Cboe Eases Data Access for Small Retail Brokers
Published Date: 12/1/2025
Notice
Summary
Cboe EDGX 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 update could make your data game stronger and simpler.
Analyzed Economic Effects
5 provisions identified: 3 benefits, 1 costs, 1 mixed.
New hosted broker program waives data fees
Cboe EDGX created a Small Retail Broker Hosted Solutions Program that waives the Distribution Fee for a Hosting Small Retail Broker Distributor and for its External Hosted Subscriber: $750/month for the EDGX Top Data Feed and $3,500/month for the Cboe One Summary Feed. The External Hosted Subscriber also gets a waiver of the Cboe One Data Consolidation Fee ($350/month) and, instead of per-user Non-Professional fees, pays a set monthly fee of $750 for EDGX Top and $850 for Cboe One; the Program is capped at 10,000 Non-Professional Data Users per firm.
Non-Professional user cap increases to 10,000
The Exchange raised the maximum Non-Professional Data User count for the Small Retail Broker Distribution Program (and for the new Hosted Solutions Program) from 5,000 to 10,000 Non-Professional Data Users per firm for both the EDGX Top Data Feed and Cboe One Summary Data Feed. This change allows eligible small brokers to count up to 10,000 Non-Professional users under the program eligibility rules.
Fixed monthly fees replace per-user charges
Under the new Program, External Hosted Subscribers pay fixed monthly fees instead of per-user Non-Professional charges: $750/month for EDGX Top Data and $850/month for Cboe One Summary Data. The filing notes Non-Professional per-user rates used in calculations (e.g., $0.10/user for EDGX Top and $0.25/user for Cboe One) when comparing cost savings up to the 10,000-user cap.
Eligibility lost if user count exceeds 10,000
If an External Hosted Subscriber exceeds the 10,000 Non-Professional Data User limit for either the Cboe One Summary Feed or EDGX Top Data Feed, it will no longer be eligible for the Program and must directly license the Applicable Feed with the Exchange. The Exchange will evaluate Non-Professional counts at the firm level.
Mid-month proration applies to hosts, not subscribers
The Exchange will prorate fees for a Hosting Small Retail Broker Distributor that joins the Program mid-month based on the subscription start date; External Hosted Subscriber fees shall not be prorated if they join mid-month.
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