Cboe BYX Rolls Out Perks for Small Retail Brokers' Data
Published Date: 9/30/2025
Notice
Summary
Cboe BYX Exchange is rolling out a new Small Retail Broker Hosted Solutions Program and updating who can join the Small Retail Brokerage Distribution Program for their popular market data feeds. This means small retail brokers get fresh, easier ways to access and share key stock market info starting right away. These changes aim to help smaller players save money and get better data access without delay.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
New Hosted Solutions Fee Waivers
Cboe BYX created a Small Retail Broker Hosted Solutions Program that gives fee credits and fixed fees to hosting brokers and hosted subscribers. A Hosting Small Retail Broker Distributor providing data to at least one External Hosted Subscriber is eligible for a credit of its Distribution Fee ($250/month for BYX Top and $3,500/month for Cboe One). An External Hosted Subscriber gets a waiver of the Distribution Fee (same $250/$3,500 amounts), a waiver of the Cboe One Data Consolidation Fee ($350/month), and pays a fixed monthly fee instead of per-user Non-Professional fees: $100/month for BYX Top and $850/month for Cboe One; Professional User fees remain unchanged.
Non-Professional User Cap Increased
The Exchange raised the maximum Non-Professional Data User threshold for the Small Retail Broker Program and the new Hosted Solutions Program from 5,000 users to 10,000 users for both BYX Top Data and Cboe One Summary Data. If an External Hosted Subscriber exceeds the 10,000 Non-Professional Data User cap, it will no longer be eligible for the program and must license the feed directly from the Exchange.
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Cboe BZX 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 fresh, easier ways to access market data starting right away, with no extra fees announced yet. If you’re a small broker, these changes could make your data access smoother and more affordable starting September 2025.