Cboe Boosts Small Brokers with New Data Access Perks
Published Date: 12/1/2025
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 retail brokers get fresh, easier ways to access market data, starting right away. These changes aim to help smaller players save money and get better service without delay.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Waived Distribution and Consolidation Fees
If you run a small retail broker and act as a Hosting Small Retail Broker Distributor, the Exchange will credit your $3,500/month Distribution Fee for the Cboe One Summary Feed once you have at least one External Hosted Subscriber. An External Hosted Subscriber will also receive a $3,500/month Distribution Fee waiver and a $350/month Data Consolidation Fee waiver for Cboe One Summary Data; Professional User fees remain unchanged.
Fixed $850 Monthly Fee for Hosted Subscribers
External Hosted Subscribers will pay a fixed monthly fee of $850 for Cboe One Summary Data in lieu of per-Non-Professional-User charges for display use. The Exchange gives an example that at the 10,000-user cap this structure can equal a maximum savings of $1,650 compared to per-user charges.
User Cap Raised to 10,000
The Exchange increases the maximum Non-Professional Data User threshold for the Small Retail Broker Program from 5,000 to 10,000 users and sets a 10,000-user cap for the new Hosted Solutions Program. If an External Hosted Subscriber exceeds 10,000 Non-Professional Data Users for Cboe One Summary Data, they will no longer be eligible for the program and must license the feed directly from the Exchange.
Hosting Brokers: Billing, Reporting, and Proration Rules
A Hosting Small Retail Broker Distributor must report External Hosted Subscribers and is responsible for payment of all data fees for both its External Subscribers and itself. If a Hosting Small Retail Broker joins the program mid-month, its fees will be prorated; External Hosted Subscriber fees will not be prorated.
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