Cboe Global Markets

Cboe U.S. Options Fee Schedules

Effective August 2, 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.

Standard Rates:

  Penny Program Securities Non-Penny Program Securities
  Add Remove Add Remove
Code Rates Code Rates Code Rates Code Rates
Customer PY
  • ($0.25)
  • ($0.35)
  • ($0.48)
  • ($0.51)
  • ($0.52)
  • ($0.53)
PC
  • $0.50
NY
  • ($0.85)
  • ($0.92)
  • ($1.00)
  • ($1.02)
  • ($1.05)
  • ($1.06)
NC $0.85
Professional PA
  • ($0.25)
  • ($0.42)
  • ($0.44)
  • ($0.46)
  • ($0.48)
PP
  • $0.50
  • $0.47
  • $0.45
NA ($0.65) NP
  • $1.07
  • $1.10
Firm/BD/JBO PF
  • ($0.25)
  • ($0.38)
  • ($0.46)
NF
  • ($0.30)
  • ($0.33)
  • ($0.53)
  • ($0.82)
Market Maker PM
  • ($0.29)
  • ($0.33)
  • ($0.40)
  • ($0.41)
  • ($0.42)
  • ($0.43)
  • ($0.44)
  • ($0.46)
NM
  • ($0.40)
  • ($0.45)
  • ($0.54)
  • ($0.88)
Away Market Maker PN
  • ($0.26)
  • ($0.38)
  • ($0.45)
NN
  • ($0.30)
  • ($0.40)
  • ($0.52)

Fee Codes and Associated Fees:

Download
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 1.10
NY Adds liquidity (Customer), Non-Penny (0.85)
OO BZX Options Opening Free
PA Adds liquidity (Pro), Penny Program (0.25)
PC Removes liquidity (Customer) Penny Program 0.50
PD Removes liquidity (Firm/BD/JBO), Penny Program 0.50
PF Adds liquidity (Firm/BD/JBO), Penny Program (0.25)
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, BX Options, Cboe, EDGX Options, ISE Mercury, MIAX or PHLX (excl SPY to PHLX) 0.25
RQ Routed (Customer) to ARCA, C2, ISE, ISE Gemini, MIAX Emerald, MIAX Pearl or NOM, Penny Program (incl SPY to PHLX) 0.85
RR Routed (Customer) to ARCA, C2, ISE, ISE Gemini, MIAX Emerald, MIAX Pearl or NOM, Non-Penny 1.25
XA Adds liquidity (Pro), XSP (0.25)
XC Removes liquidity (Customer), XSP 0.50
XF Adds Liquidity (Firm/BD/JBO), XSP (0.25)
XM Adds liquidity (MM), XSP (0.29)
XN Adds liquidity (Away MM), XSP (0.26)
XO Routed (Customer), XSP 0.29
XP Removes liquidity (Non-Customer), XSP 0.50
XR Routed (Non-Customer), XSP 0.90
XY Adds liquidity (Customer), XSP (0.25)

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:

  1. Customer Penny Add Volume Tiers

    Applicable to the following fee codes: PY and XY.

    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)
    1. Member has an ADAV in Customer orders ≥ 0.50% of average OCV; and
    2. 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)
    1. Member has an ADAV in Customer orders ≥ 2.00% of average OCV; and
    2. Member has an ADAV in Customer Non-Penny orders ≥ 0.50% of average OCV
    Customer Cross-Asset Add Tier ($0.52)
    1. Member has an ADAV in Customer orders ≥ 0.50% of average OCV; and
    2. Member has on BZX Equities an ADAV ≥ 0.50% of average TCV
  2. Firm, Broker Dealer, and Joint Back Office Penny Add Volume Tiers

    Applicable to the following fee codes: PF and XF.

    Tier Rebate Per Contract to Add Required Criteria
    Tier 1 ($0.38) Member has an ADAV in Firm/BD/JBO orders ≥ 0.20% of average OCV
    Tier 2 ($0.46)
    1. Member has an ADAV in Away MM/Firm/BD/JBO orders ≥ 1.05% of average OCV; and
    2. Member has an ADV ≥ 1.95% of average OCV
  3. 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
    1. Member has an ADAV in Customer orders ≥ 1.00% of average OCV; and
    2. Member has an ADRV in Market Maker/Away MM orders ≥ 1.00% of average OCV
    Tier 2 $0.48
    1. Member has an ADAV in Customer orders ≥ 1.30% of average OCV; and
    2. Member has an ADRV in Market Maker/Away MM orders ≥ 1.00% of average OCV
    Tier 3 $0.47
    1. Member has an ADAV in Customer orders ≥ 2.00% of average OCV;
    2. Member has an ADAV in Customer Non-Penny orders ≥ 0.40% of average OCV; and
    3. Member has an ADRV in in Market Maker/Away MM orders ≥ 2.00% of average OCV
  4. NBBO Setter Tiers

    Applicable to the following fee codes: PM, PN, XM and XN. Applicable only to orders which establish a new NBBO.

    Tier Additional Rebate Per Contract to Add Required Criteria
    Tier 1 ($0.01) Member has an ADAV in Firm/Market Maker/Away MM orders that establish a new NBBO ≥ 0.25% of average OCV
    Tier 2 ($0.02) Member has an ADAV in Firm/Market Maker/Away MM orders that establish a new NBBO ≥ 0.45% of average OCV
  5. 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.

  6. Market Maker Penny Add Volume Tiers

    Applicable to the following fee codes: PM and XM.

    Tier Rebate Per Contract to Add Required Criteria
    Tier 1 ($0.33) Member has an ADAV in Market Maker orders ≥ 0.10% of average OCV
    Tier 2 ($0.40) Member has an ADAV in Market Maker orders ≥ 0.20% of average OCV
    Tier 3 ($0.41) Member has an ADAV in Market Maker orders ≥ 0.30% of average OCV
    Tier 4 ($0.42)
    1. Member has a Step-Up ADAV in Market Maker orders from March 2021 ≥ 0.15% of average SPY/IWM/QQQ OCV; and
    2. Member is an LMM in at least 85 LMM Securities on BZX Equities
    Tier 5 ($0.42) Member has an ADAV in Market Maker orders ≥ 0.45% of average OCV
    Tier 6 ($0.44)
    1. Member has a Step-Up ADAV in Market Maker orders from March 2021 ≥ 0.25% of average SPY/IWM/QQQ OCV; and
    2. Member is an LMM in at least 85 LMM Securities on BZX Equities
    Tier 7 ($0.46) Member has an ADAV in Market Maker orders ≥ 0.75% of average OCV
    Tier 8 ($0.48) Member has an ADAV in Market Maker orders ≥ 1.50% of average OCV
  7. 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)
    1. Member has an ADAV in Market Maker orders ≥ 1.00% of average OCV; and
    2. Member has an ADAV in Market Maker Non-Penny orders of ≥ 0.10% of average OCV
  8. 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)
    1. Member has an ADV ≥ 3.00% of average OCV; and
    2. Member has an ADAV in Market Maker orders ≥ 2.50% of average OCV
    Tier 3 ($0.53)
    1. Member has an ADV ≥ 2.30% of average OCV;
    2. Member has an ADAV in Away MM/Firm/BD/JBO orders ≥ 1.45% of average OCV; and
    3. Member has an ADAV in Non-Customer Non-Penny orders ≥ 0.20% of average OCV
    Tier 4 ($0.82)
    1. Member has an ADV ≥ 2.30% of average OCV;
    2. Member has an ADAV in Away MM/Firm/BD/JBO orders ≥ 1.65% of average OCV; and
    3. Member has an ADAV in Non-Customer Non-Penny orders ≥ 0.20% of average OCV
  9. Professional Penny Add Volume Tiers

    Applicable to the following fee codes: PA and XA.

    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
  10. Away Market Maker Penny Add Volume Tier

    Applicable to the following fee codes: PN and XN.

    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)
    1. Member has an ADAV in Away MM/Firm/BD/JBO orders ≥ 1.05% of average OCV;
    2. Member has an ADV ≥ 1.95% of average OCV; and
    3. Member has an ADAV in Non-Customer Non-Penny orders ≥ 0.20% of average OCV
  11. 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
  12. Customer Non-Penny Add Volume Tiers

    Applicable to fee code NY.

    Tier Rebate Per Contract to Add Required Criteria
    Tier 1 ($0.90) Member has an ADAV in Customer Non-Penny orders ≥ 0.25% of average OCV
    Tier 2 ($0.95)
    1. Member has an ADAV in Customer orders ≥ 0.50% of average OCV; and
    2. Member has an ADAV in Customer Non-Penny orders ≥ 0.25% of average OCV
    Tier 3 ($1.00) Member has an ADAV in Customer orders ≥ 0.90% of average OCV
    Tier 4 ($1.01)
    1. Member has an ADAV in Customer orders ≥ 0.85% of average OCV; and
    2. Member has an ADAV in Customer Non-Penny orders ≥ 0.25% of average OCV
    Tier 5 ($1.02)
    1. Member has an ADAV in Customer orders ≥ 0.90% of average OCV; and
    2. Member has an ADAV in Customer Non-Penny orders ≥ 0.40% of average OCV
    Tier 6 ($1.03)
    1. Member has an ADAV in Customer orders ≥ 1.00% of average OCV; and
    2. Member has an ADAV in Customer Non-Penny orders ≥ 0.45% of average OCV
    Tier 7 ($1.04)
    1. Member has an ADAV in Customer orders ≥ 1.30% of average OCV; and
    2. Member has an ADAV in Customer Non-Penny orders ≥ 0.50% of average OCV
    Tier 8 ($1.05)
    1. Member has an ADAV in Customer orders ≥ 1.30% of average OCV; and
    2. Member has an ADAV in Customer Non-Penny orders ≥ 0.60% of average OCV
  13. Non-Customer Non-Penny Take Volume Tiers

    Applicable to fee code NP.

    Tier Fee Per Contract to Remove Required Criteria
    Tier 1 $1.07
    1. Member has an ADAV in Customer orders ≥ 0.80% of average OCV;
    2. Member has an ADAV in Market Maker orders ≥ 0.35% of average OCV; and
    3. Member has on BZX Equities an ADAV ≥ 0.30% of average TCV
    Tier 2 $1.07 Member has an ADAV in Customer orders ≥ 1.70% of average OCV
  14. Customer, Firm, Broker Dealer and Joint Back Office Penny Take Volume Tiers

    Applicable to fee codes PC and PD.

    Tier Additional Rebate Per Contract to Remove Required Criteria
    Tier 1 $0.01
    1. Member has a Step-Up ADRV in Customer orders from March 2021 ≥ 35,000 contracts; and
    2. Member has a Step-Up ADRV in Firm/BD/JBO orders from March 2021 ≥ 10,000 contracts
    Tier 2 $0.02
    1. Member has a Step-Up ADRV in Customer orders from March 2021 ≥ 70,000 contracts; and
    2. Member has a Step-Up ADRV in Firm/BD/JBO orders from March 2021 ≥ 20,000 contracts
  15. Index License Surcharge Fees*:

    Index Per Contract
    Russell 200 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
  • $1,500/month for 1st and 2nd port
  • $2,500/month for 3rd port or more
  • 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.

Options Physical Connectivity Fees

Service Fee per Physical Port
1Gb physical port $2,500/month
10Gb physical port $7,500/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.

BZX Options Top:

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

* Recipient firm will be subject to the greater of the two Distribution fees when receiving the BZX Options Top Feed for both Internal and External Distribution.

** One User fee allows access to the BZX Options Top Feed and the BZX Options Depth Feed.

*** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive the BZX Options Top 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 Options Top Feed if it wishes such User to be covered by the Enterprise Fee.

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

* Recipient firm will be subject to the greater of the two Distribution fees when receiving the BZX Options Feed for both Internal and External Distribution.

** One User fee allows access to the BZX Options Top Feed and the BZX Options Depth Feed.

*** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive the BZX Options 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 Options if it wishes such User to be covered by the Enterprise Fee.

Historical Depth Data

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

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. For the months of June and July 2021, a free trial is available for up to 3 months of Intraday Open-Close Historical Data to both Members and non-Members who have not previously subscribed to Intraday Open-Close Historical Data.

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.

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. The Exchange may only increase or decrease the ORF semi-annually, and any such fee change will be effective on the first business day of February or August. The Exchange will notify participants of any change in the amount of the fee at least 30 calendar days prior to the effective date of the change. 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 $0.0001

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.