- 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 fourth Friday in June (the "Russell Reconstitution Day").
- Routed shares are not included in ADAV or ADV calculation.
- 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).
- 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:
Add/Remove Volume Tiers
Applicable to the following fee codes: B, V and Y.- Member is enrolled in at least 50 BZX-listed LMP Securities for which it meets the following criteria for at least 50% of the trading days in the applicable month: (i) Member has an NBBO Time ≥ 15% or an NBBO Size ≥ 25%; and (ii) Member has a Displayed Size Time ≥ 90%; and
- Member is enrolled in at least 30 LMM Securities; and
- Member has an ADAV as a percentage of TCV ≥ 0.15%.
- Member has an ADAV as a percentage of TCV ≥ 0.40%; and
- Member has a Tape C ADV ≥ 1.20% of the Tape C TCV; and
- Member has a Remove ADV ≥ 0.40% of the TCV
- Member has an ADAV as a percentage of TCV ≥ 0.42%; and
- Member has a Tape B ADV ≥ 1.50% of the Tape B TCV; and
- Member has a Remove ADV ≥ 0.20% of the TCV
Applicable to the following fee codes: HB, HV or HY.
| Tier | Rebate Per Share to Add | Required Criteria |
|---|---|---|
| Non-Displayed Add Volume Tier 1 | ($0.0018) | Member adds an ADV ≥ 0.06% of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY |
| Non-Displayed Add Volume Tier 2 | ($0.0020) | Member adds an ADV ≥ 0.10% of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY |
| Non-Displayed Add Volume Tier 3 | ($0.0025) | Member adds an ADV ≥ 0.15% of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY |
| Non-Displayed Add Volume Tier 4 | ($0.0027) | Member adds an ADV ≥ 0.20% of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY |
| Non-Displayed Add Volume Tier 5* | ($0.0027) | Member adds a Step-Up ADV from May 2024 ≥ 0.10% of the TCV as Midpoint Peg, Non-Displayed orders that yield fee codes HB, HI, HV or HY. |
* This tier will expire no later than November 30, 2024.
Step-Up Tiers
Applicable to the following fee codes: B, V and Y.- MPID has a Step-Up Add TCV from May 2019 ≥ 0.10%; and
- MPID has an ADV ≥ 0.50% of the TCV
- Member has a Step-Up ADAV from January 2022 ≥ 10,000,000 or Member has a Step-Up Add TCV from January 2022 ≥ 0.10%; and
- Member has an ADV ≥ 0.30% of the TCV or Member has an ADV ≥ 35,000,000.
Reserved
Single MPID Investor Tiers
Applicable to the following fee codes: B, V and Y. Tape B: ($0.0032) Tapes A & C: ($0.0033)- MPID has an ADAV as a percentage of TCV ≥ 0.45%; or MPID has an ADAV ≥ 45,000,000; and
- MPID has an ADAV ≥ 0.05%; of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY
- MPID removes an ADV ≥ 0.60% of the TCV; and
- MPID has an ADAV ≥ 0.05%; of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY
Reserved
Tape B Volume and Quoting Tiers
Applicable to the following fee code: B.- Member has a NBBO Time ≥ 15% or a NBBO Size Time ≥ 25%; and
- Member has a Displayed Size Time ≥ 90%
(i) Member is enrolled in at least 100 BZX-listed LMP Securities for which it meets the following criteria for at least 50% of the trading days in the applicable month:
- Member has a NBBO Time ≥ 15% or a NBBO Size Time ≥ 25%; and
- Member has a Displayed Size Time ≥ 90%; and
(ii) Member adds a Tape B ADV ≥ 1.50% of the Tape B TCV
Applicable to the following fee code: B.
(i) Member is enrolled in at least 5 BZX-listed LEP Securities, for which it meets the following criteria for at least 75% of the trading days in the applicable month:
- Member has NBBO Time ≥ 20%; and
- Member has bids and offers with a Notional Depth of $75,000 on each side for at least 90% of the trading day; and
- The difference in the NBB and NBO spread for each LEP Security is no wider than 0.50% for at least 95% of the trading day.
Lead Market Maker ("LMM") Pricing
(A) Corporate LMM Liquidity Provision Rates
Qualified LMMs in BZX-listed primary equity securities (“Corporate Securities”) are eligible to receive the Corporate LMM Add Liquidity Rebate for such Corporate Securities for a calendar month on a security-by-security basis. For each calendar month the Qualified LMM will receive a rebate of $0.0030 per share.
(B) ETP and Closed-End Fund LMM Liquidity Provision Rates:
(i) Standard Rates. LMMs in BZX-listed ETP and Closed-End Fund securities (“ETP LMMs”) will receive the following rates on a daily basis per security for which the LMM is a Qualified ETP LMM (a “Qualified ETP Security”) based on the average aggregate daily auction volume of the BZX-listed securities for which the Member is the ETP LMM (“ETP LMM Securities”):
| Average Aggregate Daily Auction Volume in ETP LMM Securities | |||||
|---|---|---|---|---|---|
| 0-10,000 | 10,001-100,000 | 100,001-500,000 | 500,001-1,000,000 | 1,000,001 or greater | |
| Daily Incentive for each Qualified ETP Security 1-5 | $10 | $25 | $40 | $50 | $100 |
| Daily Incentive for each Qualified ETP Security 6-25 | $10 | $25 | $25 | $30 | $70 |
| Daily Incentive for each Qualified ETP Security 26-50 | $10 | $10 | $20 | $25 | $50 |
| Daily Incentive for each Qualified ETP Security 51-100 | $10 | $10 | $15 | $20 | $25 |
| Daily Incentive for each Qualified ETP Security Greater Than 100 | $10 | $10 | $15 | $15 | $20 |
(ii) Enhanced Rates. LMMs in BZX-listed ETP and Closed-End Fund securities will receive the following rates on a daily basis per Qualified ETP Security for which they also meet certain enhanced market quality standards (an “Enhanced ETP Security”) in addition to the Standard Rates above:
| Average Aggregate Daily Auction Volume in ETP LMM Securities | |||||
|---|---|---|---|---|---|
| 0-10,000 | 10,001-100,000 | 100,001-500,000 | 500,001-1,000,000 | 1,000,001 or greater | |
| Daily Incentive for each Enhanced ETP Security 1-5 | $3 | $7.50 | $12 | $15 | $30 |
| Daily Incentive for each Enhanced ETP Security 6-25 | $3 | $7.50 | $7.50 | $9 | $21 |
| Daily Incentive for each Enhanced ETP Security 26-50 | $3 | $3 | $6 | $7.50 | $15 |
| Daily Incentive for each Enhanced ETP Security 51-100 | $3 | $3 | $4.50 | $6 | $7.50 |
| Daily Incentive for each Enhanced ETP Security Greater Than 100 | $3 | $3 | $4.50 | $4.50 | $6 |
(C) ETP and Closed-End Fund LMM Add Liquidity Rebate
ETP LMMs, as defined in paragraph (B)(i) above, in BZX-listed securities that have a CADV ≥ 1,000,000 (an “ALR Security”) are eligible to receive the ETP LMM Add Liquidity Rebate for such ALR Securities for a calendar month on a security-by-security basis. For each calendar month in which an ETP LMM is a Qualified ETP LMM in an ALR Security, the ETP LMM will receive the greater of an enhanced rebate of $0.0039 per share (instead of any other applicable rebate for transactions in the ALR Security) or the ETP LMM Liquidity Provision Rates described above that would otherwise apply for the ETP LMM in the applicable ALR Security. ETP LMMs in an ALR Security remain eligible to achieve other incentives and tiers unless otherwise explicitly excluded.
(D) LMM Closing Auction Rates:
Applicable to the following fee codes: AC and AL. LMMs in BZX-listed securities will transact for free in the Closing Auction in their LMM Securities.
(E) LMM Add Volume Tiers:
LMMs in BZX-listed securities will receive the following additional rebate when adding displayed liquidity: Applicable to the following fee codes: B, V, and Y
- Member has an ADAV ≥ 0.20% of the TCV;
- Member has an Average Aggregate Daily Auction Volume in LMM Securities ≥ 500,000; and
- Member is enrolled in at least 75 LMM Securities
Applicable to the following fee codes: V and HV
- Member is enrolled in at least 50 LMM Securities; and
- Member has a Tape A ADAV ≥ 0.20% of the Tape A TCV
Applicable to the following fee codes: B and HB
- Member is enrolled in at least 50 LMM Securities; and
- Member has a Tape B ADAV ≥ 0.35% of the Tape B TCV
Applicable to the following fee codes: Y and HY
- Member is enrolled in at least 50 LMM Securities; and
- Member has a Tape C ADAV ≥ 0.20% of the Tape C TCV
Reserved
Sales Value Fee
The Sales Value Fee is assessed to each Member for sales of securities in the following circumstances: (i) when a sale in equity securities occurs with respect to which BZX is obligated to pay a fee to the SEC under Section 31 of the Exchange Act, and (ii) when a sell order in equity securities is routed for execution at a market other than BZX, resulting in a covered sale on that market and an obligation of the routing broker providing Routing Services for BZX, as described in BZX Equities Rule 11.13, to pay the related sales fee of that market. To the extent there may be any excess monies collected under this section, BZX may retain those monies to help fund its general operating expenses. The Exchange may reimburse its routing broker for all Section 31-related fees incurred by the routing broker in connection with the Routing Services it provides. The sales transactions to which the Fee applies are sales of equity securities. The Sales Value Fee is collected indirectly from Members through their clearing firms by DTCC on behalf of the Exchange with respect to sales in equity securities. Calculation of Fee for Equities Sales: The Sales Value Fee is equal to (i) the Section 31 rate multiplied by (ii) the Member’s aggregate dollar amount of covered sales resulting from equities transactions occurring on the Exchange during any computational period.
Match Capacity Fees:
- Match capacity fees are assessed based on capacity (i.e., messages per second) requested for order entry in the primary data center. No fee will be assessed for redundant capacity in the secondary data center.
- 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.
Purge and Market Data Logical Port Fees:
| Service | Fee |
|---|---|
| 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) |
| Other Logical Ports* | $550/port/month |
| Certification Logical Ports | $250/port/month |
* Other Logical Ports includes: Cboe Auction Feed Ports, FIXDROP Ports, Order Drop Ports, Last Sale Ports, PITCH Ports, and TOP Ports.
- Purge and market data logical port fees are limited to logical ports within the primary data center. No fee 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.
Dedicated Cores:
| Tier | Quantity | Fee Per Dedicated Core |
|---|---|---|
| 1 | 1 - 2 Dedicated Cores | $0/month |
| 2 | 3 - 15 Dedicated Cores | $650/month |
| 3 | 16 - 30 Dedicated Cores | $850/month |
| 4 | 31 - 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 16 Dedicated Cores will be assessed a total monthly fee of $9,300 (i.e., $0 x 2 Dedicated Cores, $650 x 13 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 |
|---|---|
| 1Gb physical port | $2,500/month |
| 10Gb physical port | $8,500/month |
| 1Gb physical port (Disaster Recovery) | $2,000/month |
| 10Gb physical port (Disaster Recovery) | $6,000/month |
- A Member that is a registered Lead Market Maker shall have Physical Connectivity Fees waived for a single 1 Gb physical port that is connected solely to the BZX Equities Disaster Recovery data center for the first twelve months following the Member establishing such physical connectivity.
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.
- 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.
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.
BZX Depth:
| Delivery | Fee |
|---|---|
| Internal Distributor | $1,500/month |
| External Distributor | $5,000/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 |
* 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 BZX Depth must be hosted within the Managed Non-Display Service Provider's space/cage; (ii) the subscriber's access to BZX 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 BZX 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 BZX 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 BZX Depth Feed if it wishes such User to be covered by the Enterprise Fee. The Enterprise Fee is in addition to the Distributor Fee.
BZX Summary Depth:
Internal Distribution
| Distribution Fee | $5,000/month |
| Professional User Fee | $0/month |
| Non-Professional User Fee | $0/month |
External Distribution
| Distribution Fee | $5,000/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 BZX 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 BZX Summary Depth Feed.
** 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.
*** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive the BZX 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 BZX 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 BZX 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.
BZX Book Viewer:*
Internal Distribution
| Distribution Fee | $1,000/month |
| Professional User Fee | $0/month |
| Non-Professional User Fee | $0/month |
External Distribution
| Distribution Fee | $5,000/month |
| Professional User Fee** | $6.00/month |
| Non-Professional User Fee** | $0.15/month |
| Enterprise Fee*** | $40,000/month |
| Digital Media Enterprise Fee**** | $10,000/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 BZX Book Viewer equal to the amount of its monthly User Fees up to a maximum of the Distributor Fee for BZX Book Viewer.
*** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive BZX 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 BZX 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 BZX 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.
BZX Top:
Internal Distribution
| Distribution Fee | $750/month |
| Professional User Fee | $4/month |
| Non-Professional User Fee | $0/month |
External Distribution
| Distribution Fee | $2,500/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 BZX Top may also receive, upon request and at no additional charge, access to BZX Last Sale (as described in Rule 11.22(g)).
* New External Distributor Credit. New External Distributors of BZX 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 BZX Top equal to the amount of its monthly User Fees up to a maximum of the Distributor Fee for BZX Top.
*** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive BZX 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 BZX 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 BZX 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.
Financial Product Distribution Program:*
BZX 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 |
BZX Top Derived Data API Service:
| External Subscriber Fee*** | 1-5 External Subscribers | $2,500 / month / External Subscriber |
| 6-20 External Subscribers | $2,000 / month / External Subscriber | |
| 21+ External Subscribers | $1,500 / 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 | $3,000 / month / External Subscriber |
| 6-20 External Subscribers | $2,500 / month / External Subscriber | |
| 21+ External Subscribers | $2,000 / 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 BZX 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 BZX Top or Cboe One Summary except that they will not be subject to the Non-Professional User fees normally applicable for the distribution of BZX 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 BZX Top or Cboe One Summary is liable for these fees instead of the fees normally applicable for the distribution of BZX Top or Cboe One Summary. A Distributor that provides a White Label Service, API Service, or Platform Service for BZX 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 BZX 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 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). 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 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). 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 $15,000 (i.e., 6 External Subscribers x $2,500 each).
BZX Last Sale:
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** | $4.00/month |
| Non-Professional User Fee** | $0.10/month |
| Enterprise Fee*** | $15,000/month |
| Digital Media Enterprise Fee**** | $2,500/month |
Subscribers to BZX Last Sale may also receive, upon request and at no additional charge, access to BZX Top (as described in Rule 11.22(d)).
*New External Distributor Credit. New External Distributors of BZX 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 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 Enterprise license to receive BZX 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 BZX 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 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.
BZX Historical Top or Historical Last Sale Data:
| Delivery (Internal Use Only) | Fee (per data product) |
|---|---|
| Per Month of Access Data | $500 |
BZX Historical Depth Data:
| Delivery (Internal Use Only) | Fee (per data product) |
|---|---|
| Per Month of Access Data | $1,000 |
Cboe One Feed SM :
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.
****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.
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 June 4, 2024 through June 30, 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, and EDGX Options.
Membership Fees:
| Description | Fee |
|---|---|
| Annual Membership | $2,500/year |
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.
Market Participant Identifier (“MPID”) Fees:
| Description | Fee |
|---|---|
| Monthly Fee per MPID per Member | $450 |
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 becomes 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 |
Short Interest Report*
| Delivery | Fee | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Monthly Fee - Access | $250 | Monthly Fee -Access (Historical Data) | $250 | Monthly Fee per Internal Distributor | $500 | Monthly Fee Internal Distributor (Historical Data) | $500 | Monthly Fee per External Distributor** | $750 | Monthly Fee External Distributor (Historical Data) | $750 |
*The Short Interest Report is available for purchase on a monthly basis or on an annual basis.
**The Short Interest Report provided for External Distribution is only for display use redistribution.
