Cboe EDGA Rolls Out Cheap Data Perks for Small Retail Brokers Now
Published Date: 9/10/2025
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 easier, cheaper access to important market data starting now. If you’re a small broker, expect fee waivers and simpler rules to help you stay connected and save money.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 0 costs, 1 mixed.
Hosting Brokers: $3,500/month Credit
If you run a small retail broker platform that hosts other small brokers, the Exchange will credit your Distribution Fee of $3,500 per month for the Cboe One Summary Feed when you provide the feed to at least one External Hosted Subscriber. The credit applies to the Hosting Small Retail Broker's normal Distribution Fee under the Small Retail Broker Program.
External Hosted Subscribers: Waived Fees and $850 Flat Fee
If you are a small broker that receives Cboe One Summary Data via a hosted solution (an External Hosted Subscriber), the Exchange will waive your Distribution Fee ($3,500/month) and waive the Data Consolidation Fee ($350/month). Instead of per-user Non-Professional fees, you pay a fixed $850 per month for Cboe One Summary Data; Professional User fees remain unchanged. The filing states a maximum savings of $1,650 for Cboe One Summary Feed under the 10,000-user cap.
Cap Raised: 5,000 → 10,000 Non-Professional Users
The Exchange increases the maximum Non-Professional Data User count for the Small Retail Broker Program (and for the new Program) from 5,000 users to 10,000 users for the Cboe One Summary Feed. If an External Hosted Subscriber exceeds 10,000 Non-Professional Data Users, it will no longer be eligible for the program and must license the feed directly with the Exchange.
Billing Details: Proration and Eligibility Limits
If a Hosting Small Retail Broker joins the program mid-month, the Hosting broker's fees will be prorated for that month based on the subscription start date; however, External Hosted Subscribers' fees will not be prorated. Also, the Hosting Small Retail Broker is responsible for reporting External Hosted Subscribers and for payment of all data fees for both itself and its External Hosted Subscribers while in the program.
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Previous: 2025-17333, Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing of Amendment No. 1 and Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Amendment No. 1, To Amend Rule 11.21 To Allow an RMO To Enter a Retail Order Onto the Exchange in a Principal Capacity
The Cboe EDGX Exchange wants to change its rules so that Retail Member Organizations (RMOs) can enter retail orders as principals, meaning they can trade for themselves under new conditions. The SEC is reviewing this change and deciding whether to approve it by September 8, 2025. This could affect how retail trades are handled and might impact trading practices and compliance costs for RMOs.
Next: 2025-17335, 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 their Small Retail Brokerage Distribution Program for key market data feeds. This change helps smaller brokers get better access to important stock market info, starting right away, with no extra fees announced. If you’re a small retail broker, this is your moment to shine and connect smarter!