Cboe Charges Traders for Real-Time Data Feeds Now
Published Date: 12/31/2025
Notice
Summary
Cboe C2 Exchange is starting to charge fees for its real-time Complex Order Book data feed, which shows detailed info on multi-leg trading strategies. Traders, investors, and data users who rely on this feed will see these changes take effect immediately after December 17, 2025. This means if you want this market data, be ready to pay new fees starting now!
Analyzed Economic Effects
4 provisions identified: 0 benefits, 4 costs, 0 mixed.
New Distributor Monthly Fees
If you distribute C2's Complex Order Book data feed, the Exchange will charge distributor fees of $1,500 per month for Internal Distributors and $1,000 per month for External Distributors. If a firm distributes both internally and externally, it will be charged the greater of the two fees; these fees take effect January 2, 2026.
Waiver Removed for Other C2 Feed Distributors
Distributors who previously received a waived Distribution Fee for C2 Options Top and/or C2 Options Depth will no longer get that waiver and must separately subscribe to and pay for the C2 COB Data Feed starting January 2, 2026. Those distributors will now incur the $1,500/month (internal) or $1,000/month (external) distributor fees for the COB feed.
Professional User Fee Stayed at $25
Professional users of the C2 Complex Order Book data feed will be charged $25 per month per device or User ID, and that $25/month fee remains unchanged. This fee applies to both internal professional users (employees) and external professional users and is effective January 2, 2026.
New $1/month Fee for Retail Users
Non-professional (retail) users of the C2 Complex Order Book data feed will be charged $1.00 per month per user for access. This new $1/month per user fee begins on January 2, 2026.
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