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Cboe Retail Membership Program
Access EDGX with 18 months of discounted membership benefits designed for growing retail firms.
Cboe's Retail Membership Program removes the traditional barriers that retail firms often face when accessing regulated exchanges. Rather than choosing between growth and cost management, qualifying firms gain access to the Cboe EDGX U.S. Equities Exchange (EDGX) with substantial discounts on connectivity and market data, along with easier-to-achieve enhanced rebates—all while building their business over 18 months.
Core benefits include:
Program members are eligible for the following credits.
| Membership, Access and Data | ||||
|---|---|---|---|---|
| Months 1-12 Discounts | Months 13-18 Discounts | |||
| No Volume Tier Threshold | Retail ADV < 0.10% of TCV | Retail ADV ≥0.10% of TCV | Retail ADV ≥0.20% of TCV | |
| Membership Fee | 100% | 100% | 50% | 0% |
| Logical Ports (includes ≤ 20 Order Entry, Drop Copy, Purge, Multicast Pitch Spin Server, and GRP Ports) | 100% | 100% | 50% | 0% |
| Physical Ports (includes $2,500 Physical Port Credit) | 100% | 100% | 50% | 0% |
| Cboe One Summary* | 100% | 100% | 50% | 0% |
| Cboe One Premium* | 44% | 44% | 22% | 0% |
| EDGX Depth* | 100% | 100% | 50% | 0% |
| EDGX Top* | 100% | 100% | 50% | 0% |
Display and Non-Display Usage Fees are not included in the Access Fee Credits for eligible market data products.
Enhanced rebates are available to qualifying new members for the entire 18-month duration of the program:
| Tier | Rebate | Required Criteria |
|---|---|---|
| Retail Membership Program Volume Tier 1 | ($0.0033) | Member adds Retail Order ADV (i.e., yielding fee code ZA) ≥ 0.10% of the TCV |
| Retail Membership Program Volume Tier 2 | ($0.0034) | Member adds Retail Order ADV (i.e., yielding fee code ZA) ≥ 0.20% of the TCV TCV |
To be eligible, a new member must be approved as a Retail Membership Organization (“RMO”) and may not have been, within the prior 18 months, approved as an EDGX Equities Exchange member. Members that were approved as an RMO on or after January 1, 2021, will be eligible for the Program, provided such Member had not been approved as an EDGX Equities member within 18 months prior to its recent approval. Eligibility for the Access Fee Credits and enhanced rebates begin in the month that a new membership application is approved. A Member will be considered eligible each month if at least 90% of its submitted orders to EDGX Equities that month are Retail Orders. A Member is eligible to enroll in the Program only once. For full requirements, see the “Retail Equities Membership Program” on the EDGX Fee Schedule.
To participate in the Cboe Retail Membership Program, email [email protected]
