Cboe U.S. Options Fee Schedules
Effective October 28, 2024
CAT Fees ScheduleAll 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.
Standard Rates:
Penny Program Securities | Non-Penny Program Securities | |||||||
---|---|---|---|---|---|---|---|---|
Add | Remove | Add | Remove | |||||
Code | Rates | Code | Rates | Code | Rates | Code | Rates | |
Customer | PY |
|
PC |
|
NY |
|
NC | $0.85 |
Professional | PA |
|
PP |
|
NA | ($0.65) | NP |
|
Firm/BD/JBO | PF |
|
PD |
|
NF |
|
||
Market Maker | PM |
|
PP |
|
NM |
|
||
Away Market Maker | PN |
|
NN |
|
Fee Codes and Associated Fees:
Fee Code | Description | Fee/(Rebate) |
---|---|---|
BC | Adds or removes liquidity (Customer), RUT | 0.15 |
BM | Adds or removes liquidity (MM), RUT | 0.35 |
BN | Adds or removes liquidity (Non-Customer/Non-MM), RUT | 0.55 |
BO | Trades on the Open, RUT | Free |
GC | Routed (Customer), RUT | 0.85 |
GM | Routed (MM), RUT | 1.05 |
GN | Routed (Non-Customer/Non-MM), RUT | 1.25 |
GO | Routed at the Open, RUT | Free |
NA | Adds liquidity (Pro), Non-Penny | (0.65) |
NC | Removes liquidity (Customer), Non-Penny | 0.85 |
NF | Adds liquidity (Firm/BD/JBO), Non-Penny | (0.30) |
NM | Adds liquidity (MM), Non-Penny | (0.40) |
NN | Adds liquidity (Away MM), Non-Penny | (0.30) |
NP | Removes liquidity (Non-Customer), Non-Penny | 1.15 |
NY | Adds liquidity (Customer), Non-Penny | (1.05) |
OO | BZX Options Opening | Free |
PA | Adds liquidity (Pro), Penny Program | (0.25) |
PC | Removes liquidity (Customer) Penny Program | 0.45 |
PD | Removes liquidity (Firm/BD/JBO), Penny Program | 0.48 |
PF | Adds liquidity (Firm/BD/JBO), Penny Program | (0.26) |
PM | Adds liquidity (MM), Penny Program | (0.29) |
PN | Adds liquidity (Away MM), Penny Program | (0.26) |
PP | Removes liquidity (MM, AwayMM, Professional), Penny Program | 0.50 |
PY | Adds liquidity (Customer), Penny Program | (0.25) |
RN | Routed (Non-Customer), Penny Program | 0.90 |
RO | Routed (Non-Customer), Non-Penny | 1.25 |
RP | Routed (Customer) to AMEX, BOX, Cboe, EDGX, MIAX, SPHR or PHLX (excl SPY to PHLX) | 0.25 |
RQ | Routed (Customer) to ARCA, BX, C2, ISE, GMNI, MERC,EMLD, PERL, NOM, or MEMX, Penny Program (incl SPY to PHLX) | 0.85 |
RR | Routed (Customer) to ARCA, BX, C2, ISE, GMNI, MERC,EMLD, PERL, NOM or MEMX, Non-Penny | 1.25 |
Definitions:
- All references to "per contract" mean "per contract executed".
- "ADAV" means average daily added volume calculated as the number of contracts added, “ADRV” means average daily removed volume calculated as the number of contracts removed, and "ADV" means average daily volume calculated as the number of contracts added or removed, combined, per day.
- ADAV, ADRV and ADV are calculated on a monthly basis, excluding contracts 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") and on any day with a scheduled early market close.
- Routed contracts are not included in ADAV, ADRV or ADV calculation.
- With prior notice to the Exchange, a Member may aggregate ADAV, ADRV or ADV with other Members that control, are controlled by, or are under common control with such Member or who have been appointed as an Appointed OEF or Appointed MM.
-
An "Appointed MM" is a Market Maker who has been appointed by an OEF and an "Appointed OEF" is an OEF who has been appointed by a Market Maker as set forth below.
- Designating an Appointed OEF/Appointed MM: A Market Maker appoints an OEF and an OEF appoints a Market Maker, for the purposes of the Fee Schedule, by each completing and sending an executed Volume Aggregation and Volume Details Request form by email to [email protected]. Transmittal of the executed form to the Exchange will be viewed as acceptance of the appointment. The Exchange will recognize one such designation for each party. A party may make a designation not more than once every 12 months, which designation shall remain in effect unless or until the Exchange receives written notice from either party indicating that the appointment has been terminated.
- “Away Market Maker” applies to any order for the account of a market maker on another options exchange.
- “Broker Dealer” applies to any order for the account of a broker dealer, including a foreign broker dealer.
- “Customer” applies to any order for the account of a Priority Customer.
- “Firm” applies to any order for the proprietary account of an OCC clearing member.
- “Joint Back Office” applies to any order for a joint back office account.
- “Market Maker” applies to any order for the account of a registered Market Maker.
- "Non-Customer" applies to any transaction that is not a Customer order.
- "OCC Customer Volume" or "OCV" 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.
- "OEF" means Order Entry Firm as defined in Rule 16.1.
- "Options Step-Up Add OCV" means ADAV as a percentage of OCV in the relevant baseline month subtracted from current ADAV as a percentage of OCV.
- "Penny Program Securities" are those issues quoted pursuant to Exchange Rule 21.5(d).
- “Professional” applies to any order for the account of a Professional.
- "TCV" means total consolidated volume calculated as the volume reported by all exchanges to the consolidated transaction reporting plan 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.
General Notes:
- 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.
Footnotes:
-
Customer Penny Add Volume Tiers
Applicable to fee code PY.
Tier Rebate Per Contract to Add Required Criteria Tier 1 ($0.35) Member has an ADAV in Customer orders ≥ 0.05% of average OCV Tier 2 ($0.48) Member has an ADV ≥ 0.40% of average OCV Tier 3 ($0.51) - Member has an ADAV in Customer orders ≥ 0.50% of average OCV; and
- Member has an ADAV in Market Maker orders ≥ 2.75% of average OCV
Tier 4 ($0.52) Member has an ADAV in Customer orders ≥ 1.30% of average OCV Tier 5 ($0.53) - Member has an ADAV in Customer orders ≥ 2.00% of average OCV; and
- Member has an ADAV in Customer Non-Penny orders ≥ 0.50% of average OCV
Customer Cross-Asset Add Tier ($0.52) - Member has an ADAV in Customer orders ≥ 0.50% of average OCV; and
- Member has on BZX Equities an ADAV ≥ 0.50% of average TCV
-
Firm, Broker Dealer, and Joint Back Office Penny Add Volume Tiers
Applicable to fee code PF.
Tier Rebate Per Contract to Add Required Criteria Tier 1 ($0.38) - Member has an ADAV in Firm/BD/JBO orders ≥ 15,000 contracts; and
- Member has an ADAV in Customer orders ≥ 0.20% of average OCV
Tier 2 ($0.42) - Member has an ADAV in Firm/BD/JBO orders ≥ 30,000 contracts; and
- Member has an ADAV in Customer orders ≥ 0.20% of average OCV
-
Market Maker, Away Market Maker, and Professional Penny Take Volume Tiers
Applicable to fee code PP.
Tier Fee Per Contract to Remove Required Criteria Tier 1 $0.49 - Member has an ADAV in Customer orders ≥ 1.00% of average OCV; and
- Member has an ADRV in Market Maker/Away MM orders ≥ 1.00% of average OCV
Tier 2 $0.48 - Member has an ADAV in Customer orders ≥ 1.30% of average OCV; and
- Member has an ADRV in Market Maker/Away MM orders ≥ 1.00% of average OCV
Tier 3 $0.47 - Member has an ADAV in Customer orders ≥ 2.00% of average OCV;
- Member has an ADAV in Customer Non-Penny orders ≥ 0.40% of average OCV; and
- Member has an ADRV in Market Maker/Away MM orders ≥ 2.00% of average OCV
-
Reserved
-
Orders Submitted with a Designated Give Up
Applicable to fee codes NA, NF, NN, NY, PA, PC, PD, PF, PN and PY.
When a Designated Give Up, as defined in Rule 21.12(b)(1), is specified on an order, applicable rebates for orders routed to and executed on the Exchange are provided to the Member who routed the order to the Exchange.
-
Market Maker Penny Add Volume Tiers
Applicable to fee code PM.
Tier Rebate Per Contract to Add Required Criteria Tier 1 ($0.31) Member has an ADAV in Market Maker orders ≥ 0.15% of average OCV Tier 2 ($0.38) Member has an ADAV in Market Maker orders ≥ 0.35% of average OCV Tier 3 ($0.39) Member has an ADAV in Market Maker orders ≥ 0.45% of average OCV Tier 4 ($0.43) Member has an ADAV in Market Maker orders ≥ 0.65% of average OCV Market Maker Cross-Asset Add Tier 1 ($0.38) - Member has an ADAV in Market Maker orders in SPY, QQQ ≥ 0.20% of average SPY, QQQ OCV;
- Member has on BZX Equities an ADAV ≥ 0.45% of average TCV or an ADAV ≥ 45,000,000; and
- Member is the LMM on BZX Equities in at least 50 equity symbols
Market Maker Cross-Asset Add Tier 2 ($0.39) - Member has an ADAV in Market Maker orders in SPY, QQQ ≥ 0.25% of average SPY, QQQ OCV;
- Member has on BZX Equities an ADAV ≥ 0.45% of average TCV or an ADAV ≥ 47,500,000; and
- Member is the LMM on BZX Equities in at least 50 equity symbols
-
Market Maker Non-Penny Add Volume Tiers
Applicable to fee code NM.
Tier Rebate Per Contract to Add Required Criteria Tier 1 ($0.45) Member has an ADAV in Market Maker orders ≥ 0.10% of average OCV Tier 2 ($0.54) Member has an ADAV in Market Maker orders ≥ 0.35% of average OCV Tier 3 ($0.88) - Member has an ADAV in Market Maker orders ≥ 1.00% of average OCV; and
- Member has an ADAV in Market Maker Non-Penny orders of ≥ 0.10% of average OCV
-
Firm, Broker Dealer, and Joint Back Office Non-Penny Add Volume Tiers
Applicable to fee code NF.
Tier Rebate Per Contract to Add Required Criteria Tier 1 ($0.33) Member has an ADV ≥ 1.00% of average OCV Tier 2 ($0.53) - Member has an ADV ≥ 3.00% of average OCV; and
- Member has an ADAV in Market Maker orders ≥ 2.50% of average OCV
Tier 3 ($0.53) - Member has an ADV ≥ 2.30% of average OCV;
- Member has an ADAV in Away MM/Firm/BD/JBO orders ≥ 1.45% of average OCV; and
- Member has an ADAV in Non-Customer Non-Penny orders ≥ 0.20% of average OCV
Tier 4 ($0.82) - Member has an ADV ≥ 2.30% of average OCV;
- Member has an ADAV in Away MM/Firm/BD/JBO orders ≥ 1.65% of average OCV; and
- Member has an ADAV in Non-Customer Non-Penny orders ≥ 0.20% of average OCV
-
Professional Penny Add Volume Tiers
Applicable to fee code PA.
Tier Rebate Per Contract to Add Required Criteria Tier 1 ($0.42) Member has an ADAV in Customer and Professional orders ≥ 0.20% of average OCV Tier 2 ($0.44) Member has an ADAV in Customer and Professional orders ≥ 0.25% of average OCV Tier 3 ($0.46) Member has an ADAV in Customer and Professional orders ≥ 0.40% of average OCV Tier 4 ($0.48) Member has an ADAV in Customer and Professional orders ≥ 0.65% of average OCV -
Away Market Maker Penny Add Volume Tier
Applicable to fee code PN.
Tier Rebate Per Contract to Add Required Criteria Tier 1 ($0.38) Member has an ADAV in Non-Customer Non-Market Maker orders of ≥ 0.50% of average OCV Tier 2 ($0.45) - Member has an ADAV in Away MM/Firm/BD/JBO orders ≥ 1.05% of average OCV;
- Member has an ADV ≥ 1.95% of average OCV; and
- Member has an ADAV in Non-Customer Non-Penny orders ≥ 0.20% of average OCV
-
Away Market Maker Non-Penny Add Volume Tiers
Applicable to fee code NN.
Tier Rebate Per Contract to Add Required Criteria Tier 1 ($0.40) Member has an ADAV in Non-Customer order ≥ 0.10% of average OCV Tier 2 ($0.52) Member has an ADAV in Non-Customer order ≥ 0.35% of average OCV -
Reserved
-
Reserved
-
Reserved
-
Index License Surcharge Fees*:
Index Per Contract Russell 2000 Index (RUT) $0.45 * The Surcharge Fees apply to all Non-Customer transactions (i.e., Market Maker and Away Market Maker, Firm, Broker Dealer, Joint Back Office, and Professional transactions).
Options Logical Port Fees
Service | Fee |
---|---|
Logical Ports (excluding Purge Port, Multicast PITCH Spin Server Port or GRP Port) | $750/port/month |
Purge Ports | $750/port/month |
Multicast PITCH Spin Server | $750/set of primary (A or C feed) |
GRP Ports | $750/primary (A or C feed) |
Ports with Bulk Quoting Capabilities |
|
BOE Unitized Logical Port | $350/port/month |
Bulk Unitized Logical Port | $550/port/month |
Purge Unitized Logical Port | $400/port/month |
BOE Unitized Logical Port (Set) |
|
Bulk Unitized Logical Port (Set) |
|
Purge Unitized Logical Port (Set) |
|
Certification Logical Port | $250/port/month |
- Logical port fees are limited to logical ports within the primary data center. No logical port fees 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. Certification Logical Port fees only apply if the corresponding logical port type is also available in the production environment.
- Unitized Logical Ports can be purchased individually, capable of accessing a specified matching unit, or as a Unitized Logical Port Set, providing a set of Unitized Logical Ports across every available Matching Unit on a one-to-one basis. These two structures can be combined for up to a maximum of twenty (20) Unitized Logical Ports per Member, per Matching Unit, per Port Type. As an example, a Member may request two (2) BOE Unitized Logical Port Sets and eighteen (18) individual BOE Unitized Logical Ports for Matching Unit 1, providing a total max of twenty (20) BOE Unitized Logical Ports on Matching Unit 1 specifically. This would result in having twenty (20) BOE Unitized Logical Ports on Matching Unit 1 and two (2) BOE Unitized Ports on all additional Matching Units as part of the two (2) BOE Unitized Logical Port Sets requested. Additionally, a firm may request twenty (20) Bulk Unitized Logical Port Sets and twenty (20) Purge Unitized Logical Port Sets as those would constitute different Port Types.
- Unitized Logical Port Set fees will be assessed per set, per Port Type. As an example, if a Member requests three (3) BOE Unitized Logical Port Sets, one (1) Bulk Unitized Logical Port Set, and (1) Purge Unitized Logical Port Set, the firm would be charged $8,000 ($2,500 + $2,500 + $3,000) for the three BOE Unitized Logical Port Sets, $5,500 for the one Bulk Unitized Logical Port Set, and $2,500 for the one Purge Unitized Logical Port Set.
Average Daily Order (ADO) and Average Daily Quote (ADQ) Fees
Fee | |||||
---|---|---|---|---|---|
ADQ Fee Rate per 20,000 ADQ | Tier 1 | Tier 2 | Tier 3 | Tier 4 | Tier 5 |
<=250,000,000 | >250,000,000 | >500,000,000 | >1,000,000,000 | >3,500,000,000 | |
$0.00 | $0.05 | $0.075 | $0.10 | $0.20 |
Fee | |||||
---|---|---|---|---|---|
ADO Fee Rate per 1,000 ADO | Tier 1 | Tier 2 | Tier 3 | Tier 4 | Tier 5 |
<=2,000,000 | >2,000,000 | >2,500,000 | >3,000,000 | >3,500,000 | |
$0.00 | $1.00 | $1.50 | $2.00 | $2.50 |
- “ADO” represents the total number of orders for the month, divided by the number of trading days. “ADQ” represents the total number of quotes for the month, divided by the number of trading days. When measuring the ADO and ADQ, orders, quotes, modify orders, and quote updates which submit a bid or offer are included. A Member’s ADO and ADQ will be aggregated together with any affiliated Member sharing at least 75% common ownership.
- Each Firm may submit up to 2,000,000 average daily orders or up to 250,000,000 average daily quotes per calendar month without incurring ADO/ADQ fees. In the event that the average number of quotes per trading day during a calendar month submitted exceeds 250,000,000, each incremental usage of up to 20,000 average daily quotes will incur an additional fee as per the table above. Similarly, in the event that the average number of orders per trading day during a calendar month submitted exceeds 2,000,000, each incremental usage of up to 1,000 average daily orders will incur an additional ADO fee as per the table above.
- As an example, a Firm that has 510,000,000 ADQ would subsequently have 25,500 “ADQ increments” (510,000,000 ADQ / 20,000 ADQ increments). While 12,500 of the 25,500 ADQ increments are free within Tier 1, 12,500 of the ADQ increments would be fee liable at $0.050 within Tier 2, while the remaining 500 ADQ increments would be fee liable at $.075 within Tier 3, resulting in a total ADQ fee of $662.50 for the month.
Options 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 |
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.
Trial Usage:
First-time Users and Distributors are eligible for a free trial and will not be charged any applicable fees (or receive any applicable credits) 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 Options Top:
Internal Distribution Fee* | $3,000/month | |||||
---|---|---|---|---|---|---|
External Distribution Fee* | $2,000/month | |||||
Professional User Fee | $5/month/user | |||||
Non-Professional User Fee** | $0.10/month/user | |||||
Enterprise Fee** | 0 - 1,500,000 Users | $20,000/month | 1,500,001 - 2,500,000 Users | $40,000/month | Greater than 2,500,000 Users | $60,000/month |
* Distributor will be subject to the greater of the two Distribution fees when receiving the BZX Options Top Feed for both Internal and External Distribution. New External Distributors of BZX Options Top will not be charged the External Distribution Fee for their first three (3) months (the "New External Distributor Credit"). Any trial usage period for BZX Options Top will not be counted towards the first three (3) months. Each External Distributor of BZX Options Top will also be eligible to receive a credit against its monthly External Distributor Fee for the BZX Options Top equal to the amount of its monthly User Fees or Enterprise Fee up to a maximum of the External Distributor Fee for the BZX Options Top. External Distributors of BZX Options Top will not be eligible to receive the credit during an External Distributor’s trial usage period for BZX Options Top or while they are receiving the new External Distributor Credit.
** As an alternative to Professional and Non-Professional User fees, a Distributor may purchase a monthly Enterprise license to receive the BZX Options Top Feed for distribution to a[n unlimited] defined number of Professional and Non-Professional Users. A Distributor must pay a separate Enterprise Fee for each entity for which it controls the display of the BZX Options Top Feed if it wishes for such entity’s Users to be covered by the Enterprise Fee. Tiers 1 and 2 will be subject to monthly reporting requirements and Tier 3 will be required to report every 6-months.The Enterprise Fee is in addition to the Distributor Fee and is non-progressive. Distributors may purchase an Enterprise license on a monthly or annual basis. Annual Enterprise licenses will receive a 5% discount.
BZX Options Depth:
Internal Distribution Fee* | $3,000/month |
---|---|
External Distribution Fee* | $2,000/month |
Professional User Fee** | $30/month |
Non-Professional User Fee** | $1.00/month |
Enterprise Fee** | $3,500/month |
* Distributors will be subject to the greater of the two Distribution fees when receiving the BZX Options Depth Feed for both Internal and External Distribution.
** As an alternative to Professional and Non-Professional User fees, a Distributor may purchase a monthly Enterprise license to receive the BZX Options Depth Feed for distribution to an unlimited number of Professional and Non-Professional Users. A Distributor must pay a separate Enterprise Fee for each entity for which it controls the display of the BZX Options Depth Feed if it wishes for such entity’s Users to be covered by the Enterprise Fee. The Enterprise Fee is in addition to the Distributor Fee.
Cboe One Options Feed:
Internal Distribution Fee | $15,000/month | |||||
---|---|---|---|---|---|---|
External Distribution Fee* | $10,000/month | |||||
Professional User Fee | $30.50/month/user | |||||
Non-Professional User Fee** | $0.60/month/user | |||||
Enterprise Fee** | 0 - 1,500,000 Users | $350,000 | 1,500,001 - 2,500,000 Users | $550,000 | Greater than 2,500,000 Users | $750,000/month |
Data Consolidation Fee | $500/month |
* New External Distributors will not be charged an External Distribution Fee for their first three (3) months (the "New External Distributor Credit"). Any trial usage period for Cboe One Options will not be counted towards the first three (3) months. Each External Distributor will also be eligible to receive a credit against its monthly Distributor Fee for the Cboe One Options equal to the amount of its monthly User Fees or Enterprise Fee up to a maximum of the External Distributor Fee for the Cboe One Options. External Distributors will not be eligible to receive the credit during an External Distributor’s trial usage period for Cboe One Options or while they are receiving the new External Distributor Credit.
** As an alternative to Professional and Non-Professional User fees, a Distributor may purchase a monthly Enterprise license to receive the Cboe One Options for distribution to a defined number of Professional and Non-Professional Users. A Distributor must pay a separate Enterprise Fee for each entity for which it controls the display of the Cboe One Options if it wishes for such entity’s Users to be covered by the Enterprise Fee. Tiers 1 and 2 will be subject to monthly reporting requirements and Tier 3 will be required to report every 6-months. The Enterprise Fee is in addition to the Distributor Fee and is non-progressive. Distributors may purchase an Enterprise license on a monthly or annual basis. Annual Enterprise licenses will receive a 5% discount.
Historical Depth Data
Delivery (Internal Use Only) | Fee |
---|---|
Per Month of Access Data | $500 |
From October 18, 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 LiveVol, LLC Market Data Fees
Open-Close Data:
End-of-Day Subscription | $500 per month | ||
End-of-Day Ad-hoc Request (historical data) | $400 per request per month. An ad-hoc request can be for any number of months beginning with January 2018 for which the data is available.* | Qualifying Academic Purchasers will be charged $750 per year for the first year. Each additional month purchased thereafter will be prorated based on the $750 per year rate. | |
Intraday Subscription | $1,500 per month or $18,000 per year | ||
Intraday Ad-hoc Request (historical data) | $750 per month* | Qualifying Academic Purchasers will be charged $1,500 per year for the first year. Each additional month purchased thereafter will be prorated based on the $1,500 per year rate. | |
External Distribution of Derived Data |
$5,000 per month Fees for external distribution of Derived Data from Open-Close Data are in addition to fees for the End-of-Day product or the Intraday product, or both, as applicable. |
The fees for the End-of-Day and Intraday Open-Close Data are payable by all Members and Non-Members that subscribe to such data.
"Derived Data" is pricing data or other data that (i) is created in whole or in part from Data, (ii) is not an index or financial product, and (iii) cannot be readily reverse-engineered to recreate Data or used to create other data that is a reasonable facsimile or substitute for Data.
*From October 10, 2024 through December 31, 2024, any single purchase of End-of-Day Ad-hoc Request (historical data) and/or Intraday Ad-hoc Request (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, including the academic discount provided for Qualifying Academic Purchasers of historical Open-Close Data.
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.
Options Regulatory Fee:
The per-contract Options Regulatory Fee ("ORF") is assessed by BZX Options to each Member for options transactions cleared by the Member that are cleared by The Options Clearing Corporation (OCC) in the "customer" range, regardless of the exchange on which the transaction occurs. The Exchange uses reports from OCC when assessing and collecting the ORF. The ORF is collected by OCC on behalf of BZX Options from the Clearing Member or non-Clearing Member that ultimately clears the transaction. With respect to linkage transactions, the Exchange reimburses its routing brokers providing Routing Services for options regulatory fees it incurs in connection with the Routing Services it provides. Pursuant to BZX Options Rule 24.1, solely for purposes of ORF billing, Members must provide BZX Options with a complete list of its OCC clearing numbers and keep such information up to date with BZX Options.
Options Regulatory Fee (ORF) | Fee Per Executed Contract Side |
---|---|
All Classes | $0.0003 through September 29, 2023, $0.0001 per contract effective October 2, 2023 |
Membership Fees
BZX Options Participant Fee* | Required Criteria |
---|---|
$500 | Member has an ADV < 5,000 contracts traded |
$1000 | Member has an ADV ≥ 5,000 contracts traded |
* New Options Members of the BZX Options Exchange will not be charged a BZX Options Participant Fee for their first three (3) months of membership.