Stock Exchange Tweaks Fees for Market Data Feeds to Clarify Costs
Published Date: 1/7/2026
Notice
Summary
Cboe BZX Exchange is updating its fee rules for the Cboe One market data feeds to make it clearer how User Fees apply and get credited. This change affects anyone who pays for or distributes these data feeds and takes effect immediately, helping users understand their costs better. No big price hikes, just smarter fee details starting now!
Analyzed Economic Effects
5 provisions identified: 1 benefits, 3 costs, 1 mixed.
Summary fees can offset Premium distribution
If you are an External Distributor of Cboe One data, Cboe One Summary User Fees can now be credited against either the $5,000/month Cboe One Summary External Distribution Fee or the $12,500/month Cboe One Premium External Distribution Fee. For example, $4,500 in Summary User Fees could reduce a $5,000 Summary Distributor fee to $500, or reduce a $12,500 Premium fee to $8,000. This rule takes effect December 22, 2025.
Stated External Distributor fee levels
The Exchange's fee schedule lists External Distributor charges of $5,000 per month for Cboe One Summary distribution and $12,500 per month for Cboe One Premium distribution. These fees are part of the schedule clarified by the rule change effective December 22, 2025.
Premium user fees limited to Premium distribution
If you have Cboe One Premium User Fees, those Premium User Fees can only be credited against the $12,500/month Cboe One Premium External Distribution Fee and cannot be applied to the $5,000/month Cboe One Summary External Distribution Fee. This clarification is effective December 22, 2025.
Clarified credits may spur upgrades to Premium
The Exchange states that clarifying how User Fees are credited may incentivize Cboe One Summary subscribers to upgrade to Cboe One Premium to obtain aggregated depth; this could change distributors' subscription decisions. The Exchange links this potential incentive to the clarified credit rules effective December 22, 2025.
Credit applies only to External Distributors
Only External Distributors (those who distribute Cboe One data to third parties) are eligible for the External Distribution Fee credit; Internal Distributors (who distribute only within their own firm) are not eligible. This distinction is part of the clarified fee rules effective December 22, 2025.
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