Cboe U.S. Equities Fee Schedules

Effective October 10, 2024

CAT Fees Schedule

All fees and rebates assessed prior to the three full calendar months before the month in which the Exchange becomes aware of a billing error shall be considered final. Any dispute concerning fees or rebates billed by the Exchange must be submitted to the Exchange in writing and must be accompanied by supporting documentation.

Transaction Fees:

  • Rebates indicated by parentheses ( ).
  • The rates listed in the Standard Rates table apply unless a Member's transaction is assigned a fee code other than a standard fee code. If a Member's transaction is assigned a fee code other than a standard fee code, the rates listed in the Fee Codes table will apply.
  • Footnotes provide further explanatory text or, where annotated to fee codes, indicate variable rate changes, provided the conditions in the footnote are met.
  • Unless otherwise noted, all routing fees or rebates in the Fee Codes and Associated Fees table are for removing liquidity from the destination venue.

Standard Rates:

Category Adding Liquidity Removing Liquidity Routing Liquidity
Securities at or above $1.00 ($0.0016) $0.0030 $0.0030
Securities below $1.00 FREE 0.30% of total dollar value 0.30% of total dollar value
Standard Fee Codes B, V, Y N, W, BB X

Fee Codes and Associated Fees:

Download
Fee CodeDescriptionFee/(Rebate)
10Routed to NYSE Arca, adds liquidity (Tape B) (0.00220)
ARouted to NASDAQ, adds liquidity (0.00150)
AARouted to EDGA using ALLB routing strategy (0.00160)
ACClosing Auction, BZX listed security 0.00100
ALClosing Auction, Late-Limit-On-Close order, BZX listed security 0.00100
ANContinuous Book Order that executed in the Opening or Closing Auction, BZX listed security 0.00060
AOOpening, IPO or Halt Auction, BZX listed security 0.00075
APOpening, IPO or Halt Auction, Late-Limit-On-Open order, BZX listed security 0.00075
AXRouted to EDGX using ALLB routing strategy 0.00300
AYRouted to BYX using ALLB routing strategy (0.00020)
BDisplayed order, adds liquidity to BZX (Tape B) (0.00160)
BARouted to NYSE Arca using Destination Specific routing strategy (Tape B) 0.00270
BBRemoves liquidity from BZX (Tape B) 0.00300
BJRouted to EDGA using TRIM or SLIM routing strategy (0.00160)
BYRouted to BYX using Destination Specific, TRIM or SLIM routing strategy (0.00020)
CLRouted to listing market closing process 0.00100
DRouted to NYSE using Destination Specific or RDOT routing strategy 0.00280
FRouted to NYSE, adds liquidity (0.00150)
GRouted to NYSE Arca using Destination Specific routing strategy (Tapes A or C) 0.00290
HBNon-displayed order, adds liquidity (Tape B) (0.00080)
HINon-displayed order that receives price improvement, adds liquidityFree
HVNon-displayed order, adds liquidity (Tape A) (0.00080)
HYNon-displayed order, adds liquidity (Tape C) (0.00080)
JRouted to NASDAQ using Destination Specific routing strategy 0.00290
MCCboe Market CloseFree
NRemoves liquidity from BZX (Tape C) 0.00300
NARouted to EDGX, NYSE, NYSE Arca or Nasdaq; adds non-displayed liquidityFree
NXRouted to NYSE National using TRIM or SLIM routing strategy (0.00050)
ORouted to listing market opening or re-opening cross 0.00150
OOBZX Opening or Re-opening, non-BZX listed security 0.00050
PRouted to EDGX, adds liquidity (0.00160)
RNRouted to NASDAQ using ROOC routing strategy, adds liquidity (0.00150)
RPNon-displayed order, adds liquidity using Supplemental Peg (0.00080)
RYRouted to BYX, adds liquidity 0.00200
SDirected ISO 0.00330
SWRouted using Parallel T or SWPA routing strategy 0.00330
TVRouted to NASDAQ BX using TRIM or SLIM routing strategy (0.00100)
VDisplayed order, adds liquidity to BZX (Tape A) (0.00160)
VIDisplayed order subject to price sliding that receives price improvement, adds liquidityFree
WRemoves liquidity from BZX (Tape A) 0.00300
XRouted, adds or removes liquidity 0.00300
YDisplayed order, adds liquidity to BZX (Tape C) (0.00160)
ZRouted to a dark liquidity venue (except through SLIM) 0.00280
ZBRetail Order, adds liquidity (Tape B) (0.00320)
ZRRetail Order, removes liquidity 0.00300
ZVRetail Order, adds liquidity (Tape A) (0.00320)
ZYRetail Order, adds liquidity (Tape C) (0.00320)

Definitions:

  • All references to "per share" mean "per share executed."
  • "ADAV" means average daily added volume calculated as the number of shares added per day and "ADV" means average daily volume calculated as the number of shares added or removed, combined, per day. ADAV and ADV are calculated on a monthly basis.
    • The Exchange excludes from its calculation of ADAV and ADV shares added or removed on any day that the Exchange's system experiences a disruption that lasts for more than 60 minutes during regular trading hours ("Exchange System Disruption"), on any day with a scheduled early market close and on the fourth Friday in June (the "Russell Reconstitution Day").
    • Routed shares are not included in ADAV or ADV calculation.
    • With prior notice to the Exchange, a Member may aggregate ADAV or ADV with other Members that control, are controlled by, or are under common control with such Member (as evidenced on such Member's Form BD).
  • "CADV" means consolidated average daily volume calculated as the average daily volume reported for a security by all exchanges and trade reporting facilities to a consolidated transaction reporting plan for the three calendar months preceding the month for which the fees apply and excludes volume on days when the market closes early and on the Russell Reconstitution Day.
  • "Displayed Size Time" means the percentage of time during regular trading hours during which the Member maintains at least 2,500 displayed shares on the bid and separately maintains at least 2,500 displayed shares on the offer that are priced no more than 2% away from the NBB and NBO, respectively.
  • “LEP Securities” means a list of Single-Stock ETFs included in the Liquidity Enhancement Program, the universe of which will be determined by the Exchange and published in a circular distributed to Members and on the Exchange’s website. Such LEP Securities will include all Cboe-listed Single-Stock ETFs, including options-based ETFs in a single underlying equity security, for which the Exchange wants to incentivize Members to provide enhanced market quality. The Exchange will not remove a security from the list of LEP Securities without 30 days prior notice
  • “LMM Securities” means BZX-listed securities for which a Member is an LMM.
  • "LMP Securities" means a list of securities included in the Liquidity Management Program, the universe of which will be determined by the Exchange and published in a circular distributed to Members and on the Exchange's website. Such LMP Securities will include all Cboe-listed ETPs and certain non-Cboe-listed ETPs for which the Exchange wants to incentivize Members to provide enhanced market quality. All Cboe-listed securities will be LMP Securities immediately upon listing on the Exchange. The Exchange will not remove a security from the list of LMP Securities without 30 days prior notice.
  • "NBBO Size Time" means the percentage of time during regular trading hours during which there are size-setting quotes at the NBBO on the Exchange.
  • "NBBO Time" means the average of the percentage of time during regular trading hours during which the Member maintains at least 100 shares at each of the NBB and NBO.
  • “Notional Depth” means the notional value of bids of at least 100 shares that are within $0.05 of the NBB or offers of at least 100 shares that are within $0.05 of the NBO.
  • "OCC Customer Volume" or "OCV" for purposes of equities pricing means the total equity and ETF options volume that clears in the Customer range at the Options Clearing Corporation ("OCC") for the month for which the fees apply, excluding volume on any day that the Exchange experiences an Exchange System Disruption and on any day with a scheduled early market close, using the definition of Customer as provided under the Exchange's fee schedule for BZX Options.
  • "Options Add OCV" for purposes of equities pricing means ADAV as a percentage of OCV, using the definitions of ADAV and OCV as provided under the Exchange's fee schedule for BZX Options.
  • "Options Customer Add OCV" for purposes of equities pricing means ADAV resulting from Customer orders as a percentage of OCV, using the definitions of ADAV, Customer and OCV as provided under the Exchange's fee schedule for BZX Options.
  • "Options Customer Remove OCV" for purposes of equities pricing means ADV resulting from Customer orders that remove liquidity as a percentage of OCV, using the definitions of ADV, Customer and OCV as provided under the Exchange's fee schedule for BZX Options.
  • "Options Market Maker Add OCV" for purposes of equities pricing means ADAV resulting from Market Maker orders as a percentage of OCV, using the definitions of ADAV, Market Maker and OCV as provided under the Exchange's fee schedule for BZX Options.
  • "Options Step-Up Add OCV" for purposes of equities pricing means ADAV as a percentage of OCV in January 2014 subtracted from current ADAV as a percentage of OCV, using the definitions of ADAV and OCV as provided under the Exchange's fee schedule for BZX Options.
  • “Qualified ETP LMM” means an LMM in a BZX-listed ETP or Closed-End Fund security that meets Qualified ETP LMM performance standards set forth in Rule 11.8(e)(1)(E). Such Minimum Performance Standards for Closed-End Funds are defined in Rule 11.8(e)(1)(E)(ii).
  • "Qualified LMM" means an LMM that meets the Minimum Performance Standards, as defined in Rule 11.8(e)(1)(E)(i).
  • "Step-Up ADAV" means ADAV in the relevant baseline month subtracted from current ADAV.
  • "Step-Up ADV" means ADV in the relevant baseline month subtracted from current day ADV.
  • "Step-Up Add TCV" means ADAV as a percentage of TCV in the relevant baseline month subtracted from current ADAV as a percentage of TCV.
  • "Step-Up Remove TCV" means ADV resulting from orders that remove liquidity as a percentage of TCV in the relevant baseline month subtracted from current ADV resulting from orders that remove liquidity as a percentage of TCV.
  • "Tape B Step-Up Add TCV" means ADAV in Tape B securities as a percentage of TCV in the relevant baseline month subtracted from current ADAV in Tape B securities as a percentage of TCV.
  • "TCV" means total consolidated volume calculated as the volume reported by all exchanges and trade reporting facilities to a consolidated transaction reporting plan for the month for which the fees apply.
    • The Exchange excludes from its calculation of TCV volume on any day that the Exchange experiences an Exchange System Disruption, on any day with a scheduled early market close and the Russell Reconstitution Day.

General Notes:

  • Unless otherwise indicated, rebates and charges for adding, removing or routing liquidity are listed as per share rebates and charges.
  • The Exchange notes that to the extent a Member does not qualify for any of the tiers listed below, the rates listed in the above section titled "Fee Codes and Associated Fees" will apply.
  • To the extent a Member qualifies for higher rebates and/or lower fees than those provided by a tier for which such Member qualifies, the higher rebates and/or lower fees shall apply.
  • Unless otherwise indicated, variable rates provided by tiers apply only to executions in securities priced at or above $1.00.
  • Fee codes applicable to orders routed to NYSE Arca will be applied to orders routed to the NYSE or NYSE American where, pursuant to NYSE and NYSE American Rule 49, the NYSE or NYSE American have designated NYSE Arca as their backup facility to receive and process bids and offers and to execute orders on behalf of the NYSE or NYSE American.

Footnotes:

  1. Add/Remove Volume Tiers

    Applicable to the following fee codes: B, V and Y.

    Tier Rebate Per Share to Add Required Criteria
    Tier 1 ($0.0020) Member has an ADAV as a percentage of TCV ≥ 0.05% or Member has an ADAV ≥ 6,000,000
    Tier 2 ($0.0023) Member has an ADAV as a percentage of TCV ≥ 0.20% or Member has an ADAV ≥ 23,000,000
    Tier 3 ($0.0027) Member has an ADAV as a percentage of TCV ≥ 0.30% or Member has an ADAV ≥ 35,000,000
    Tier 4 ($0.0028)
    1. Member is enrolled in at least 50 BZX-listed LMP Securities for which it meets the following criteria for at least 50% of the trading days in the applicable month: (i) Member has an NBBO Time ≥ 15% or an NBBO Size ≥ 25%; and (ii) Member has a Displayed Size Time ≥ 90%; and
    2. Member is enrolled in at least 30 LMM Securities; and
    3. Member has an ADAV as a percentage of TCV ≥ 0.15%.
    Tier 5 ($0.0029) Member has an ADAV as a percentage of TCV ≥ 0.35% or Member has an ADAV ≥ 40,000,000
    Tier 6 ($0.0030) Member has an ADAV as a percentage of TCV ≥ 0.60% or Member has an ADAV ≥ 70,000,000
    Tier 7 ($0.0031) Member has an ADAV as a percentage of TCV ≥ 1.00% or Member has an ADAV ≥ of 115,000,000
    Tier 8 ($0.0031)
    1. Member has an ADAV as a percentage of TCV ≥ 0.40%; and
    2. Member has a Tape C ADV ≥ 1.20% of the Tape C TCV; and
    3. Member has a Remove ADV ≥ 0.40% of the TCV
    Tier 9 ($0.0032)
    1. Member has an ADAV as a percentage of TCV ≥ 0.42%; and
    2. Member has a Tape B ADV ≥ 1.50% of the Tape B TCV; and
    3. Member has a Remove ADV ≥ 0.20% of the TCV

    Applicable to the following fee codes: HB, HV or HY.

    Tier Rebate Per Share to Add Required Criteria
    Non-Displayed Add Volume Tier 1 ($0.0018) Member adds an ADV ≥ 0.06% of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY
    Non-Displayed Add Volume Tier 2 ($0.0020) Member adds an ADV ≥ 0.10% of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY
    Non-Displayed Add Volume Tier 3 ($0.0025) Member adds an ADV ≥ 0.15% of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY
    Non-Displayed Add Volume Tier 4 ($0.0027) Member adds an ADV ≥ 0.20% of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY
    Non-Displayed Add Volume Tier 5* ($0.0027) Member adds a Step-Up ADV from May 2024 ≥ 0.10% of the TCV as Midpoint Peg, Non-Displayed orders that yield fee codes HB, HI, HV or HY.

    * This tier will expire no later than November 30, 2024.

  2. Step-Up Tiers

    Applicable to the following fee codes: B, V and Y.

    Tier Rebate Per Share to Add Required Criteria
    Tier 2 ($0.0032)
    1. MPID has a Step-Up Add TCV from May 2019 ≥ 0.10%; and
    2. MPID has an ADV ≥ 0.50% of the TCV
    Tier 3 ($0.0032)
    1. Member has a Step-Up ADAV from January 2022 ≥ 10,000,000 or Member has a Step-Up Add TCV from January 2022 ≥ 0.10%; and
    2. Member has an ADV ≥ 0.30% of the TCV or Member has an ADV ≥ 35,000,000.
  3. Single MPID Investor Tiers

    Applicable to the following fee codes: B, V and Y.

    Tier Rebate Per Share to Add Required Criteria
    Tier 1
    Tape B: ($0.0032)
    Tapes A & C: ($0.0033)
    1. MPID has an ADAV as a percentage of TCV ≥ 0.45%; or MPID has an ADAV ≥ 45,000,000; and
    2. MPID has an ADAV ≥ 0.05%; of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY
    Tier 2
    Tape B: ($0.0032)
    Tapes A & C: ($0.0033)
    1. MPID removes an ADV ≥ 0.60% of the TCV; and
    2. MPID has an ADAV ≥ 0.05%; of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY
  4. The non-displayed rebate does not apply to Reserve or Discretionary orders.

  5. Remove liquidity from BZX for securities priced below $1.00: 0.30% charge of the total dollar value.

  6. Add liquidity to BZX for securities priced below $1.00: no charge or rebate.

  7. Add or remove liquidity in securities priced below $1.00 for Parallel D, Parallel 2D, ROUT, ROUX, and Post to Away routed executions: 0.30% charge of the total dollar value.

  8. Remove liquidity in securities priced below $1.00 for Parallel T and SWPA routed executions: 0.33% charge of the total dollar value.

  9. Add liquidity in securities priced below $1.00 for RDOT and Post to Away routed executions: no charge or rebate.

  10. For securities priced below $1.00: no charge or rebate.

  11. Reserved

  12. Tape B Volume and Quoting Tiers

    Applicable to the following fee code: B.

    Tier Additional Rebate Per Share to Add Required Criteria
    LMP Tier 1 ($0.0001)

    Member is enrolled in at least 50 BZX-listed LMP Securities, for which it meets the following criteria for at least 50% of the trading days in the applicable month:

    1. Member has a NBBO Time ≥ 15% or a NBBO Size Time ≥ 25%; and
    2. Member has a Displayed Size Time ≥ 90%
    LMP Tier 2 ($0.0002)

    (i) Member is enrolled in at least 100 BZX-listed LMP Securities for which it meets the following criteria for at least 50% of the trading days in the applicable month:

    1. Member has a NBBO Time ≥ 15% or a NBBO Size Time ≥ 25%; and
    2. Member has a Displayed Size Time ≥ 90%; and

    (ii) Member adds a Tape B ADV ≥ 1.50% of the Tape B TCV

    Applicable to the following fee code: B.

    Tier Rebate Per Share to Add Required Criteria
    LEP Tier 1 ($0.0025)

    (i) Member is enrolled in at least 5 BZX-listed LEP Securities, for which it meets the following criteria for at least 75% of the trading days in the applicable month:

    1. Member has NBBO Time ≥ 20%; and
    2. Member has bids and offers with a Notional Depth of $75,000 on each side for at least 90% of the trading day; and
    3. The difference in the NBB and NBO spread for each LEP Security is no wider than 0.50% for at least 95% of the trading day.
  13. Lead Market Maker ("LMM") Pricing

    (A) Corporate LMM Liquidity Provision Rates

    Qualified LMMs in BZX-listed primary equity securities (“Corporate Securities”) are eligible to receive the Corporate LMM Add Liquidity Rebate for such Corporate Securities for a calendar month on a security-by-security basis. For each calendar month the Qualified LMM will receive a rebate of $0.0030 per share.

    (B) ETP and Closed-End Fund LMM Liquidity Provision Rates:

    (i) Standard Rates. LMMs in BZX-listed ETP and Closed-End Fund securities (“ETP LMMs”) will receive the following rates on a daily basis per security for which the LMM is a Qualified ETP LMM (a “Qualified ETP Security”) based on the average aggregate daily auction volume of the BZX-listed securities for which the Member is the ETP LMM (“ETP LMM Securities”):

    Average Aggregate Daily Auction Volume in ETP LMM Securities
    0-10,000 10,001-100,000 100,001-500,000 500,001-1,000,000 1,000,001 or greater
    Daily Incentive for each Qualified ETP Security 1-5 $10 $25 $40 $50 $100
    Daily Incentive for each Qualified ETP Security 6-25 $10 $25 $25 $30 $70
    Daily Incentive for each Qualified ETP Security 26-50 $10 $10 $20 $25 $50
    Daily Incentive for each Qualified ETP Security 51-100 $10 $10 $15 $20 $25
    Daily Incentive for each Qualified ETP Security Greater Than 100 $10 $10 $15 $15 $20

    (ii) Enhanced Rates. LMMs in BZX-listed ETP and Closed-End Fund securities will receive the following rates on a daily basis per Qualified ETP Security for which they also meet certain enhanced market quality standards (an “Enhanced ETP Security”) in addition to the Standard Rates above:

    Average Aggregate Daily Auction Volume in ETP LMM Securities
    0-10,000 10,001-100,000 100,001-500,000 500,001-1,000,000 1,000,001 or greater
    Daily Incentive for each Enhanced ETP Security 1-5 $3 $7.50 $12 $15 $30
    Daily Incentive for each Enhanced ETP Security 6-25 $3 $7.50 $7.50 $9 $21
    Daily Incentive for each Enhanced ETP Security 26-50 $3 $3 $6 $7.50 $15
    Daily Incentive for each Enhanced ETP Security 51-100 $3 $3 $4.50 $6 $7.50
    Daily Incentive for each Enhanced ETP Security Greater Than 100 $3 $3 $4.50 $4.50 $6

    (C) ETP and Closed-End Fund LMM Add Liquidity Rebate

    ETP LMMs, as defined in paragraph (B)(i) above, in BZX-listed securities that have a CADV ≥ 1,000,000 (an “ALR Security”) are eligible to receive the ETP LMM Add Liquidity Rebate for such ALR Securities for a calendar month on a security-by-security basis. For each calendar month in which an ETP LMM is a Qualified ETP LMM in an ALR Security, the ETP LMM will receive the greater of an enhanced rebate of $0.0039 per share (instead of any other applicable rebate for transactions in the ALR Security) or the ETP LMM Liquidity Provision Rates described above that would otherwise apply for the ETP LMM in the applicable ALR Security. ETP LMMs in an ALR Security remain eligible to achieve other incentives and tiers unless otherwise explicitly excluded.

    (D) LMM Closing Auction Rates:

    Applicable to the following fee codes: AC and AL.

    LMMs in BZX-listed securities will transact for free in the Closing Auction in their LMM Securities.

    (E) LMM Add Volume Tiers:

    LMMs in BZX-listed securities will receive the following additional rebate when adding displayed liquidity:

    Applicable to the following fee codes: B, V, and Y

    Tier Additional Rebate Per Share to Add Required Criteria
    LMM Add Volume Tier 1 ($0.0001)
    1. Member has an ADAV ≥ 0.20% of the TCV;
    2. Member has an Average Aggregate Daily Auction Volume in LMM Securities ≥ 500,000; and
    3. Member is enrolled in at least 75 LMM Securities

    Applicable to the following fee codes: V and HV

    Tier Additional Rebate Per Share to Add (including securities priced below $1.00) Required Criteria
    LMM Add Volume Tier 2 ($0.0006)
    1. Member is enrolled in at least 50 LMM Securities; and
    2. Member has a Tape A ADAV ≥ 0.20% of the Tape A TCV

    Applicable to the following fee codes: B and HB

    Tier Additional Rebate Per Share to Add (including securities priced below $1.00) Required Criteria
    LMM Add Volume Tier 3 ($0.0003)
    1. Member is enrolled in at least 50 LMM Securities; and
    2. Member has a Tape B ADAV ≥ 0.35% of the Tape B TCV

    Applicable to the following fee codes: Y and HY

    Tier Additional Rebate Per Share to Add (including securities priced below $1.00) Required Criteria
    LMM Add Volume Tier 4 ($0.0006)
    1. Member is enrolled in at least 50 LMM Securities; and
    2. Member has a Tape C ADAV ≥ 0.20% of the Tape C TCV
  14. Remove liquidity from EDGA using ALLB routing strategy for securities priced below $1.00: no charge or rebate.

  15. Remove liquidity from EDGX using ALLB routing strategy for securities priced below $1.00: 0.30% charge of the total dollar value.

  16. Remove liquidity from BYX using ALLB routing strategy for securities priced below $1.00: 0.10% charge of the total dollar value.

  17. For securities priced below $1.00: 0.30% charge of the total dollar value.

  18. Add liquidity to BZX for securities priced below $1.00: FREE.

  19. Reserved

Match Capacity Fees:

Allocation of 5,000 messages per second: $550 per month per allocation

  • Match capacity fees are assessed based on capacity (i.e., messages per second) requested for order entry in the primary data center. No fee will be assessed for redundant capacity in the secondary data center.
  • New requests will be prorated for the first month of service. Cancellation requests are billed in full month increments as firms are required to pay for the service for the remainder of the month, unless the session is terminated within the first month of service.

Purge and Market Data Logical Port Fees:

Service Fee
Purge Ports $650/port/month
Multicast PITCH Spin Server $550/set of primary (A or C feed)
Multicast PITCH GRP Ports $550/primary (A or C feed)
Other Logical Ports* $550/port/month
Certification Logical Ports $250/port/month

* Other Logical Ports includes: Cboe Auction Feed Ports, FIXDROP Ports, Order Drop Ports, Last Sale Ports, PITCH Ports, and TOP Ports.

  • Purge and market data logical port fees are limited to logical ports within the primary data center. No fee will be assessed for redundant secondary data center ports.
  • Multicast PITCH is available through one of two primary feeds, either the A or C feed. All secondary feed Multicast PITCH Spin Server and GRP Ports are provided for redundancy at no additional cost.
  • New requests will be prorated for the first month of service, except for Certification Logical Ports. Cancellation requests are billed in full month increments as firms are required to pay for the service for the remainder of the month, unless the session is terminated within the first month of service.
  • Users will be entitled to receive one Certification Logical Port free of charge per each logical port type.

Dedicated Cores:

Tier Quantity Fee Per Dedicated Core
1 1 - 2 Dedicated Cores $0/month
2 3 - 15 Dedicated Cores $650/month
3 16 - 30 Dedicated Cores $850/month
4 31 - 80 Dedicated Cores $1,050/month
Note: Members will be limited to 80 Dedicated Cores and Sponsoring Members will be limited to 35 Dedicated Cores for each of their Sponsored Access relationships. Dedicated Core Fees are progressive. For example, a firm that chooses to purchase 16 Dedicated Cores will be assessed a total monthly fee of $9,300 (i.e., $0 x 2 Dedicated Cores, $650 x 13 Dedicated Cores, and $850 x 1 Dedicated Core). The monthly fees are assessed and applied in their entirety and are not prorated.

Physical Connectivity Fees:

Service Fee per Physical Port
1Gb physical port $2,500/month
10Gb physical port $8,500/month
1Gb physical port (Disaster Recovery) $2,000/month
10Gb physical port (Disaster Recovery) $6,000/month
  • A Member that is a registered Lead Market Maker shall have Physical Connectivity Fees waived for a single 1 Gb physical port that is connected solely to the BZX Equities Disaster Recovery data center for the first twelve months following the Member establishing such physical connectivity.

Note: The Exchange will pass-through in full any fees or costs in excess of $1,000.00 incurred by the Exchange to complete a cross-connect.

Market Data Fees:

Definitions

  • A Distributor of an Exchange Market Data product is any entity that receives the Exchange Market Data product directly from the Exchange or indirectly through another entity and then distributes it internally or externally to a third party.
  • An Internal Distributor of an Exchange Market Data product is a Distributor that receives the Exchange Market Data product and then distributes that data to one or more Users within the Distributor's own entity.
  • An External Distributor of an Exchange Market Data product is a Distributor that receives the Exchange Market Data product and then distributes that data to a third party or one or more Users outside the Distributor's own entity.
  • A User of an Exchange Market Data product is a natural person, a proprietorship, corporation, partnership, or entity, or device (computer or other automated service), that is entitled to receive Exchange data.
  • A "Non-Professional User" of an Exchange Market Data product is a natural person or qualifying trust that uses Data only for personal purposes and not for any commercial purpose and, for a natural person who works in the United States, is not: (i) registered or qualified in any capacity with the Securities and Exchange Commission, the Commodities Futures Trading Commission, any state securities agency, any securities exchange or association, or any commodities or futures contract market or association; (ii) engaged as an "investment adviser" as that term is defined in Section 202(a)(11) of the Investment Advisors Act of 1940 (whether or not registered or qualified under that Act); or (iii) employed by a bank or other organization exempt from registration under federal or state securities laws to perform functions that would require registration or qualification if such functions were performed for an organization not so exempt; or, for a natural person who works outside of the United States, does not perform the same functions as would disqualify such person as a Non-Professional User if he or she worked in the United States.
  • A Professional User of an Exchange Market Data product is any User other than a Non-Professional User.
  • Non-Display Usage means any method of accessing a Market Data product that involves access or use by a machine or automated device without access or use of a display by a natural person or persons.
  • A Trading Platform is any execution platform operated as or by a registered National Securities Exchange (as defined in Section 3(a)(1) of the Exchange Act), an Alternative Trading System (as defined in Rule 300(a) of Regulation ATS), or an Electronic Communications Network (as defined in Rule 600(b)(23) of Regulation NMS).
  • A Managed Non-Display Service Provider is a Distributor that host a subscriber's applications that utilizes a Market Data Product within the Managed Non-Display Service Provider's space/cage; fully manages and controls access to the Market Data Product, and does not permit further redistribution of the Market Data Product internally or externally.
  • An “API Service” is a type of data feed distribution in which a Distributor delivers an API or similar distribution mechanism to a third-party entity for use within one or more platforms. The service allows Distributors to provide Derived Data to a third-party entity for use within one or more downstream platforms that are operated and maintained by the third-party entity. The Distributor maintains control of the entitlements, but does not maintain technical control of the usage or the display.
  • A “Platform Service” is a type of hosted display solution in which a Distributor provides derivative products to Platform Service Data Users within their infrastructure. The service allows Distributors to make Derived Data available as part of a platform, providing users remote access to derivative products based in whole or in part on Exchange Data.
  • A "White Label Service" is a type of hosted display solution in which a Distributor hosts or maintains a website or platform on behalf of a third-party entity. The service allows Distributors to make Derived Data available on a platform that is branded with a third-party brand, or co-branded with a third party and a Distributor. The Distributor maintains control of the application's data, entitlements and display.
  • "Derived Data" is pricing data or other data that (i) is created in whole or in part from Exchange Data, (ii) is not an index or financial product, and (iii) cannot be readily reverse-engineered to recreate Exchange Data or used to create other data that is a reasonable facsimile or substitute for Exchange Data.

Trial Usage:

First-time Users and Distributors are eligible for a free trial and will not be charged any applicable fees for 30 days for each of the real-time market data products listed on this Fee Schedule (“Product”). A first-time User would be any User that has not previously subscribed to a particular Product. A first-time Distributor would be any firm that has not previously distributed, internally or externally, a particular Product. The free trial would be for the 30 days starting on the date a User or Distributor is approved to receive trial access to Exchange market data. The Exchange will provide the 30-day free trial for each particular product to each User or Distributor once.

BZX Depth:

Delivery Fee
Internal Distributor $1,500/month
External Distributor $5,000/month
Non-Display Usage not by Trading Platforms* $2,000/month
Non-Display Usage by Trading Platforms** $5,000/month
Professional User Fee $40.00/month
Non-Professional User Fee $5.00/month
Enterprise Fee*** $100,000/month

* Subscribers that use an Exchange approved Managed Non-Display Service Provider would be exempt from proposed Non-Display Usage Fee. In order to qualify for the exemption, the subscriber must meet the following requirements: (i) any subscriber applications that utilize BZX Depth must be hosted within the Managed Non-Display Service Provider's space/cage; (ii) the subscriber's access to BZX Depth is fully managed and controlled by the Managed Non-Display Service Provider, and no further redistribution of the Exchange Data internally or externally is permitted; and (iii) the subscriber is supported solely by one Managed Non-Display Service Provider, is not hosted by multiple Managed Non-Display Service Providers, and does not have their own data center-hosted environment that also receives BZX Depth.

** Fee is charged per subscriber that uses the data within a Trading Platform. The fee represents the maximum charge per subscriber regardless of the number of Trading Platforms operated by the subscriber that receives the data for Non-Display Usage.

*** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive the BZX Depth Feed from a Distributor for distribution to an unlimited number of Professional and Non-Professional Users. A recipient firm must pay a separate Enterprise Fee for each Distributor that controls the display of the BZX Depth Feed if it wishes such User to be covered by the Enterprise Fee. The Enterprise Fee is in addition to the Distributor Fee.

BZX Summary Depth:

Internal Distribution

Distribution Fee $5,000/month
Professional User Fee $0/month
Non-Professional User Fee $0/month

External Distribution

Distribution Fee $5,000/month*
Professional User Fee** $5.00/month
Non-Professional User Fee** $0.15/month
Enterprise Fee*** $30,000/month
Digital Media Enterprise Fee**** $7,500/month

* New External Distributor Credit. New External Distributors of the BZX Summary Depth Feed will not be charged an External Distributor Fee for their first three (3) months in order to allow them to enlist new Users to receive the BZX Summary Depth Feed.

** Each External Distributor will be eligible to receive a credit against its monthly Distributor Fee for the BZX Summary Depth Feed equal to the amount of its monthly User Fees up to a maximum of the External Distributor Fee for the BZX Summary Depth Feed.

*** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive the BZX Summary Depth Feed from an External Distributor for distribution to an unlimited number of Professional and Non-Professional Users. A recipient firm must pay a separate Enterprise Fee for each External Distributor that controls the display of the BZX Summary Depth Feed if it wishes such User to be covered by the Enterprise Fee. The Enterprise Fee is in addition to the Distributor Fee.

**** As an alternative to User fees, a recipient firm may purchase a monthly Digital Media Enterprise license to receive the BZX Summary Depth Feed from an External Distributor for distribution to an unlimited number of Users for viewing via television, websites, and mobile devices for informational and non-trading purposes only.

BZX Book Viewer:*

Internal Distribution

Distribution Fee $1,000/month
Professional User Fee $0/month
Non-Professional User Fee $0/month

External Distribution

Distribution Fee $5,000/month
Professional User Fee** $6.00/month
Non-Professional User Fee** $0.15/month
Enterprise Fee*** $40,000/month
Digital Media Enterprise Fee**** $10,000/month

* Fees applicable for distribution other than viewing via this website.

** Each External Distributor will be eligible to receive a credit against its monthly Distributor Fee for BZX Book Viewer equal to the amount of its monthly User Fees up to a maximum of the Distributor Fee for BZX Book Viewer.

*** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive BZX Book Viewer from an External Distributor for distribution to an unlimited number of Professional and Non-Professional Users. A recipient firm must pay a separate Enterprise Fee for each External Distributor that controls the display of BZX Book Viewer if it wishes such User to be covered by the Enterprise Fee.

**** As an alternative to User fees, a recipient firm may purchase a monthly Digital Media Enterprise license to receive BZX Book Viewer from an External Distributor for distribution to an unlimited number of Users for viewing via television, websites, and mobile devices for informational and non-trading purposes only.

BZX Top:

Internal Distribution

Distribution Fee $750/month
Professional User Fee $4/month
Non-Professional User Fee $0/month

External Distribution

Distribution Fee $2,500/month*
Professional User Fee** $4.00/month
Non-Professional User Fee** $0.10/month
Enterprise Fee*** $15,000/month
Digital Media Enterprise Fee**** $2,500/month

Subscribers to BZX Top may also receive, upon request and at no additional charge, access to BZX Last Sale (as described in Rule 11.22(g)).

* New External Distributor Credit. New External Distributors of BZX Top will not be charged an External Distributor Fee for their first one (1) month.

** Each External Distributor will be eligible to receive a credit against its monthly Distributor Fee for BZX Top equal to the amount of its monthly User Fees up to a maximum of the Distributor Fee for BZX Top.

*** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive BZX Top from an External Distributor for distribution to an unlimited number of Professional and Non-Professional Users. A recipient firm must pay a separate Enterprise Fee for each External Distributor that controls the display of BZX Top if it wishes such User to be covered by the Enterprise Fee.

**** As an alternative to User fees, a recipient firm may purchase a monthly Digital Media Enterprise license to receive BZX Top from an External Distributor for distribution to an unlimited number of Users for viewing via television, websites, and mobile devices for informational and non-trading purposes only.

Financial Product Distribution Program:*

BZX Top Derived Data White Label Service:

External Subscriber Fee** 1-5 External Subscribers $300 / month / External Subscriber
6-10 External Subscribers $250 / month / External Subscriber
11+ External Subscribers $200 / month / External Subscriber
Professional User Fee $4.00 / month
Non-Professional User Fee $0 / month

BZX Top Derived Data API Service:

External Subscriber Fee*** 1-5 External Subscribers $2,500 / month / External Subscriber
6-20 External Subscribers $2,000 / month / External Subscriber
21+ External Subscribers $1,500 / month / External Subscriber
Professional User Fee $4.00 / month
Non-Professional User Fee $0 / month

Cboe One Summary Derived Data White Label Service:

External Subscriber Fee 1-5 External Subscribers $1,000 / month / External Subscriber
6-10 External Subscribers $750 / month / External Subscriber
11+ External Subscribers $500 / month / External Subscriber
Professional User Fee $10.00 / month
Non-Professional User Fee $0 / month

Cboe One Summary Derived Data API Service:

External Subscriber Fee*** 1-5 External Subscribers $3,000 / month / External Subscriber
6-20 External Subscribers $2,500 / month / External Subscriber
21+ External Subscribers $2,000 / month / External Subscriber
Professional User Fee $10.00 / month
Non-Professional User Fee $0 / month

Derived Data Platform Service

A Distributor that provides derivative products based on BZX Top or Cboe One Summary through an approved Derived Data Platform Service will be subject to the normal external distribution fees applicable for the distribution of BZX Top or Cboe One Summary except that they will not be subject to the Non-Professional User fees normally applicable for the distribution of BZX Top or Cboe One Summary. For Cboe One Summary, the Data Consolidation fee will also apply.

* A Distributor that provides a White Label Service, API Service, or Platform Service for Derived Data taken from BZX Top or Cboe One Summary is liable for these fees instead of the fees normally applicable for the distribution of BZX Top or Cboe One Summary. A Distributor that provides a White Label Service, API Service, or Platform Service for BZX Top or Cboe One Summary data that is not Derived Data or distributes Derived Data through a platform other than an approved White Label Service, API Service, or Platform Service would be liable for the fees normally applicable for the distribution of BZX Top or Cboe One Summary.

** The External Subscriber Fee is non-progressive and is based on the number of White Label Service Platforms (i.e., "External Subscribers") that receive Derived Data from the Distributor. For example, a Distributor providing Derived Data based on BZX Top to six External Subscribers that are White Label Service Platforms would be charged a monthly fee of $1,500 (i.e., 6 External Subscribers x $250 each). Similarly, a Distributor providing Derived Data based on Cboe One Summary to six External Subscribers that are White Label Service Platforms would be charged a monthly fee of $4,500 (i.e., 6 External Subscribers x $750 each).

*** The External Subscriber Fee is non-progressive and is based on the number of API Service Platforms (i.e., "External Subscribers") that receive Derived Data from the Distributor. For example, a Distributor providing Derived Data based on BZX Top to six External Subscribers that are API Service Platforms would be charged a monthly fee of $12,000 (i.e., 6 External Subscribers x $2,000 each). Similarly, a Distributor providing Derived Data based on Cboe One Summary to six External Subscribers that are API Service Platforms would be charged a monthly fee of $15,000 (i.e., 6 External Subscribers x $2,500 each).

BZX Last Sale:

Internal Distribution

Distribution Fee $500/month
Professional User Fee $0/month
Non-Professional User Fee $0/month

External Distribution

Distribution Fee $2,500/month*
Professional User Fee** $4.00/month
Non-Professional User Fee** $0.10/month
Enterprise Fee*** $15,000/month
Digital Media Enterprise Fee**** $2,500/month

Subscribers to BZX Last Sale may also receive, upon request and at no additional charge, access to BZX Top (as described in Rule 11.22(d)).

*New External Distributor Credit. New External Distributors of BZX Last Sale will not be charged an External Distributor Fee for their first one (1) month.

** Each External Distributor will be eligible to receive a credit against its monthly Distributor Fee for BZX Last Sale equal to the amount of its monthly User Fees up to a maximum of the Distributor Fee for BZX Last Sale.

*** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive BZX Last Sale from an External Distributor for distribution to an unlimited number of Professional and Non-Professional Users. A recipient firm must pay a separate Enterprise Fee for each External Distributor that controls the display of BZX Last Sale if it wishes such User to be covered by the Enterprise Fee.

**** As an alternative to User fees, a recipient firm may purchase a monthly Digital Media Enterprise license to receive BZX Last Sale from an External Distributor for distribution to an unlimited number of Users for viewing via television, websites, and mobile devices for informational and non-trading purposes only.

BZX Historical Top or Historical Last Sale Data:

Delivery (Internal Use Only) Fee (per data product)
Per Month of Access Data $500

BZX Historical Depth Data:

Delivery (Internal Use Only) Fee (per data product)
Per Month of Access Data $1,000

Cboe One FeedSM:

Internal Distribution

  Cboe One Summary Cboe One Premium
Distribution Fee $1,500/month $15,000/month
Professional User Fee $10.00/month $0/month
Non-Professional User Fee $0.25/month $0/month
Enterprise Fee $50,000/month N/A

External Distribution****

  Cboe One Summary****** Cboe One Premium
Distribution Fee $5,000/month* $12,500/month*
Professional User Fee** $10/month $15/month
Non-Professional User Fee** $0.25/month $0.50/month
Enterprise Fee*** $50,000/month $100,000/month
Digital Media Enterprise Fee***** $15,000/month $25,000/month

*New External Distributor Credit. New External Distributors of the Cboe One Summary Feed will not be charged an External Distributor Fee for their first one (1) month in order to allow them to enlist new Users to receive the Cboe One Summary Feed. New External Distributors of the Cboe One Premium Feed will not be charged an External Distributor Fee for their first three (3) months in order to allow them to enlist new Users to receive the Cboe One Premium Feed.

**Each External Distributor will be eligible to receive a credit against its monthly Distributor Fee for the Cboe One Feed equal to the amount of its monthly User Fees up to a maximum of the Distributor Fee for the Cboe One Feed.

***As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive the Cboe One Feed from a Distributor for distribution to an unlimited number of Professional and Non-Professional Users. A recipient firm must pay a separate Enterprise Fee for each Distributor that controls the display of the Cboe One Feed if it wishes such User to be covered by the Enterprise Fee.

****Data Consolidation Fee. $1,000/month

*****As an alternative to User fees, a recipient firm may purchase a monthly Digital Media Enterprise license to receive the Cboe One Feed from an External Distributor for distribution to an unlimited number of Users for viewing via television, websites, and mobile devices for informational and non-trading purposes only.

******Small Retail Broker Distribution Program. External Distributors of the Cboe One Summary Feed that meet the following criteria will be charged a Distribution Fee of $3,500/month and a Data Consolidation Fee of $350/month:

  • Distributor is a broker-dealer distributing Cboe One Summary Data to Non-Professional Data Users with whom the broker-dealer has a brokerage relationship.
  • At least 90% of the Distributor's total subscriber population must consist of Non-Professional subscribers, inclusive of any subscribers not receiving Cboe One Summary Data.
  • Distributor distributes Cboe One Summary Data to no more than 5,000 Non-Professional Data Users.

US Equity Short Volume & Trades Report*

Delivery Fee
Monthly Fee per Internal Distributor $750
Monthly Fee per External Distributor $1,250
Fee per Month of Historical Data** $500

*The US Equity Short Volume & Trades Report is available for purchase on a monthly basis or on an annual basis. A User of the US Equity Short Volume & Trades Report will receive access to the end-of-day report beginning on the date of subscription and will receive the end-of-month report for the subscription month on the last business day of the month during which the User subscribed.

**The US Equity Short Volume & Trades Report provided on a historical basis is only for display use redistribution. Users who subscribe on an annual basis will receive 12 months of historical data included at no extra charge. Users who subscribe on a monthly basis would have the option of purchasing historical data on a per month basis. From JOctober 10, 2024 through December 31, 2024, any single purchase of historical data totaling $20,000 or more will receive a 20% discount. This discount cannot be combined with any other discount offered by the Exchange.

Cboe Connect:

Market Data Connectivity*:

Data Feed Fee Per Month
UQDF/UTDF/OMDF $1,200
CQS/CTS $1,400
OPRA $4,500
Nasdaq Glimpse $250
Nasdaq TotalView $1,500
Nasdaq BX TotalView $1,000
Nasdaq PSX TotalView $750
NYSE OpenBook Ultra $1,750
NYSE Integrated $14,500
NYSE ArcaBook $1,250
NYSE ArcaBook Refresh $250
NYSE American OpenBook Ultra $500
NYSE Alerts $500
NYSE American Alerts $500
NYSE Imbalances $500
NYSE American Imbalances $1,000
NYSE Trades $500
NYSE Arca Trades $500
NYSE American Trades $1,000
BBDS/TDDS $500
U.S. Equity Select + SIP Bundle (40% Discount)** $5,910
OPRA + SIP Bundle (10% Discount)*** $6,390
BZX/BYX/EDGX/EDGA FREE

* Fee covers both A and B feeds (over independent cross-connects) and is for connectivity only.

** U.S. Equity Select + SIP Bundle includes the following market data products: UQDF/UTDF/OMDF, CQS/CTS, Nasdaq TotalView, Nasdaq BX TotalView, Nasdaq PSX TotalView, NYSE OpenBook Ultra, NYSE ArcaBook, NYSE American OpenBook Ultra, and BBDS/TDDS.

*** OPRA + SIP Bundle includes the following market data products: OPRA, UQDF/UTDF/OMDF, and CQS/CTS.

Firms are required to pay any exchange related data fees directly to that exchange.

Unicast Access Order Entry:

Bandwidth Fee Per Month
1Mb $500
5Mb $1,000
10Mb $1,250
25Mb $1,500
50Mb $2,500
100Mb $3,500

The Unicast Access Order Entry fee shall not be charged for bandwidth required to access BZX, BYX, EDGA, EDGX, BZX Options, and EDGX Options.

Membership Fees:

Description Fee
Annual Membership $2,500/year

Note: If a Member is pending a voluntary termination of rights as a Member pursuant to Rule 2.8 prior to the date any Annual Membership Fee for a given year will be assessed (i.e., January 1, 2015) and the Member does not utilize the facilities of the Exchange while such voluntary termination of rights is pending, then the Member will not be obligated to pay the Annual Membership Fee.

Market Participant Identifier (“MPID”) Fees:

Description Fee
Monthly Fee per MPID per Member $450

A Member’s first MPID is provided free of charge.

MPID Fees for additional MPIDs are prorated for the first month during which the MPID becomes effective. If an MPID is cancelled on or after the first business day of the month, the Member is required to pay the entire MPID Fee for that month.

Cboe Premium Exchange Tools

Description Fee
Monthly Fee per User Login $65

Short Interest Report*

Delivery Fee
Monthly Fee - Access $250 Monthly Fee -Access (Historical Data) $250 Monthly Fee per Internal Distributor $500 Monthly Fee Internal Distributor (Historical Data) $500 Monthly Fee per External Distributor** $750 Monthly Fee External Distributor (Historical Data) $750

*The Short Interest Report is available for purchase on a monthly basis or on an annual basis.

**The Short Interest Report provided for External Distribution is only for display use redistribution.