Cboe BZX Launches Small Retail Data Feed Distribution Program
Published Date: 8/14/2026
Notice
Summary
No summary available.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Discounted BZX Top Feed Fee
If you are a small retail broker-dealer that purchases the BZX Top Feed, the External Distribution Fee for the Program is $2,000 per month instead of the standard $2,500 per month. The Program offers this lower flat monthly fee to Small Retail Brokers as a pricing option for distributing the BZX Top Feed.
Small Broker Eligibility Limits
To qualify for the discounted fee, a Distributor must be a broker-dealer distributing BZX Top Feed to Non-Professional Data Users with whom it has a brokerage relationship; at least 90% of the Distributor's total subscriber population must be Non-Professional; and the Distributor may distribute BZX Top Feed to no more than 10,000 Non-Professional Data Users.
Intended Better Access to Market Data
The Exchange states that reducing the External Distribution Fee for Small Retail Brokers is intended to increase access to BZX top-of-book data and thereby benefit retail investors by facilitating wider availability of real-time top-of-book information.
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