Cboe BZX launches discounted data fee program for small retail brokers
Effective immediately, eligible small retail brokers receive a $2,000 monthly external distribution fee for the BZX Top Feed, down from $2,500.
On August 3, 2026 Cboe BZX Exchange, Inc. filed a proposed rule change (Release No. 34-106077; File No. SR-CboeBZX-2026-062) that the SEC is publishing as a notice of filing and immediate effectiveness (FR Doc No. 2026-16563, Vol. 91, No. 156, pp. 52767-52770). The rule would create a Small Retail Broker Distribution Program for the BZX Top Data Feed.
The program reduces the monthly External Distribution Fee for qualifying small retail brokers from $2,500 to $2,000, as set out in the BZX Equities Fee Schedule.
Eligibility mirrors the criteria used for the Cboe One Summary Feed: the distributor must be a broker-dealer distributing the 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 consist of non-professional subscribers; and the distributor may not exceed 10,000 non-professional data users.
The Exchange cites Section 6(b) of the Securities Exchange Act of 1934 as the statutory basis, stating that the rule is intended to promote equitable fee allocation and to foster competition in the market-data environment.
The notice solicits comments from interested persons and makes the proposed rule text available on the SEC website, the Exchange website, and at the Exchange's principal office.