Cboe Retail Membership Program
Cboe’s Retail Membership Program gives retail firms time to grow their businesses without having to sacrifice the benefits of membership on a regulated, U.S. securities exchange. The program offers special pricing and rebates for new retail members for up to 18 months following the qualifying member's membership approval date.
The Cboe Retail Membership Program provides direct access to the Cboe EDGX U.S. Equities Exchange. As a member of the Cboe EDGX Exchange, you will receive all the advantages that come from exchange membership, including: innovative tools to manage risk, world-class market surveillance and supervision, and greater transparency to strengthen investor confidence.
Retail firms will benefit from the Cboe EDGX retail-focused trading products, including:
- Reducing time to execution with Retail Priority on EDGX
- Extended early trading on EDGX starting at 4:00 AM EST, with orders accepted as early as 2:30AM EST
Program Discounts and Rebates
Program members are eligable for the following credits.
| Membership, Access and Data | Months 1-12 Discounts | Months 13-18 Discounts | ||
|---|---|---|---|---|
| No Volume Tier Threshold | Retail ADV <0.10% of TCV | Retail ADV ≥0.10% of TCV | Retail ADV ≥0.20% of TCV | |
| Membership Fee | 100% | 100% | 50% | 0% |
| Logical Ports (includes ≤ 20 Order Entry, Drop Copy, Purge, Multicast Pitch Spin Server, and GRP Ports | 100% | 100% | 50% | 0% |
| Physical Ports (includes $2,500 Physical Port Credit) | 100% | 100% | 50% | 0% |
| Cboe One Summary* | 100% | 100% | 50% | 0% |
| Cboe One Premium* | 44% | 44% | 22% | 0% |
| EDGX Depth* | 100% | 100% | 50% | 0% |
| EDGX Top* | 100% | 100% | 50% | 0% |
- Access Fee Credits for the applicable market data products will apply for new Members who have not previously received any of the applicable Data Products within the previous 18 months. Program discounts cannot be combined with any other discounts applicable to eligible market data products. The eligible market data product fees included in the Program are External Distribution Fees and Data Consolidation Fees. Display and Non-Display Usage Fees are not included in the Access Fee Credits for eligible market data products.
Enhanced rebates are available to qualifying new members for the entire 18-month duration of the program:
| Tier | Rebate | Required Criteria |
|---|---|---|
| Retail Membership Program Volume Tier 1 | ($0.0033) | Member adds Retail Order ADV (i.e., yielding fee code ZA) ≥ 0.10% of the TCV |
| Retail Membership Program Volume Tier 2 | ($0.0034) | Member adds Retail Order ADV (i.e., yielding fee code ZA) ≥ 0.20% of the TCV |
Eligibility Requirements
To be eligible, a new member must be approved as a Retail Membership Organization (“RMO”) and may not have been, within the prior 18 months, approved as an EDGX Equities Exchange member. Members that were approved as an RMO on or after January 1, 2021, will be eligible for the Program, provided such Member had not been approved as an EDGX Equities member within 18 months prior to its recent approval. Eligibility for the Access Fee Credits and enhanced rebates begin in the month that a new membership application is approved. A Member will be considered eligible each month if at least 90% of its submitted orders to EDGX Equities that month are Retail Orders. A Member is eligible to enroll in the Program only once. For full requirements, see the “Retail Equities Membership Program” on the EDGX Fee Schedule.
Contact
To participate in the Cboe Retail Membership Program, email [email protected]