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