Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule for Its Complex Order Book Data Feed
Published Date: 7/14/2026
Notice
Summary
Cboe Exchange is updating the fees for its Complex Order Book Data Feed, especially changing the Retail Broker Waiver Program based on customer feedback. This means brokers using this data feed might see new fee rules starting right away. The goal is to keep things fair and clear for everyone using Cboe’s data services.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Waiver Adds $3,000 Internal Fee Relief
Cboe amended its Retail Broker Waiver Program so qualifying Retail Brokers can also have the Internal Distribution Fee ($3,000/month) waived when that internal fee is obtained in connection with the firm's enrollment as a new External Distributor. The waiver of the Internal Distributor Fee, together with the Enterprise Fee and External Distributor Fee, applies for two (2) years from the date of enrollment; firms must meet the Retail Broker definition and must not have been an External Distributor within the past 18 months.
C1 COB Data Feed Fee Schedule
The C1 Complex Order Book (C1 COB) Data Feed charges the following monthly fees: Internal Distribution Fee $3,000; External Distribution Fee $1,500; Professional User Fee $25 per device or user ID; Non-Professional User Fee $1.00 per user per month. Enterprise Non-Professional User License monthly tiers are: up to 25,000 users $2,500; 25,001–100,000 users $5,000; 100,001+ users $7,500.
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