The Cboe BYX Exchange, Inc. (the "Cboe") proposed a rule change introducing the Small Retail Broker Distribution Program to provide discounted fees for small retail broker-dealers and their customers "to ensure cost effective access to its market data products."

The Cboe stated that the program could (i) result in increased access for retail investors to real-time U.S. equity quote and trade information and (ii) allow Cboe to better compete with other markets offering similar data products. Comments on the proposal must be submitted within 21 days of publication in the Federal Register.


Expect significant debate in the coming year over the ownership of trading data and the costs of obtaining access.

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