Cboe Charges for Minute-by-Minute Stock Buzz: Academics Get a Deal
Published Date: 11/21/2025
Notice
Summary
Cboe EDGX Exchange is starting to charge fees for its new One-Minute Interval Intraday Open-Close Report, a data product that shows stock info every minute during the trading day. This change affects traders and researchers who use this report, with special discounts for qualifying academics. The new fees kicked in right after the filing in November 2025, so users should check the updated prices now!
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
$5,000/month subscription fee
If you want live One-Minute Interval Intraday Open-Close Data from Cboe EDGX, a subscription costs $5,000 per month (or $60,000 per year). This is an optional market data feed offered to subscribers such as trading firms, buy-side investors, and others.
$1,500 per-month historical request
If you request historical One-Minute Interval Intraday Open-Close Data for a month (covering all Exchange-listed securities), the Exchange charges $1,500 per request per month. Ad-hoc requests may cover any number of months beginning with March 2019 for which the data is available.
Derived-data distribution fee $7,500
A Distributor that wants to externally distribute Derived Data based on the One-Minute Intraday Open-Close Data must pay $7,500 per month for unlimited external distribution. This fee is in addition to the product subscription or historical purchase fees.
Academic pricing and eligibility rules
Qualifying academic purchasers may buy historical One-Minute Intraday Open-Close Data for $1,500 for the first year, with additional months after the first year available at a prorated rate of $125 per month. To qualify, a purchaser must be an accredited academic institution or faculty/staff using the data solely for academic research, teaching, or publications, limited to faculty and students, with no commercial use and no industry-funded research.
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