Retail Brokers

Cboe Announces Discounted Rates for Small Retail Brokers


Cboe Global Markets has launched a new Small Retail Broker Distribution Program targeted at small broker-dealers that support up to 5,000 individual investors. The program aims to broaden access to U.S. equities market data for individual investors by offering CBOE equities exchange
data to broker-dealers at discounted rates.

Effective August 1, 2019, the program provides cost-efficiency to small brokers as they can distribute Cboe’s real-time top of book data feeds – including the Cboe One Summary Feed – for use throughout their websites and platforms at reduced fees.

The Cboe One Summary Feed provides a unified view of the market across all four Cboe U.S. equities exchanges – BZX Exchange, BYX Exchange, EDGX Exchange, and EDGA Exchange – and a valuable window into the securities that are trading on Cboe’s liquid markets. The feed service has reached nearly two million reported users globally and is available through most major financial data vendors including FactSet Research Systems Inc., ICE Data Services, IHS Markit, Morningstar, and Refinitiv.

Kevin Carrai, Vice President and Global Head of Market Data and Access Services at Cboe Global Markets, commented: “Cboe is committed to serving the investing public and providing a variety
of market data service offerings to meet the diverse needs of investors of all sizes. Our new Small Retail Broker Distribution Program is designed with this mission in mind. Catering to small, retail brokers and the individual investors they serve, we believe this program will further democratize access to real-time U.S. equities quote and trade information through lower costs and broader distribution to individual investors.”

In June 2019, Cboe announced a new Lead Market Maker Incentive Program, effective in Q3 2019,
which will incorporate enhanced market quality requirements and reward lead market makers on the Cboe Listed Marketplace for meeting certain quoting obligations and metrics. Lead market makers would potentially receive $10-$200 per product for which they meet the standard requirements and $12.50-$250 per product for which they meet enhanced market quality requirements on a daily basis.

The new program will focus on Cboe’s Listed marketplace for exchange-traded products (ETPs) in its quest to provide a superior trading experience for issuers and investors as quality markets are incentivized to tighten markets and deepen liquidity. Cboe has more than 320 ETPs from over 50
issuers listed on its Cboe Listed Marketplace.