility Loss If Users Exceed Cap
If an External Hosted Subscriber exceeds 10,000 Non-Professional Data Users for Cboe One Summary Data, it will no longer be eligible for the Program and must directly license the Applicable Feed with the Exchange. The 10,000 user limit is evaluated at the firm level for each Hosting Small Retail Broker and each External Hosted Subscriber separately.
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!
2026-11919 — Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Exchange's Fee Schedule Concerning Equities Transaction Pricing
MEMX is changing its fees starting June 1, 2026, by lowering some rebates for certain stock trades that add liquidity, especially for hidden and price-improved orders. These updates affect traders and members who use MEMX, meaning they might earn a bit less back on some trades. The goal? Keep things fair and balanced while keeping the exchange running smoothly.
2026-11927 — Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rules 18.7 and 18.9 To Permit an Increase in Position and Exercise Limits for Options on IBIT
MEMX is raising the limits on how many options traders can hold and exercise for the iShares Bitcoin Trust ETF (IBIT). This change affects anyone trading IBIT options and lets them handle bigger positions starting right away. It’s designed to keep MEMX competitive and support growing market interest without any immediate cost impact.
2026-11922 — Self-Regulatory Organizations; Green Impact Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 11.240 (Trade Reporting and Dissemination of Quotations) To Conform With Amendments to Rules 600 and 603 of Regulation NMS Approved by the Commission That Concern the Reporting and Dissemination of Odd-Lot Information, and an Additional Ministerial Change to Rule 11.220 To Correct a Typographical Error
Green Impact Exchange is updating its trade reporting rules to match new federal rules about sharing odd-lot trade info (small stock orders). They’re also fixing a tiny typo in another rule. These changes take effect right away and help keep trading info clear and accurate for everyone involved.
Previous / Next Documents
Previous: 2025-13080 — In the Matter of the Application of Texas Stock Exchange LLC for Registration as a National Securities Exchange; Order Instituting Proceedings To Determine Whether To Grant or Deny an Application for Registration as a National Securities Exchange Under Section 6 of the Securities Exchange Act of 1934
Texas Stock Exchange LLC wants to become a national securities exchange, which means it could officially host stock trading like the NYSE or NASDAQ. The SEC is now reviewing their application and asking for public input before deciding. This process could affect investors and traders, with a decision expected within about 90 days, potentially changing where and how stocks are traded.
Next: 2025-13082 — 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 easier, better access to important market data, helping them serve their customers faster and smarter. The changes took effect right after filing on June 30, 2025, with no extra fees announced yet.