Cboe EDGX Updates Broker Programs for Better Data Flow
Published Date: 7/14/2025
Notice
Summary
Cboe EDGX Exchange is rolling out a new Small Retail Broker Hosted Solutions Program and updating who can join its Small Retail Brokerage Distribution Program for key market data feeds. This means small retail brokers get fresh, easier ways to access important stock market info starting now, with no delays. If you’re a small broker, these changes could save you money and boost your data game!
Analyzed Economic Effects
5 provisions identified: 3 benefits, 1 costs, 1 mixed.
Distribution Fee Waivers for Small Brokers
If you are a small retail broker acting as a Hosting Small Retail Broker Distributor, the Exchange will credit your monthly Distribution Fee: $750/month for EDGX Top Data Feed and $3,500/month for Cboe One Summary Feed. The External Hosted Subscriber receiving data from that host will also receive the same Distribution Fee credit, and External Hosted Subscribers will receive a waiver of the $350/month Data Consolidation Fee for Cboe One Summary Data while eligible.
Fixed Non-Professional User Monthly Charge
External Hosted Subscribers will pay a flat monthly Non-Professional User charge instead of per-user non-professional fees: $750/month for EDGX Top Data and $850/month for Cboe One Summary Data. Professional User fees remain unchanged.
Loss of Program Eligibility If Exceed 10,000 Users
If an External Hosted Subscriber exceeds the 10,000 Non-Professional Data User maximum for either Cboe One Summary or EDGX Top Data, that External Hosted Subscriber will no longer be eligible for the Program and must directly license with the Exchange for the Applicable Feed. The 10,000-user limit is evaluated at the firm level.
Cap Raised to 10,000 Non-Professional Users
The Exchange raised the maximum Non-Professional Data User count for the Small Retail Broker Program (and for External Hosted Subscribers under the new Program) from 5,000 to 10,000 Non-Professional Data Users. The 10,000-user cap is applied at the firm level for eligibility.
Eligibility and Proration Billing Rules
A Hosting Small Retail Broker must provide data to at least one External Hosted Subscriber to be eligible for the Hosting credit, and the Hosting Small Retail Broker remains eligible so long as it has at least one External Hosted Subscriber. If a Hosting Small Retail Broker joins the program mid-month, the Hosting Distributor's fees will be prorated for that month, but the External Hosted Subscriber's fees will not be prorated.
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Key Dates
Department and Agencies
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Previous: 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.
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