Cboe Starts Charging for Complex Options Data Feeds Immediately
Published Date: 12/16/2025
Notice
Summary
Cboe BZX Exchange is starting to charge fees for its special market data feeds that show detailed info about complex options orders. Traders, investors, and data users who rely on these feeds will see these changes right away, with new costs kicking in immediately. This update helps the Exchange cover costs and keep the data flowing smoothly.
Analyzed Economic Effects
5 provisions identified: 1 benefits, 4 costs, 0 mixed.
Monthly Distribution Fees Introduced
Firms that distribute Cboe BZX Complex Order Feeds must pay monthly distribution fees of $2,000 for Internal Distribution and $1,500 for External Distribution. If a distributor receives the feed for both internal and external distribution, it will pay the greater of the two fees.
Per-User Monthly Fees Established
Users of the Complex Order Feeds are charged monthly fees: $20 per Professional User and $1.00 per Non-Professional User. Distributors must count and report every Professional and Non-Professional User they provide the data to, following the Exchange's counting rules (one unique user per person, devices dedicated to single individuals count as the person, multiple access methods by one person are reported as one user, etc.).
Fees Take Effect Immediately
The fee schedule was filed on December 4, 2025 and became effective upon filing, so the new distribution and user fees are in effect immediately; the Commission may suspend the change within 60 days of filing. Subscribers and distributors faced the new costs right away after the filing date.
Billing Proration and Start Date
Monthly fees will be prorated for mid-month subscriptions based on the initial subscription date. For proration purposes, the Exchange will treat November 13, 2025 as the first date of initial subscription.
Subscription Is Optional and Cancelable
The Complex Order Feeds are optional: market participants are not required to subscribe to them to access BZX trading, and a subscriber may cancel use of a Complex Order Feed at any time. Access to one Complex Order Feed may include access to the other Complex Order Feeds at no extra charge.
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