Cboe Exchange's New 'Retail Broker' Definition and Pricing for Complex Order Book Data
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This notice establishes a new 'Retail Broker' definition and updates the pricing structure for Cboe Exchange's Complex Order Book data feed. The changes aim to encourage retail brokers to utilize this data by providing a definition for Retail Brokers and introducing a waiver program that offers temporary fee reductions. These updates affect retail brokers who distribute data to non-professional users and provide cost-saving options through an enterprise license.
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Key Changes
- Introduction of a new 'Retail Broker' definition
- Updated pricing structure for the Complex Order Book data feed
- Implementation of a waiver program for fee reduction
Obligations
What this law requires
Retail Brokers must attest annually that at least 90% of their total subscriber population consists of Non-Professional Users.
Distributors must attest annually that at least 90% of their total subscriber population consists of Non-Professional Users to qualify as a 'Retail Broker.'
Distributors must pay a separate Enterprise Fee for each entity they control that uses the C1 COB Data Feed.
Distributors enrolling in the C1 COB Retail Broker Waiver Program must not have been an External Distributor of the C1 COB Data Feed within the past 18 months.
Retail Brokers must qualify for the C1 COB Retail Broker Waiver Program by not having been an External Distributor for the C1 COB Data Feed within the past 18 months.