Cboe Unveils Perks for Small Retail Brokers' Data Access
Published Date: 12/4/2025
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 Cboe One Summary and BYX Top Data Feeds. This means smaller brokers get better access to important market data, starting right away, with no extra fees announced yet. If you’re a small retail broker, these changes could make your data game stronger and simpler.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Hosted Solutions Fee Waivers
Cboe BYX is creating a Small Retail Broker Hosted Solutions Program that waives the Distribution Fee (a $250/month credit for BYX Top and a $3,500/month credit for Cboe One Summary) for both a Hosting Small Retail Broker Distributor and its External Hosted Subscriber when the host provides data to at least one External Hosted Subscriber. The External Hosted Subscriber also gets the Cboe One Data Consolidation Fee waived ($350/month) and pays a fixed monthly Non-Professional fee of $100 for BYX Top or $850 for Cboe One instead of per-user charges, subject to a 10,000 Non-Professional Data User cap; hosting fees will be prorated if joined mid-month while External Hosted Subscriber fees will not be prorated.
Non-Professional User Cap Increased
The Exchange raises the maximum Non-Professional Data User limit for the Small Retail Broker Distribution Program from 5,000 to 10,000 for both the BYX Top Data Feed and the Cboe One Summary Data Feed. Brokers with up to 10,000 Non-Professional users can qualify under the Small Retail Broker program and its discounted Distribution Fee ($250/month for BYX Top and $3,500/month for Cboe One) and discounted Cboe One Data Consolidation Fee ($350/month) where applicable.
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Previous: 2025-21889, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fees Applicable to Securities Listed on the Exchange Set Forth in BZX Rule 14.13
Cboe BZX Exchange is updating its fee rules to include certain Commodity-Based Trust Shares in a special low-fee category for generically-listed securities. This change means some companies will pay different listing fees starting immediately, making it easier and cheaper for these products to be listed. If you’re involved with these securities, keep an eye on the new fee setup that’s already in effect!
Next: 2025-21891, Self-Regulatory Organizations; Cboe BZX 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
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 easier, better access to important market data starting right away, with no extra fees announced yet. If you’re a small broker, these changes could make your data game stronger and simpler starting now!