Member has an ADAV in Customer orders ≥ 0.80% of average OCV; Member has an ADAV in Market Maker orders ≥ 0.35% of average OCV; and, Member has on BZX Equities an ADAV ≥ 0.30% of average TCV. |Open in new tab Download File [392.67 KB] Membership; About; Fees; Technology; Regulatory; Circulars Cboe Margin Requirement/NYSE Margin Requirement Cboe Position and Exercise Limits for Equity and Index Options Cboe Position Limits for Broad-Based Index Options * 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. * 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). Change to Daily Closing Time for Options on Certain Exchange Traded Products Effective February 1, 2021, BZX Options, Cboe Options, C2 Options and EDGX Options exchanges will be changing the daily closing time for options … "Options Customer Remove OCV" for purposes of equities pricing means ADV resulting from Customer orders that remove liquidity as a percentage of OCV, using the definitions of ADV, Customer and OCV as provided under the Exchange's fee schedule for BZX Options. ** Each External Distributor will be eligible to receive a credit against its monthly Distributor Fee for BZX Last Sale equal to the amount of its monthly User Fees up to a maximum of the Distributor Fee for BZX Last Sale. **** As an alternative to User fees, a recipient firm may purchase a monthly Digital Media Enterprise license to receive BZX 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. ***External Distributors of the Cboe One Feed will also receive upon request access to the ETF Implied Liquidity Feed for external distribution only without incurring an additional Distributor fee or, if an External Distributor, the Data Consolidation fee for the ETF Implied Liquidity Feed. 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. Allocation of 5,000 messages per second: $550 per month per allocation. "Step-Up Remove TCV" means ADV resulting from orders that remove liquidity as a percentage of TCV in the relevant baseline month subtracted from current ADV resulting from orders that remove liquidity as a percentage of TCV. For securities priced below $1.00: no charge or rebate. Cboe market data solutions include low-latency, top-of-book to full depth-of-book market data feeds for our U.S. exchanges in options, equities and futures. 5 ORF was first introduced by CBOE in 2009, and was designed to cover a p01tion of the Exchange's regulatory costs, as opposed to subsidizing for-profit commercial expenditures. Cboe offers a robust offering of market data feeds from our four unique U.S. options exchanges (Cboe Options Exchange, C2 Options Exchange, BZX Options Exchange, and EDGX Options … 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 … 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. ** 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. "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. No logical port fees will be assessed for redundant secondary data center ports. Such LMP Securities will include all Cboe-listed ETPs and certain non-Cboe-listed ETPs for which the Exchange wants to incentivize Members to provide enhanced market quality. 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. With prior notice to the Exchange, a Member may aggregate ADAV or 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). MPID has an ADAV as a percentage of ADV ≥ 90%. Remove liquidity in securities priced below $1.00 for Parallel T and SWPA routed executions: 0.33% charge of the total dollar value. Unless otherwise indicated, rebates and charges for adding, removing or routing liquidity are listed as per share rebates and charges. 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. For Cboe One Summary, the Data Consolidation fee will also apply. 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. 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. Applicable to the following fee codes: PF and XF. Member has an ADAV in Away MM/Firm/BD/JBO orders ≥ 1.05% of average OCV; Member has an ADV ≥ 1.95% of average OCV; and, Member has an ADAV in Customer Non-Penny orders ≥ 1.00% of average OCV. Match capacity fees are assessed based on capacity (i.e., messages per … 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. "Tape B Step-Up Add TCV" means ADAV in Tape B securities as a percentage of TCV in the relevant baseline month subtracted from current ADAV in Tape B securities as a percentage of TCV. Step 2: Connection. 6 While Nasdaq provided 30 days-notice for the recent Nasdaq BX and Nasdaq Options … 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). Routed shares are not included in ADAV or ADV calculation. ** Each External Distributor will be eligible to receive a credit against its monthly Distributor Fee for the BZX Summary Depth Feed equal to the amount of its monthly User Fees up to a maximum of the External Distributor Fee for the BZX Summary Depth Feed. Volume details prior to 2011 exclude proprietary products and other index option volume. LMMs in BZX-listed securities will transact for free in the Closing Auction in their LMM Securities. *****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. 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. *** OPRA + SIP Bundle includes the following market data products: OPRA, UQDF/UTDF/OMDF, and CQS/CTS. No fee will be assessed for redundant secondary data center ports. ** Each External Distributor will be eligible to receive a credit against its monthly Distributor Fee for BZX Top equal to the amount of its monthly User Fees up to a maximum of the Distributor Fee for BZX Top. The Exchange excludes from its calculation of ADAV and ADV shares 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"), on any day with a scheduled early market close and on the last Friday in June (the "Russell Reconstitution Day"). "CADV" means consolidated average daily volume calculated as the average daily volume reported for a security by all exchanges and trade reporting facilities to a consolidated transaction reporting plan for the three calendar months preceding the month for which the fees apply and excludes volume on days when the market closes early and on the Russell Reconstitution Day. Note: 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., January 1, 2015) and the Member does not utilize the facilities of the Exchange while such voluntary termination of rights is pending, then the Member will not be obligated to pay the Annual Membership Fee. 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. For example, a Distributor providing Derived Data based on BZX 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). 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. The Distributor maintains control of the entitlements, but does not maintain technical control of the usage or the display. © 2021 Cboe Exchange, Inc. All rights reserved. * 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. A Professional User of an Exchange Market Data product is any User other than a Non-Professional User. 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. Effective . For example, a Distributor providing Derived Data based on BZX 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). Applicable only to orders which establish a new NBBO. ** 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. Cboe BZX Options Exchange Fee Schedule Effective November 2, 2020 Reference ID: C2020103001 Overview Effective Monday, November 2, 2020, Cboe will introduce the following pricing changes on the BZX Options Exchange, subject to regulatory review. *New External Distributor Credit. "Options Add OCV" for purposes of equities pricing means ADAV as a percentage of OCV, using the definitions of ADAV and OCV as provided under the Exchange's fee schedule for BZX Options. * New External Distributor Credit. Cboe BZX Options Exchange Fee Schedule Effective December 1, 2020 . 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. Unless otherwise indicated, variable rates provided by tiers apply only to executions in securities priced at or above $1.00. 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. NYSE AMERICAN OPTIONS FEE SCHEDULE* *NYSE American Options is the options trading facility of NYSE American LLC. It contains all series in an underlying security's chain-if it has volume on BZX. "Options Customer Add OCV" for purposes of equities pricing means ADAV resulting from Customer orders as a percentage of OCV, using the definitions of ADAV, Customer and OCV as provided under the Exchange's fee schedule for BZX Options. RP $0.25 Routed (Customer) to AMEX, BOX, BX Options, Cboe, BZX Options, ISE Mercury, MIAX or PHLX (excludes SPY) RQ $0.85 Routed (Customer) to ARCA, BZX Options… Routed to NYSE Arca, adds liquidity (Tape B), Routed to EDGA using ALLB routing strategy, Closing Auction, Late-Limit-On-Close order, BZX listed security, Continuous Book Order that executed in the Opening or Closing Auction, BZX listed security, Opening, IPO or Halt Auction, BZX listed security, Opening, IPO or Halt Auction, Late-Limit-On-Open order, BZX listed security, Routed to EDGX using ALLB routing strategy, Routed to BYX using ALLB routing strategy, Displayed order, adds liquidity to BZX (Tape B), Routed to NYSE Arca using Destination Specific routing strategy (Tape B), Routed to EDGA using TRIM or SLIM routing strategy, Routed using Destination Specific routing strategy unless otherwise specified, Routed to BYX using Destination Specific, TRIM or SLIM routing strategy, Routed to NYSE using Destination Specific, RDOT or RDOX routing strategy, Routed to NYSE Arca using Destination Specific routing strategy (Tapes A or C), Non-displayed order, adds liquidity (Tape B), Non-displayed order that receives price improvement, adds liquidity, Non-displayed order, adds liquidity (Tape A), Non-displayed order, adds liquidity (Tape C), Routed to NASDAQ using Destination Specific or INET routing strategy, Routed to EDGX, NYSE, NYSE Arca or Nasdaq; adds non-displayed liquidity, Routed to NYSE National using TRIM or SLIM routing strategy, Routed to listing market opening or re-opening cross, BZX Opening or Re-opening, non-BZX listed security, Routed to NASDAQ using ROOC routing strategy, adds liquidity, Non-displayed order, adds liquidity using Supplemental Peg, Routed using Parallel T or SWPA routing strategy, Routed using SLIM routing strategy (except to BYX, EDGA, NASDAQ BX, NYSE American or NYSE National), Routed to NASDAQ BX using TRIM or SLIM routing strategy, Displayed order, adds liquidity to BZX (Tape A), Displayed order subject to price sliding that receives price improvement, adds liquidity, Displayed order, adds liquidity to BZX (Tape C), Routed to a dark liquidity venue (except through SLIM), Member has an ADAV as a percentage of TCV ≥ 0.10%, Member has an ADAV as a percentage of TCV ≥ 0.25%, Member has an ADAV as a percentage of TCV ≥ 0.40%, Member has an ADAV as a percentage of TCV ≥ 0.85%, Member adds an ADV ≥ 0.05% of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY, Member adds an ADV ≥ 0.10% of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY, Member adds an ADV ≥ 0.15% of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY, Member adds an ADV ≥ 0.35% of the TCV as Non- Displayed orders that yield fee codes HB, HI, HV or HY, Member has a Tape A ADAV ≥ 0.40% of the Tape A TCV, Member has a Tape B ADAV ≥ 0.50% of the Tape B TCV, Member has a Tape C ADV ≥ 0.40% of the Tape C TCV, Member has a Step-Up Add TCV from April 2020 ≥ 0.30%, Daily Incentive for each Qualified Security 1-5, Daily Incentive for each Qualified Security 6-25, Daily Incentive for each Qualified Security 26-50, Daily Incentive for each Qualified Security 51-100, Daily Incentive for each Qualified Security Greater Than 100, Daily Incentive for each Enhanced Security 1-5, Daily Incentive for each Enhanced Security 6-25, Daily Incentive for each Enhanced Security 26-50, Daily Incentive for each Enhanced Security 51-100, Daily Incentive for each Enhanced Security Greater Than 100, Non-Display Usage not by Trading Platforms*, U.S. Equity Select + SIP Bundle (40% Discount)**. 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