Cboe Adds Retail Broker Perks to Data Feed Fees
Published Date: 4/15/2026
Notice
Summary
Cboe Exchange just created a new “Retail Broker” category to offer special pricing for its Complex Order Book data feed. This change helps retail brokers get better access to important market data starting right away, potentially saving them money. If you’re a retail broker or work with one, keep an eye on these new fees and definitions to make the most of the update.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Enterprise License Tier Pricing
The Exchange introduced Enterprise License monthly tiers as an alternative to the $1.00/month per Non-Professional User fee: up to 25,000 users = $2,500; 25,001–100,000 users = $5,000; 100,001+ users = $7,500. A Distributor must pay a separate Enterprise Fee for each entity for which it controls display of the feed.
Two‑Year Waiver for New Retail Brokers
The C1 COB Retail Broker Waiver Program waives the Enterprise Fee and the External Distributor Fee for qualifying Retail Brokers for two (2) years from enrollment. To qualify, a firm must meet the Retail Broker definition and must not have been an External Distributor for the C1 COB Data Feed within the past 18 months.
New "Retail Broker" Definition
The Exchange added a new "Retail Broker" definition that requires a Distributor to (1) distribute data to Non-Professional Data Users with whom it has a brokerage relationship and (2) have at least 90% of its total subscriber population be Non-Professional Users (including subscribers to any Cboe equities or options feeds). Distributors must attest to the 90% figure annually and are subject to audit by the Exchange.
What Enterprise Fee Does Not Cover
Even if a Distributor pays an Enterprise Fee, it remains responsible for (1) Professional User Fees and (2) the Distributor Fee (e.g., Internal Distribution Fee $3,000 and External Distribution Fee $1,500 as listed). The Professional User Fee is $25 per device or user ID and the Non-Professional User fee remains $1.00/month per user as an alternative.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026, because changes could affect how audits are done and funded.
2026-09742 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule To Adopt a New Fee Code for Market-Maker Complex Orders Executed on the Complex Order Book That Add Liquidity in Penny Program Securities and To Amend Its Orders Submitted With a Designated Give Up Program
Starting May 1, 2026, Cboe BZX Exchange is updating its fees to add a new code for Market-Maker Complex orders that add liquidity in penny stocks. They’re also tweaking rules for orders using a special Give Up program. These changes mainly affect market makers and traders using complex orders, aiming to make fees clearer and trading smoother.
2026-09745 — Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish Fees for Industry Members Related to Reasonably Budgeted CAT Costs of the National Market System Plan Governing the Consolidated Audit Trail for May 1, 2026 Through December 31, 2026
Starting May 1, 2026, MEMX is charging industry members a tiny fee of $0.000001 per share to help cover the costs of the Consolidated Audit Trail (CAT) system through the end of the year. This fee supports tracking stock trades better and will show up on invoices starting June 2026. If you’re a broker or part of the trading world, get ready to chip in for smoother market oversight!
2026-09728 — Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish Fees for Industry Members Related to Certain Historical Costs of the National Market System Plan Concerning the Consolidated Audit Trail
MEMX is setting new fees for industry members to cover leftover historical costs from the National Market System’s Consolidated Audit Trail, which tracks stock trades. These fees, called Historical CAT Assessment 1A, will collect about $39 million that wasn’t billed before. The change is effective immediately, so affected members should get ready to pay soon!
2026-09736 — Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees Related to Certain Historical Costs of the National Market System Plan Governing the Consolidated Audit Trail
Nasdaq PHLX is setting new fees for industry members to cover leftover historical costs from the National Market System Plan for the Consolidated Audit Trail. These fees, called Historical CAT Assessment 1A, will collect about $39 million for costs before 2022 that weren’t billed before. The fees start right away and will be charged per share traded, helping keep the audit trail running smoothly.
2026-09734 — Self-Regulatory Organizations; Nasdaq Texas, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees Related to Certain Historical Costs of the National Market System Plan Governing the Consolidated Audit Trail
Nasdaq Texas is setting new fees to cover leftover historical costs from the National Market System Plan for the Consolidated Audit Trail. Industry members who trade on the exchange will pay these fees starting soon to help cover about $39 million in past expenses not yet billed. This update keeps the system fair and funded without surprises!
Previous / Next Documents
Previous: 2026-07257 — Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing of Amendment No. 3 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified and Superseded by Amendment No. 3, To Amend Rules 4.13 and 5.1 To Permit Options on the Dow Jones Industrial Average Index To Be P.M.-Settled
Cboe Exchange got the green light to let traders settle options on the Dow Jones Industrial Average in the afternoon instead of the morning. This change affects anyone trading these options, making the process more flexible and aligned with market closing prices. The new rules kick in soon, helping investors better manage their trades without changing costs.
Next: 2026-07259 — Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing of Amendment Nos. 2 and 3 and Order Granting Accelerated Approval of a Proposed Rule Change, as Amended by Amendment Nos. 2 and 3, To Extend the Exchange's Trading Hours to 23 Hours a Day, Five Days a Week
Nasdaq is extending its trading hours to 23 hours a day, five days a week, so investors can buy and sell stocks almost around the clock. This change affects anyone trading on Nasdaq and aims to give more flexibility and opportunities to make money. The new hours will start soon after the SEC’s quick approval, shaking up how and when people trade.