# 2025-21640: Cboe Eases Data Access for Small Retail Brokers

2025-21640, Self-Regulatory Organizations; Cboe EDGX 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 and EDGX Top Data Feed, is a Federal Register notice from Securities and Exchange Commission published 2025-12-01, effective 2025-11-19; PRIA reads it as touching household money (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-21640
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-21640
- Title: Self-Regulatory Organizations; Cboe EDGX 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 and EDGX Top Data Feed
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 55218
- Published: 2025-12-01
- Effective: 2025-11-19
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

Cboe Eases Data Access for Small Retail Brokers

## 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.

## Effects PRIA read

- New hosted broker program waives data fees: benefit, high. 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 Subscribe…
- Non-Professional user cap increases to 10,000: benefit, medium. 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 e…
- Fixed monthly fees replace per-user charges: benefit, medium. 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.…
- Eligibility lost if user count exceeds 10,000: cost, medium. 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…
- Mid-month proration applies to hosts, not subscribers: mixed, low. 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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## Sources
- [2025-21640 on federalregister.gov](https://www.federalregister.gov/documents/2025/12/01/2025-21640/self-regulatory-organizations-cboe-edgx-exchange-inc-notice-of-filing-and-immediate-effectiveness-of)
- [2025-21640 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-12-01/pdf/2025-21640.pdf)

## Related
- [Previous: 2025-21639, Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate…](https://policyrisk.com/federal-register/2025-21639)
- [Next: 2025-21641, Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate…](https://policyrisk.com/federal-register/2025-21641)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-21640 (as of 2026-06-08).