Cboe Global Markets

Cboe U.S. Equities Fee Schedules

Effective October 1, 2021

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 and Removing Liquidity
Securities at or above $1.00 $(0.00160)1 $0.0030 $0.0030
Securities below $1.00 $(0.00009) 0.30% of Dollar Value 0.30% of Dollar Value
Standard Fee Codes B, V, Y, 3, 4 N, W, 6, BB, ZR X

Fee Codes and Associated Fees:

Download
Fee CodeDescriptionFee/(Rebate) Securities at or above $1.00Fee/(Rebate) Securities below $1.00
10Routed to NYSE Arca, adds liquidity (Tape B) (0.00220) Free
3Adds liquidity to EDGX, pre and post market (Tapes A or C) (0.00160) (0.00009)
4Adds liquidity to EDGX, pre and post market (Tape B) (0.00160) (0.00009)
6Removes liquidity from EDGX, pre and post market (All Tapes) 0.00300 0.30% of Dollar Value
7Routed, pre and post market, removes liquidity 0.00300 0.30% of Dollar Value
ARouted to NASDAQ, adds liquidity (0.00150) Free
AARouted to EDGA using ALLB routing strategy (0.00180) Free
AYRouted to BYX using ALLB routing strategy (0.00150) 0.10% of Dollar Value
AZRouted to BZX using ALLB routing strategy 0.00300 0.30% of Dollar Value
BAdds liquidity to EDGX (Tape B) (0.00160) (0.00009)
BBRemoves liquidity from EDGX (Tape B) 0.00300 0.30% of Dollar Value
BYRouted to BYX using Destination Specific ("DIRC"), ROUC routing strategy (0.00150) 0.10% of Dollar Value
CRouted to NASDAQ BX (0.00050) 0.10% of Dollar Value
CLRouted to listing market closing process, except for NYSE Arca & BZX 0.00100 0.30% of Dollar Value
DRouted to NYSE or routed using RDOT routing strategy 0.00280 0.30% of Dollar Value
DMAdds liquidity using MidPoint Discretionary order within discretionary range (0.00100) Free
DQQDP Usage Fee 0.00020 0.30% of Dollar Value
FRouted to NYSE, adds liquidity (0.00150) Free
GRouted to NYSE Arca (Tapes A or C) 0.00300 0.30% of Dollar Value
HANon-displayed order, adds liquidity (0.00100) Free
HINon-displayed order that receives price improvement, adds liquidityFreeFree
IRouted to EDGA using ROUC routing strategy (0.00180) Free
JRouted to NASDAQ 0.00300 0.30% of Dollar Value
MMNon-displayed order, adds liquidity using Mid-Point Peg (0.00100) Free
NRemoves liquidity from EDGX (Tape C) 0.00300 0.30% of Dollar Value
NARouted to BZX, NYSE, NYSE Arca or Nasdaq; adds non-displayed liquidityFreeFree
NXRouted to NYSE National using ROUC routing strategy (0.00050) Free
ORouted to listing market opening or re-opening cross 0.00100 0.30% of Dollar Value
OOEDGX Opening or Re-Opening 0.00100 Free
QRouted to a non-exchange destination using ROUC routing strategy 0.00200 0.30% of Dollar Value
RNRouted to NASDAQ using ROOC routing strategy, adds liquidity (0.00150) Free
RPNon-displayed order, adds liquidity using Supplemental Peg (0.00100) Free
RRRouted to EDGA using DIRC routing strategy (0.00180) Free
RTRouted using ROUT routing strategy 0.00300 0.30% of Dollar Value
RXRouted using ROUX routing strategy 0.00300 0.30% of Dollar Value
RYRouted to BYX, adds liquidity 0.00180 Free
RZRouted to BZX, adds liquidity (0.00200) Free
SDirected ISO 0.00330 0.30% of Dollar Value
SWRouted using SWPA routing strategy (except for removal of liquidity from NYSE) 0.00310 0.30% of Dollar Value
VAdds liquidity to EDGX (Tape A) (0.00160) (0.00009)
VIDisplayed order subject to price sliding that receives price improvement, adds liquidityFreeFree
WRemoves liquidity from EDGX (Tape A) 0.00300 0.30% of Dollar Value
XRouted 0.00300 0.30% of Dollar Value
YAdds liquidity to EDGX (Tape C) (0.00160) (0.00009)
ZRouted to a non-exchange destination using ROUZ routing strategy 0.00120 0.30% of Dollar Value
ZARetail Order, adds liquidity (0.00320) (0.00003)
ZMRetail order, Day/RHO, removes liquidity on arrivalFreeFree
ZRRetail Order, removes liquidity 0.00300 0.30% of Dollar Value

Definitions:

  • 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 to, removed from, or routed by, the Exchange, or any combination or subset thereof, per day. ADAV and ADV is calculated on a monthly basis.
    • The Exchange excludes from its calculation of ADAV and ADV shares added, removed, or routed 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 last Friday in June (the "Russell Reconstitution Day").
    • With prior notice to the Exchange, a Member may aggregate ADAV and 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).
  • Step-Up ADAV means ADAV in the relevant baseline month subtracted from current ADAV.
  • 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.
  • OCC Customer Volume or OCV means, for purposes of equities pricing, 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 EDGX Options.
  • 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:

    The rebates to add provided by the below add volume tiers are applicable to the following fee codes: B, V, Y, 3 and 4.

    Tier Rebate Per Share to Add Required Criteria
    Tier 1 ($0.0023) Member adds an ADV ≥ 0.20% of the TCV.
    Tier 2 ($0.0025) Member adds an ADV ≥ 0.30% of the TCV.
    Tier 3 ($0.0027) Member adds an ADV ≥ 0.40% of the TCV.
    Tier 4 ($0.0029) Member adds an ADV ≥ 0.65% of the TCV.
    Growth Tier 1 ($0.0026)
    1. Member adds an ADV ≥ 0.20% of the TCV; and
    2. Member has a Step-Up Add TCV from August 2021 ≥ 0.10% or Member adds a Step-Up ADAV from August 2021 ≥ 8,000,000.
    Growth Tier 2 ($0.0027)
    1. Member adds a Step-Up ADAV from June 2021 ≥ 0.10% of the TCV or Member adds a Step-Up ADAV from June 2021 ≥ 8,000,000; and
    2. Member has a total remove ADV ≥ 0.70% of TCV
    Growth Tier 3 ($0.0030)
    1. Member has a Step-Up Add TCV from January 2021 ≥ 0.10%;
    2. Member adds an ADV ≥ 0.50% of the TCV; and
    3. Member removes an ADV ≥ 0.75% of the TCV.
    Market Quality Tier ($0.0028)
    1. Member adds an ADV ≥ 0.25% of the TCV; and
    2. Member adds an ADV ≥ 0.10% of the TCV as Non-Displayed orders that yield fee codes DM, HA, HI, MM or RP.

    The rebate to add provided by the below volume tier is applicable to the following fee codes: DM, HA, MM and RP.

    Tier Rebate Per Share to Add Required Criteria
    Non-Displayed Add Volume Tier 1 ($0.0015) Member has an ADAV ≥ 0.05% of TCV for Non-Displayed orders that yield fee codes DM, HA, HI, MM or RP; or Member has an ADAV ≥ 4,000,000 for Non-Displayed orders that yield fee codes DM, HA, HI, MM or RP
    Non-Displayed Add Volume Tier 2 ($0.0022) Member has an ADAV ≥ 0.08% of TCV for Non-Displayed orders that yield fee codes DM, HA, HI, MM or RP; or Member has an ADAV ≥ 7,000,000 for Non-Displayed orders that yield fee codes DM, HA, HI, MM or RP
    Non-Displayed Add Volume Tier 3 ($0.0025) Member has an ADAV ≥ 0.10% of TCV for Non-Displayed orders that yield fee codes DM, HA, HI, MM or RP; or Member has an ADAV ≥9,000,000 for Non-Displayed orders that yield fee codes DM, HA, HI, MM or RP
    Non-Displayed Step-Up Tier 1 ($0.0025)
    1. Member has a Step-Up Add TCV from January 2021 ≥ 0.10%;
    2. Member adds an ADV ≥ 0.50% of the TCV; and
    3. Member removes an ADV ≥ 0.75% of the TCV.
    Non-Displayed Step-Up Volume Tier 2 ($0.0025)
    1. Member adds a Step-Up ADAV from June 2021 ≥ 0.10% of the TCV or Member adds a Step-Up ADAV from June 2021 ≥ 8,000,000; and
    2. Member has a total remove ADV ≥ 0.70% of the TCV

    The fees to remove provided by the below tiers are applicable to the following fee codes: BB, N and W.

    Tier Fee Per Share to Remove Required Criteria
    Securities at or above $1.00 Securities below $1.00
    Remove Volume Tier 1 $0.00275 0.28% of total dollar value
    1. Member adds a Step-Up ADAV from June 2021 ≥ 0.10% of the TCV or Member adds a Step-Up ADAV from June 2021 ≥ 8,000,000; and
    2. Member has a total remove ADV ≥ 0.70% of the TCV
    Remove Volume Tier 2 $0.00275 0.28% of total dollar value
    1. Member has an ADAV ≥ 0.25% TCV with displayed orders that yield fee codes B, V or Y; or
    2. Member adds Retail Order ADV (i.e., yielding fee code ZA) ≥ 0.45% of the TCV.
  2. Retail Volume Tier:

    The rebate to add Retail Orders provided by the below retail volume tier is applicable to the following fee code: ZA.

    Tier Rebate Per Share to Add Required Criteria
    Retail Volume Tier 1 ($0.0034) Member adds a Retail Order ADV (i.e., yielding fee code ZA) ≥ 0.35% of the TCV.
    Retail Volume Tier 2 ($0.0037) Member adds a Retail Order ADV (i.e., yielding fee code ZA) ≥ 0.45% of the TCV.
  3. Retail Equities Membership Program

    Retail Membership Organizations (“RMOs”) that meet the eligibility requirements described below are eligible to participate in the EDGX Retail Membership Program (the “Program”). For such new Members, the Program provides for discounted firm membership fees, logical and physical port fees, market data fees, and provides opportunity to receive enhanced rebates for retail volume for up to 18 months according to the schedule set forth below, subject to the following:

    • To be eligible, a new Member must be approved as an RMO and may not have been approved as an EDGX Equities Exchange member within 18 months prior to approval as an RMO. A Member that was approved as an RMO on or after January 1, 2021 is still eligible for the Program effective July 1, 2021, provided they were not approved as an EDGX Equities RMO member within the 18 months prior to their approval as an RMO. Eligibility for discounts begins in the month that a new membership application is approved. A Member is eligible to enroll in the Program only once.
    • A new Member that is, or becomes, an “affiliate” of an existing Member, defined as having at least 75% common ownership between the two entities as reflected on each entity’s Form BD, is ineligible to participate in the Program.
    • A Member will be considered eligible each month if at least 90% of its submitted orders to EDGX Equities that month are Retail Orders.
    • The Market Data fees that are eligible for the Program are: External Distribution Fees and the Data Consolidation Fee (“Eligible Market Data Fees”). A firm that was a subscriber to any of the Eligible Market Data Fees within the prior 18 months before becoming approved as a new Member is ineligible for the Program’s Market Data fee discounts. Program discounts cannot be combined with any other discounts applicable to Eligible Market Data Fees.
    • A new Member that is eligible for the Program will be subject to the following discounts:
    Eligible Fees
    Months 1 - 12 Discount Months 13 - 18 Discount
    Retail ADV ≤ 0.10% of TCV Retail ADV ≥ 0.10% of TCV Retail ADV ≥ 0.20% of TCV
    Firm Membership Fee 100% 100% 50% 0%
    Up to 20 Logical Ports (includes Logical, Purge, Multicast PITCH Spin Server, and Multicast PITCH GRP Ports)* 100% 100% 50% 0%
    1 Physical Port (1 Gb)** 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%

    * If a new Member purchases more than 20 logical ports, the Exchange will calculate the average cost per port and provide a credit based on the average cost for 20 ports.

    ** If a Member chooses to purchase a 10 Gb Physical Port instead of a 1 Gb Physical Port, the Member will receive a credit in the amount of the cost of one 1 Gb Physical Port at the applicable discount rate.

    • A new Member that is eligible for the Program will be eligible for the following rebates:
    • The rebates to add Retail Orders provided by the below volume tiers are applicable to the following fee code: ZA.
    Tier Rebate Per Share to Add Required Criteria
    Retail Membership Program Volume Tier 1 ($0.0033) Member adds a Retail Order ADV (i.e., yielding fee code ZA) ≥ 0.10% of the TCV.
    Retail Membership Program Volume Tier 2 ($0.0034) Member adds a Retail Order ADV (i.e., yielding fee code ZA) ≥ 0.20% of the TCV.
  4. The Exchange notes that Members will only be able to designate their orders as Retail Orders on either an order-by-order basis using FIX ports or by designating certain of their FIX ports at the Exchange as "Retail Order Ports."

  5. Capped at $35,000 per month per Member.

  6. Reserved.

  7. Reserved.

  8. Fee code D will be yielded if an SWPA routing strategy removes liquidity from NYSE.

  9. Fee code O will be yielded if an order is routed to NYSE Arca & BZX's closing processes.

  10. Reserved.

  11. The fee or rebate for adding non-displayed liquidity does not apply to the Reserve Quantity of an order or an order with a Discretionary Range instruction.

Late Fees:

A charge of 1% per month on the past due portion of the balance will be assessed on a Member's account that is past due. This fee will begin to accrue on a daily basis for items not paid within the 30 day payment terms until the item is paid in full. Late fees incurred will be included as line items on subsequent invoices.

Logical Port Fees:

Service Fee
Logical Ports (excluding Purge Port, Multicast PITCH Spin Server Port or GRP Port) $550/port/month
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)
  • 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. 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.

Physical Connectivity Fees:

Service Fee per Physical Port
1 Gb physical port $2,500/month
10 Gb physical port $7,500/month
1 Gb physical port (Disaster Recovery) $2,000/month
10 Gb 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.

Membership Fees:

Membership Fee Type Fee
Firm Membership $2,500/year1
  1. 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., September 1, 2011, January 1, 2012, etc.) and the Member does not utilize the facilities of EDGX during such time, 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 $350

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 become 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

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.
  • 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.

EDGX Depth:

Delivery Fee
Internal Distributor $1,500/month
External Distributor $2,500/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

External Distributors of EDGX Depth may also receive, upon request and at no additional External Distribution Fee, access to EDGX Top (as described in Rule 13.8(c)) or EDGX Last Sale (as described in Rule 13.8(d)) for External Distribution.

* 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 EDGX Depth must be hosted within the Managed Non-Display Service Provider's space/cage; (ii) the subscriber's access to EDGX 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 EDGX 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 EDGX 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 EDGXX Depth Feed if it wishes such User to be covered by the Enterprise Fee. The Enterprise Fee is in addition to the Distributor Fee.

EDGX Depth Attributed:

In addition to EDGX Depth fees, as described above, all subscribers to EDGX Depth Attributed will also incur the following fees:

Delivery Fee
Internal Distributor $2,500/month
External Distributor $5,000/month

EDGX Summary Depth:

Internal Distribution

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

External Distribution

Distribution Fee $2,500/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 EDGX Summary Depth 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 EDGX Summary Depth Feed.

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

*** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive the EDGX 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 EDGX 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 EDGX 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.

EDGX Book Viewer:*

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** $3.00/month
Non-Professional User Fee** $0.15/month
Enterprise Fee*** $20,000/month
Digital Media Enterprise Fee**** $5,000/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 EDGX Book Viewer equal to the amount of its monthly User Fees up to a maximum of the Distributor Fee for EDGX Book Viewer.

*** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive EDGX 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 EDGX 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 EDGX 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.

EDGX Top:

Internal Distribution

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

External Distribution

Distribution Fee***** $1,500/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 EDGX Top may also receive, upon request and at no additional charge, access to EDGX Last Sale (as described in Rule 13.8(d)).

*New External Distributor Credit. New External Distributors of EDGX 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 EDGX Top equal to the amount of its monthly User Fees up to a maximum of the Distributor Fee for EDGX Top.

*** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive EDGX 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 EDGX 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 EDGX 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.

***** Small Retail Broker Distribution Program. The Distribution Fee for EDGX Top is $750/month for External Distributors that meet the following criteria:

  • Distributor is a broker-dealer distributing EDGX Top 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 EDGX Top Data.
  • Distributor distributes EDGX Top Data to no more than 5,000 Non-Professional Data Users.

Financial Product Distribution Program:*

EDGX 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

EDGX Top Derived Data API Service:

External Subscriber Fee*** 1-5 External Subscribers $1,500 / month / External Subscriber
6-20 External Subscribers $1,250 / month / External Subscriber
21+ External Subscribers $1,000 / 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 $5,000 / month / External Subscriber
6-20 External Subscribers $4,000 / month / External Subscriber
21+ External Subscribers $3,000 / 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 EDGX 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 EDGX Top or Cboe One Summary except that they will not be subject to the Non-Professional User fees normally applicable for the distribution of EDGX 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 EDGX Top or Cboe One Summary is liable for these fees instead of the fees normally applicable for the distribution of EDGX Top or Cboe One Summary. A Distributor that provides a White Label Service, API Service, or Platform Service for EDGX 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 EDGX 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 EDGX 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 EDGX 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 $24,000 (i.e., 6 External Subscribers x $4,000 each).

EDGX Last Sale:

Internal Distribution

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

External Distribution

Distribution Fee $1,500/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 EDGX Last Sale may also receive, upon request and at no additional charge, access to EDGX Top (as described in Rule 13.8(c)).

*New External Distributor Credit. New External Distributors of EDGX 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 EDGX Last Sale equal to the amount of its monthly User Fees up to a maximum of the Distributor Fee for EDGX Last Sale.

*** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive EDGX 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 EDGX 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 EDGX 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.

EDGX Historical Depth Data:

Delivery (Internal Use Only) Fee
Per Month of Access Data $500
Per 1 TB Drive of Data $2,500

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.

**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 External 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. The Enterprise Fee is in addition to the Distributor 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.

Edge Attribution Incentive Program:

Members who enter Attributable Orders into the Exchange's System in at least 100 symbols over 10 consecutive trading days over the course of a month are eligible to participate in the Edge Attribution Incentive Program. Each month, the Exchange will set aside 25% of the revenue generated in connection with fees received from EdgeBook Attributed (the "Revenue Allotment"). From the Revenue Allotment, the Exchange will provide a payment to eligible Members who qualified for the Edge Attribution Incentive Program based on the percentage of executed share volume from their Attributable Orders entered into the Exchange's System.

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.