Cboe Updates Fee Rules to Clarify Data Credit Calculations
Published Date: 1/8/2026
Notice
Summary
Cboe EDGX Exchange is updating its fee rules to make it clearer how users get credits on their Cboe One market data fees. This change affects anyone who pays for Cboe One Summary and Premium External Distribution data, helping them understand their costs better. The new fee rules took effect right away on December 22, 2025, so users should check their bills soon!
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Summary User Fees Can Offset Premium Fees
If you pay Cboe One Summary User Fees, you can apply those User Fees as a credit against either the Cboe One Summary External Distribution fee ($5,000/month) or the Cboe One Premium External Distribution fee ($12,500/month). For example, $4,500 in Cboe One Summary User Fees could reduce a $5,000 Summary External Distribution fee to a $500 net monthly fee, or reduce a $12,500 Premium External Distribution fee to $8,000.
Premium User Fees Only Offset Premium Distribution
If you pay Cboe One Premium User Fees, those Premium User Fees may be credited only against the Cboe One Premium External Distribution fee ($12,500/month). For example, $10,000 in Premium User Fees could reduce a $12,500 Premium External Distribution fee to a $2,500 net monthly fee.
Credit Applies Only to External Distributors
The External Distribution Fee credit applies only to External Distributors (those that distribute data to third parties outside their own firm). Internal Distributors (those that distribute data only within their own firm) are not eligible for this External Distributor credit.
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