Another Exchange Charges for Every Trading Minute
Published Date: 8/26/2025
Notice
Summary
Cboe C2 Exchange is rolling out new fees for its One-Minute Interval Intraday Open-Close Report, a fresh data product that gives detailed market info every minute during the trading day. Traders, firms, and academics who want this data will now pay set prices, but students and researchers can get a special discount. These fees kicked in right after the announcement on August 14, 2025, so get ready to budget accordingly!
Analyzed Economic Effects
5 provisions identified: 1 benefits, 4 costs, 0 mixed.
Monthly Feed Subscription Fee
If you subscribe to the One-Minute Interval Intraday Open-Close data feed, the Exchange charges $5,000 per month (or $60,000 per year). This is a voluntary paid subscription the Exchange began offering effective August 14, 2025.
Historical Ad-Hoc Request Fee
If you request historical One-Minute Interval Intraday Open-Close data for a month, the Exchange charges $1,500 per request per month. Ad-hoc requests may cover any number of months beginning with March 2019, so multiple months are charged at $1,500 each (for example, two months = $3,000).
Derived Data Distribution Fee
If you distribute Derived Data created from the One-Minute Interval Intraday Open-Close Data to external parties, the Exchange charges $7,500 per month for unlimited external distribution, in addition to any product fees. This $7,500/month fee applies starting with the new one-minute product pricing.
Academic Discount for Historical Data
Qualifying academic purchasers may buy historical One-Minute Interval Intraday Open-Close data for $1,500 for the first year, with additional months after the first year sold at a prorated rate (example: $125 per month). To qualify, the purchaser must be an accredited academic institution or faculty/staff using the data for independent academic research or teaching, limit use to faculty and students, exclude commercial use, and not be funded by a securities industry participant.
Immediate Effective Date of Fees
The Exchange adopted these One-Minute Interval Intraday Open-Close data fees effective upon filing on August 14, 2025, so fees applied immediately after that announcement. Potential purchasers should budget for these fees starting August 14, 2025.
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