Cboe U.S. Equities Fee Schedules
Effective October 25, 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.
- 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 Liquidity |
---|---|---|---|
Securities at or above $1.00 | $0.0030 | ($0.0016) | $0.0030 |
Securities below $1.00 | FREE | FREE | 0.30% of Dollar Value |
Standard Fee Codes | B, V, Y, 3, 4 | N, W, 6, BB | X |
Fee Codes and Associated Fees:
Fee Code | Description | Fee/(Rebate) Securities at or above $1.00 | Fee/(Rebate) Securities below $1.00 |
---|---|---|---|
10 | Routed to NYSE Arca, adds liquidity (Tape B) | (0.00220) | 0.00000 |
3 | Adds liquidity to EDGA, pre and post market (Tapes A or C) | 0.00300 | 0.00000 |
4 | Adds liquidity to EDGA, pre and post market (Tape B) | 0.00300 | 0.00000 |
6 | Removes liquidity from EDGA, pre and post market (All Tapes) | (0.00160) | 0.00000 |
7 | Routed, pre and post market, removes liquidity | 0.00300 | 0.30000% of Dollar Value |
A | Routed to NASDAQ, adds liquidity | (0.00150) | 0.00000 |
AX | Routed to EDGX using ALLB routing strategy | 0.00300 | 0.30000% of Dollar Value |
AY | Routed to BYX using ALLB routing strategy | (0.00020) | 0.10000% of Dollar Value |
AZ | Routed to BZX using ALLB routing strategy | 0.00300 | 0.30000% of Dollar Value |
B | Adds liquidity to EDGA (Tape B) | 0.00300 | 0.00000 |
BB | Removes liquidity from EDGA (Tape B) | (0.00160) | 0.00000 |
BY | Routed to BYX using Destination Specific ("DIRC"), ROUC, ROBB or ROCO routing strategy | (0.00020) | 0.10000% of Dollar Value |
C | Routed to NASDAQ BX | (0.00050) | 0.10000% of Dollar Value |
CL | Routed to listing market closing process, except for NYSE Arca & BZX | 0.00100 | 0.30000% of Dollar Value |
D | Routed to NYSE or routed using RDOT routing strategy | 0.00280 | 0.30000% of Dollar Value |
DA | Adds liquidity using MidPoint Discretionary order not within discretionary range | 0.00300 | 0.00000 |
DM | Adds liquidity using MidPoint Discretionary order within discretionary range | 0.00300 | 0.00000 |
DQ | QDP Usage fee, adds liquidity | 0.00180 | 0.30000% of Dollar Value |
DR | Removes liquidity using MidPoint Discretionary order not within discretionary range | (0.00240) | 0.00000 |
DT | Removes liquidity using MidPoint Discretionary order within discretionary range | Free | 0.00000 |
DX | QDP Usage fee, removes liquidity | 0.00040 | 0.30000% of Dollar Value |
F | Routed to NYSE, adds liquidity | (0.00150) | 0.00000 |
G | Routed to NYSE Arca (Tapes A or C) | 0.00300 | 0.30000% of Dollar Value |
HA | Non-displayed order, adds liquidity | 0.00300 | 0.00000 |
HR | Non-displayed order, removes liquidity | Free | 0.00000 |
I | Routed to EDGX | 0.00300 | 0.30000% of Dollar Value |
J | Routed to NASDAQ | 0.00300 | 0.30000% of Dollar Value |
MM | Non-displayed order, adds liquidity using Mid-Point Peg | 0.00100 | 0.00000 |
MT | Removes liquidity designated as Mid-Point Peg from EDGA | Free | 0.00000 |
N | Removes liquidity from EDGA (Tape C) | (0.00160) | 0.00000 |
NA | Routed to BZX, EDGX, NYSE, NYSE Arca or Nasdaq; adds non-displayed liquidity | Free | 0.00000 |
NX | Routed to NYSE National using ROBB, ROCO or ROUC routing strategy | (0.00050) | 0.00000 |
O | Routed to listing market opening or re-opening cross | 0.00100 | 0.30000% of Dollar Value |
OO | EDGA Opening or Re-opening | Free | 0.00000 |
P | Routed to EDGX, including pre and post market, adds liquidity | (0.00160) | 0.00000 |
PA | Adds liquidity to EDGA using RMPT or RMPL routing strategy | 0.00080 | 0.00000 |
PL | Routed to BZX, EDGX, NYSE, NYSE Arca or Nasdaq using RMPL routing strategy | 0.00300 | 0.30000% of Dollar Value |
PT | Removes liquidity from EDGA using RMPT or RMPL routing strategy | Free | 0.00000 |
PX | Routed using RMPL routing strategy to a destination not covered by Fee Code PL or routed using RMPT routing strategy | 0.00120 | 0.30000% of Dollar Value |
Q | Routed to a non-exchange destination using ROUC routing strategy | 0.00200 | 0.30000% of Dollar Value |
RP | Non-displayed order, adds liquidity using Supplemental Peg | 0.00300 | 0.00000 |
RR | Routed to EDGX using DIRC routing strategy | 0.00300 | 0.30000% of Dollar Value |
RT | Routed using ROUT routing strategy | 0.00280 | 0.30000% of Dollar Value |
RX | Routed using ROUX routing strategy | 0.00290 | 0.30000% of Dollar Value |
RY | Routed to BYX, adds liquidity | 0.00200 | 0.00000 |
RZ | Routed to BZX, adds liquidity | (0.00160) | 0.00000 |
S | Directed ISO | 0.00330 | 0.30000% of Dollar Value |
SW | Routed using SWPA routing strategy (except for removal of liquidity from NYSE) | 0.00310 | 0.30000% of Dollar Value |
V | Adds liquidity to EDGA (Tape A) | 0.00300 | 0.00000 |
W | Removes liquidity from EDGA (Tape A) | (0.00160) | 0.00000 |
X | Routed, adds or removes liquidity | 0.00300 | 0.30000% of Dollar Value |
Y | Adds liquidity to EDGA (Tape C) | 0.00300 | 0.00000 |
Z | Routed to a non-exchange destination using ROCO or ROUZ routing strategy | 0.00120 | 0.30000% 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 fourth 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 Remove TCV means remove ADV as a percentage of TCV in the relevant baseline month subtracted from current remove ADV as a percentage of TCV.
- Step-Up ADV means ADV in the relevant baseline month subtracted from current ADV.
-
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.
- 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:
-
Routing Tiers:
The fee to route provided by the below tier is applicable to the following fee code: PX.
Tier Fee Per Share to Route Required Criteria Tier 1 $0.0008 Member adds or removes an ADV ≥ 2,000,000 shares using routing strategy RMPT or RMPL (i.e., yielding fee codes PA, PL, PT and PX). The fee to route provided by the below tier is applicable to the following fee code: RT.
Tier Fee Per Share to Route Required Criteria Tier 1 $0.0026 Member routes an ADV ≥ 3,000,000 shares using routing strategy ROUT (i.e., yielding fee codes RT and RX). -
Capped at $20,000 per month per Member.
-
Fee code D will be yielded if an SWPA routing strategy removes liquidity from NYSE.
-
Fee code O will be yielded if an order is routed to NYSE Arca & BZX's closing process.
-
Fee code RX will be yielded if an order is routed to EDGX using the ROUT routing strategy.
-
Fee code I will be yielded if an order is routed to EDGX using the ROUX routing strategy.
-
Add/Remove Volume Tiers:
Applicable to the following fee codes: 3, 4, B, V, and Y.
Tier Fee Per Share to Add Required Criteria Tier 1 $0.0026 Member has an ADAV ≥ 0.15% of the TCV. Tier 2 $0.0016 Member adds or removes an ADV ≥ 0.35% of the TCV or Member adds or removes an ADV ≥ 35,000,000. Tier 3 $0.0015 Member adds or removes an ADV ≥ 0.65% of the TCV or Member adds or removes an ADV ≥ 67,000,000. Tier 4 $0.0014 Member adds or removes an ADV ≥ 0.80% of the TCV or Member adds or removes an ADV ≥ 82,000,000. Applicable to the following fee codes: N, W, 6 and BB.
Tier Rebate Per Share to Remove Required Criteria Tier 1 ($0.0020) Member adds or removes an ADV ≥ 0.05% of the TCV
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) |
Certification Logical Ports | $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.
Dedicated Cores:
Tier | Quantity | Fee Per Dedicated Core |
---|---|---|
1 | 1 - 2 Dedicated Cores | $0/month |
2 | 3 - 10 Dedicated Cores | $650/month |
3 | 11 - 15 Dedicated Cores | $850/month |
4 | 16 - 80 Dedicated Cores | $1,050/month |
Note: Members will be limited to 80 Dedicated Cores and Sponsoring Members will be limited to 35 Dedicated Cores for each of their Sponsored Access relationships. Dedicated Core Fees are progressive. For example, a firm that chooses to purchase 11 Dedicated Cores will be assessed a total monthly fee of $6,050 (i.e., $0 x 2 Dedicated Cores, $650 x 8 Dedicated Cores, and $850 x 1 Dedicated Core). The monthly fees are assessed and applied in their entirety and are not prorated.
Physical Connectivity Fees:
Service | Fee per Physical Port |
---|---|
1 Gb physical port | $2,500/month |
10 Gb 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.
Membership Fees:
Membership Fee Type | Fee |
---|---|
Firm Membership | $2,500/year1 |
- 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 EDGA 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 | $250 |
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 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 | $40 |
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.
- 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.
Trial Usage:
First-time Users and Distributors are eligible for a free trial and will not be charged any applicable fees 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.
EDGA Depth:
Delivery | Fee |
---|---|
Internal Distributor | $1,000/month |
External Distributor | $2,500/month |
Non-Display Usage not by Trading Platforms* | $1,000/month |
Non-Display Usage by Trading Platforms** | $2,000/month |
Professional User Fee | $10.00/month |
Non-Professional User Fee | $1.00/month |
Enterprise Fee*** | $25,000/month |
* 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 EDGA Depth must be hosted within the Managed Non-Display Service Provider's space/cage; (ii) the subscriber's access to EDGA 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 EDGA 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 EDGA 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 EDGA Depth Feed if it wishes such User to be covered by the Enterprise Fee. The Enterprise Fee is in addition to the Distributor Fee.
EDGA Summary Depth:
Internal Distribution
Distribution Fee | $2,500/month |
Professional User Fee | $0/month |
Non-Professional User Fee | $0/month |
External Distribution
Distribution Fee | $2,500/month* |
Professional User Fee** | $2.50/month |
Non-Professional User Fee** | $0.10/month |
Enterprise Fee*** | $20,000/month |
Digital Media Enterprise Fee**** | $5,000/month |
* New External Distributor Credit. New External Distributors of the EDGA Summary Depth Feed will not be charged an External Distributor Fee for their first three (3) months in order to allow them to enlist new Users to receive the EDGA Summary Depth Feed.
** Each External Distributor will be eligible to receive a credit against its monthly Distributor Fee for the EDGA Summary Depth Feed equal to the amount of its monthly User Fees up to a maximum of the External Distributor Fee for the EDGA Summary Depth Feed.
*** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive the EDGA 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 EDGA 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 EDGA 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.
EDGA Depth Attributed:
In addition to EDGA Depth fees, as described above, all subscribers to EDGA Depth Attributed will also incur the following fees:
Delivery | Fee |
---|---|
Internal Distributor | $2,500/month |
External Distributor | $5,000/month |
EDGA 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** | $0.10/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 EDGA Book Viewer equal to the amount of its monthly User Fees up to a maximum of the Distributor Fee for EDGA Book Viewer.
*** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive EDGA 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 EDGA 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 EDGA 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.
EDGA Top:
Internal Distribution
Distribution Fee | $0/month |
Professional User Fee | $0/month |
Non-Professional User Fee | $0/month |
External Distribution
Distribution Fee | $0/month* |
Professional User Fee | $1.00/month |
Non-Professional User Fee | $0.025/month |
Enterprise Fee* | $10,000/month |
Digital Media Enterprise Fee** | $2,500/month |
*As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive EDGA 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 EDGA 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 EDGA 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.
EDGA Last Sale:
Internal Distribution
Distribution Fee | $0/month |
Professional User Fee | $0/month |
Non-Professional User Fee | $0/month |
External Distribution
Distribution Fee | $0/month* |
Professional User Fee | $1.00/month |
Non-Professional User Fee | $0.025/month |
Enterprise Fee* | $10,000/month |
Digital Media Enterprise Fee** | $2,500/month |
* As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive EDGA 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 EDGA 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 EDGA 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.
EDGA Historical Depth Data:
Delivery (Internal Use Only) | Fee |
---|---|
Per Month of Access Data | $1,000 |
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 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. New External Distributors of the Cboe One Premium Feed will not be charged an External Distributor Fee for their first three (3) months in order to allow them to enlist new Users to receive the Cboe One Premium 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 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 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.
US Equity Short Volume & Trades Report*
Delivery | Fee |
---|---|
Monthly Fee per Internal Distributor | $750 |
Monthly Fee per External Distributor | $1,250 |
Fee per Month of Historical Data** | $500 |
*The US Equity Short Volume & Trades Report is available for purchase on a monthly basis or on an annual basis. A User of the US Equity Short Volume & Trades Report will receive access to the end-of-day report beginning on the date of subscription and will receive the end-of-month report for the subscription month on the last business day of the month during which the User subscribed.
**The US Equity Short Volume & Trades Report provided on a historical basis is only for display use redistribution. Users who subscribe on an annual basis will receive 12 months of historical data included at no extra charge. Users who subscribe on a monthly basis would have the option of purchasing historical data on a per month basis. From October 10, 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 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, EDGX Options.