SEC Rolls Out Data Perks for Small Fry Brokers in Stock World
Published Date: 9/30/2025
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 brokers get easier, cheaper access to important market data starting right away. If you’re a small retail broker, expect some fresh perks and updated rules that could save you money and boost your trading game.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 2 costs, 0 mixed.
Hosted Program: Big Fee Waivers and Flat Fee
Cboe created a Small Retail Broker Hosted Solutions Program that gives Hosting Small Retail Broker Distributors a $3,500/month Distribution Fee credit and gives External Hosted Subscribers a $3,500/month Distribution Fee waiver and a $350/month Data Consolidation Fee waiver for the Cboe One Summary Feed. Instead of per-user Non-Professional fees, an External Hosted Subscriber pays a flat $850/month for Cboe One Summary Data; Professional User fees stay the same. The filing states this structure can equate to a maximum savings of $1,650 (10,000 users x $0.25 = $2,500 then $2,500 - $850 = $1,650) for Cboe One Summary Feed.
User Cap Raised to 10,000
The Exchange increases the Non-Professional Data User maximum for the existing Small Retail Broker Program from 5,000 to 10,000 users for the Cboe One Summary Feed. The proposed Hosted Solutions Program is also capped at 10,000 Non-Professional Data Users for Cboe One Summary Feed.
Lose Program If You Exceed 10,000 Users
If an External Hosted Subscriber exceeds the Non-Professional Data User maximum of 10,000 for Cboe One Summary Data, it will no longer be eligible for the program and must directly license with the Exchange. Eligibility ends once the 10,000-user cap is exceeded.
Mid-Month Proration Rule
If a Hosting Small Retail Broker Distributor joins the program mid-month, the Exchange will prorate that Hosting broker's fees for the month based on the subscription start date. The External Hosted Subscriber's fees will not be prorated.
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!
2026-11479 — Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule General 8 Regarding Intrafirm Cabinet Connectivity
Nasdaq PHLX is updating its rules to clearly include non-contiguous intrafirm cabinet connectivity as part of its fiber services and is adjusting the fees for this service. This change affects firms using Nasdaq’s cabinet connections and takes effect immediately, helping them understand costs better and plan accordingly. No big money surprises, just clearer rules and fees starting now!
2026-11483 — Self-Regulatory Organizations; LCH SA; Order Approving Proposed Rule Change Relating to the Extension of Eligible Collateral to U.S. Treasury Securities and Related Changes
LCH SA, a big player in clearing credit swaps, is now accepting more types of U.S. Treasury securities as collateral to keep things safer and smoother. This change helps protect against risks if a member can’t pay up and starts June 9, 2026. Clearing members who provide collateral will have more options, making the whole system stronger and more flexible.
2026-11481 — Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule General 8 Regarding Intrafirm Cabinet Connectivity
Nasdaq ISE is updating its rules to clearly include non-contiguous intrafirm cabinet connections as part of its fiber connectivity services and is adjusting the fees for this service. This change affects firms using Nasdaq’s cabinet space to connect their equipment and takes effect immediately, so they should review the new fee structure soon. It’s a smooth move to keep things clear and fair for everyone using these connections.
Previous / Next Documents
Previous: 2025-18932 — Self-Regulatory Organizations; New York Stock Exchange LLC, NYSE American LLC, NYSE Texas, Inc., NYSE Arca, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Amend NYSE Rules 7.35A and 7.35C, NYSE American Rule 7.35E, NYSE Texas Rule 7.35, and NYSE Arca Rule 7.35-E
The New York Stock Exchange and its partners want to change how they calculate the Auction Reference Price, which affects traders and investors using these markets. The SEC is taking extra time to review these rule changes, pushing the decision deadline past early October 2025. No money changes yet, but this delay means everyone should stay tuned for updates soon.
Next: 2025-18934 — Consolidated Tape Association; Notice of Filing and Immediate Effectiveness of the Thirty-Ninth Amendment to the Second Restatement of the CTA Plan and Thirtieth Amendment to the Restated CQ Plan
Big news! The Consolidated Tape Association just added a new player, 24X National Exchange LLC, to their team of stock market participants. This change kicks in right away and helps keep stock price info flowing smoothly for traders and investors. If you’re involved in stock trading, this update means more data sources and a stronger market network starting now!