Cboe Equities Supports SEC Transparency of Fee Requirements

Reference ID: C2025090204

Applicable Cboe Exchanges: BYX Equities, BZX Equities, EDGA Equities, EDGX Equities

OVERVIEW

Effective November 3, 2025, all Cboe-affiliated U.S. Equities Exchanges will adopt updated billing methodologies in alignment with the final rule announced by the Securities and Exchange Commission (SEC). These changes aim to improve transparency and consistency in billing practices. Details on the updates and additional enhancements are provided below.

TECHNICAL DETAILS

On the effective date, Cboe will transition to a billing methodology where tiers are determined based on the prior month's trading activity. For example, November tier qualification will be based on trading activity in October.

New members will default to the base rates, as no prior-month data will be available.

Cutover Details

October 2025 billing will follow the current process. November 2025 billing will use the October trading activity for tier qualification.

Reporting Enhancements

The Month-to-Date Billing Status Report will be enhanced based on the changes described above.

Members may subscribe to the report by contacting the Cboe Trade Desk.

Order Entry Protocol Updates

A new AccessFee field will be added to execution messages in the U.S. Equities FIX and BOEv3 protocols, indicating the applicable fee (or rebate), inclusive of all earned tiers, for trade executions. This new AccessFee field will be echoed back on drop copy sessions.

Table 1. Execution Report Message Fields
TagField NameReq'dDescription
9621AccessFeeNTransaction fee for the trade. Only present when ExecType (150) = 1 or ExecType (150) = 2.

TESTING OPPORTUNITIES

This functionality is currently available for testing in all Cboe-affiliated U.S. Equities certification environments.