Cboe EDGX Eases Data Feeds for Tiny Retail Brokers with New Program
Published Date: 9/10/2025
Notice
Summary
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!
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
New Hosted Solutions Program: Waivers and Fees
Cboe created a Small Retail Broker Hosted Solutions Program that gives fee credits and waivers when a Hosting Small Retail Broker provides data to at least one External Hosted Subscriber. Hosting brokers get a credit of their Distribution Fee ($750/month for EDGX Top and $3,500/month for Cboe One Summary). The External Hosted Subscriber gets the Distribution Fee waived (same amounts), the Cboe One Data Consolidation Fee waived ($350/month), and instead of per-user Non-Professional fees pays a flat monthly fee of $750 for EDGX Top and $850 for Cboe One Summary; Professional User fees do not change.
Higher Non-Professional User Cap (5,000 → 10,000)
The Exchange raises the maximum Non-Professional Data User count for the Small Retail Broker Program from 5,000 to 10,000 for both the Cboe One Summary Feed and the EDGX Top Data Feed. The proposed Program also uses a 10,000 Non-Professional Data User cap for External Hosted Subscribers.
Eligibility Cutoff if Users Exceed 10,000
An External Hosted Subscriber that exceeds 10,000 Non-Professional Data Users for Cboe One Summary or EDGX Top will no longer be eligible for the program and must directly license the Applicable Feed from the Exchange. The 10,000-user limit is applied at the firm level for both Hosting brokers and each External Hosted Subscriber separately.
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Previous: 2025-17334, 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, 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.
Next: 2025-17336, Self-Regulatory Organizations; NYSE Arca, 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 Adopt New Rule 5.2-E(j)(9) To Permit the Generic Listing and Trading of Class Exchange-Traded Fund Shares
NYSE Arca wants to make it easier to list and trade a new type of exchange-traded fund (ETF) called Class ETFs by adding a new rule. This change could affect investors and fund managers by speeding up how these ETFs get listed and traded, with no extra costs mentioned yet. The SEC is now reviewing the proposal and will decide soon whether to approve it or not.