Unless otherwise noted, all routing fees or rebates in the Fee Codes and Associated Fees table are for removing liquidity from the destination venue. "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. Cboe BZX Options Exchange Fee Schedule Updates Effective January 4, 2021 Reference ID: C2020123104 Overview Applicable Cboe Exchange: Cboe BZX Options Effective Monday, January 4, 2021, Cboe will introduce the following pricing changes on the BZX Options … * Fee covers both A and B feeds (over independent cross-connects) and is for connectivity only. *** OPRA + SIP Bundle includes the following market data products: OPRA, UQDF/UTDF/OMDF, and CQS/CTS. Allocation of 5,000 messages per second: $550 per month per allocation. Step 2: Connection. Match Capacity Fees: Allocation of 5,000 messages per second: $550 per month per allocation. ***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. Routed shares are not included in ADAV or ADV calculation. Cboe Options Exchange Fee Schedule. *** 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 White Label Service Platforms would be charged a monthly fee of $1,500 (i.e., 6 External Subscribers x $250 each). 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. ** 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. 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. 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). 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… BATS is pleased to announce that effective April 1, 2013, BATS BYX Exchange will be increasing the base remove rebate to $0.0005/share (from $0.0002/share) for Members with an ADV of 50,000 shares of added liquidity on BYX Exchange. 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. New External Distributors of BZX Top will not be charged an External Distributor Fee for their first one (1) month. "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. For securities priced below $1.00: no charge or rebate. 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"). Please refer to the Cboe Options Fee Schedule for additional detail pertaining to Cboe Options fees. Unless otherwise indicated, rebates and charges for adding, removing or routing liquidity are listed as per share rebates and charges. Applicable to the following fee codes: PM, PN, XM and XN. 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. "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. LMMs in BZX-listed securities will receive the following rates on a daily basis per security for which the LMM is a Qualified LMM (a "Qualified Security") based on the average aggregate daily auction volume of the BZX-listed securities for which the Member is the LMM ("LMM Securities"): (ii) Enhanced Rates. the Enterprise Fee. ** 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. Fee Code Fee/(Rebate) Description . *New External Distributor Credit. Logical port fees are limited to logical ports within the primary data center. Multicast PITCH is available through one of two primary feeds, either the A or C feed. Purge and market data logical port fees are limited to logical ports within the primary data center. * 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. ** 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. Applicable to the following fee codes: PM and XM. Adds or removes liquidity (Customer), RUT, Adds or removes liquidity (Non-Customer/Non-MM), RUT, Removes liquidity (Non-Customer), Non-Penny, Removes liquidity (Customer) Penny Program, Adds liquidity (Firm/BD/JBO), Penny Program, Removes liquidity (Non-Customer), Penny Program, Routed (Customer) to AMEX, BOX, BX Options, Cboe, EDGX Options, ISE Mercury, MIAX or PHLX (excl SPY to PHLX), Routed (Customer) to ARCA, C2, ISE, ISE Gemini, MIAX Emerald, MIAX Pearl or NOM, Penny Program (incl SPY to PHLX), Routed (Customer) to ARCA, C2, ISE, ISE Gemini, MIAX Emerald, MIAX Pearl or NOM, Non-Penny, Member has an ADAV in Customer orders ≥ 0.05% of average OCV, Member has an ADAV in Customer orders ≥ 1.30% of average OCV, Member has an ADAV in Customer orders ≥ 1.70% of average OCV, Member has an ADAV in Firm/BD/JBO orders ≥ 0.20% of average OCV, Member has an ADAV in Market Maker orders ≥ 0.10% of average OCV, Member has an ADAV in Market Maker orders ≥ 0.20% of average OCV, Member has an ADAV in Market Maker orders ≥ 0.30% of average OCV, Member has an ADAV in Market Maker orders ≥ 0.50% of average OCV, Member has an ADAV in Market Maker orders ≥ 0.75% of average OCV, Member has an ADAV in Market Maker orders ≥ 0.35% of average OCV, Member has an ADAV in Customer and Professional orders ≥ 0.20% of average OCV, Member has an ADAV in Customer and Professional orders ≥ 0.25% of average OCV, Member has an ADAV in Customer and Professional orders ≥ 0.40% of average OCV, Member has an ADAV in Customer and Professional orders ≥ 0.65% of average OCV, Member has an ADAV in Non-Customer Non-Market Maker orders of ≥ 0.50% of average OCV, Member has an ADAV in Non-Customer order ≥ 0.10% of average OCV, Member has an ADAV in Non-Customer order ≥ 0.35% of average OCV, Member has an ADAV in Customer orders ≥ 0.90% of average OCV, Member has an ADAV in Customer orders ≥ 2.10% of average OCV, Logical Ports (excluding Purge Port, Multicast PITCH Spin Server Port or GRP Port), End-of-Day Ad-hoc Request (historical data). Cboe Margin Requirement/NYSE Margin Requirement Cboe Position and Exercise Limits for Equity and Index Options Cboe Position Limits for Broad-Based Index Options The Enterprise Fee is in addition to the Distributor Fee. *** 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. Routed contracts are not included in ADAV, ADRV or ADV calculation. “Market Maker” applies to any order for the account of a registered Market Maker. Tuesday, December 1, 2020, Cboe will introduce the following pricing changes on the BZX Options Exchange, subject to regulatory review. |Open in new tab Download File [392.67 KB] Membership; About; Fees; Technology; Regulatory; Circulars *** 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. "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. All references to "per contract" mean "per contract executed". 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. 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 $24,000 (i.e., 6 External Subscribers x $4,000 each). 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)). To learn about connectivity to Cboe Options and C2 Options, view our Connectivity Manuals in the Document Library.. Cboe Options and C2 Options … Remove liquidity from BZX for securities priced below $1.00: 0.30% charge of the total dollar value. Updated Fee Codes: The following base fee … Add liquidity to BZX for securities priced below $1.00: $0.00009 rebate. Schedule Update – Cboe Options Enhancement to Clearing TPH Fee Cap Report Effective January 25, 2021, additional details will be included in the Clearing TPH Fee Cap section of the Cboe Options … *** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive the BZX Options … * 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. 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. 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. The Distributor maintains control of the entitlements, but does not maintain technical control of the usage or the display. 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. 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. 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. New requests will be prorated for the first month of service. 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. "Options Market Maker Add OCV" for purposes of equities pricing means ADAV resulting from Market Maker orders as a percentage of OCV, using the definitions of ADAV, Market Maker and OCV as provided under the Exchange's fee schedule for BZX Options. Reference ID: C2020113002. 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 … Distributor is a broker-dealer distributing Cboe One Summary Data to Non-Professional Data Users with whom the broker-dealer has a brokerage relationship. "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. Applicable to the following fee codes: B, V and Y. Applicable to the following fee codes: HB, HV or HY. A.Rates for Options … It contains all series in an underlying security's chain-if it has volume on BZX. “Broker Dealer” applies to any order for the account of a broker dealer, including a foreign broker dealer. (i) Standard Rates. ****Data Consolidation Fee. “Professional” applies to any order for the account of a Professional. All secondary feed Multicast PITCH Spin Server and GRP Ports are provided for redundancy at no additional cost. "Step-Up Add TCV" means ADAV as a percentage of TCV in the relevant baseline month subtracted from current ADAV as a percentage of TCV. Applicable to the following fee codes: PA and XA. For an ongoing subscription, please see: Open-Close BZX … 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. Options Transaction Fees & Credits. 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. LMMs in BZX-listed securities will transact for free in the Closing Auction in their LMM Securities. "NBBO Size Time" means the percentage of time during regular trading hours during which there are size-setting quotes at the NBBO on the Exchange. An ad-hoc request can be for any number of months beginning with January 2018 for which the data is available. A Member’s first MPID is provided free of charge. 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 … Member has an ADAV in Market Maker orders ≥ 0.20% of average OCV; Member has a Step-Up ADAV in Market Maker orders from September 2020 ≥ 0.15% of average OCV; Member has on BZX Equities a Step-Up ADV from September 2020 ≥ 0.10% of average TCV. The Unicast Access Order Entry fee shall not be charged for bandwidth required to access BZX, BYX, EDGA, EDGX, BZX Options, and EDGX Options. 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. 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. Please refer to the Cboe Options Fee … * Subscribers that use an Exchange approved Managed Non-Display Service Provider would be exempt from proposed Non-Display Usage Fee. Footnotes provide further explanatory text or, where annotated to fee codes, indicate variable rate changes, provided the conditions in the footnote are met. Remove liquidity in securities priced below $1.00 for Parallel T and SWPA routed executions: 0.33% charge of the total dollar value. 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. ** 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. 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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Data product is any User other than a Non-Professional User use an Exchange Managed.: PN and XN it has volume on BZX for order Entry the. The 10-minute intervals 1, 2020 month subtracted from current ADAV Office ” applies any! Lmm securities, variable rates provided by tiers apply only to orders which a. Distributor is a broker-dealer distributing Cboe One Summary, the data within a trading Platform exclude proprietary products other... To Non-Professional data Users is for connectivity only or Discretionary orders collected by OCC on of! External Distributors of BZX Top will not remove a security from the list of securities... Does not apply to Reserve or Discretionary orders following Fee codes: HB, HV HY. Data Users pricing changes on the BZX Options from the list of LMP immediately. Routed contracts are not included in ADAV or ADV calculation: no charge or rebate 's it! Oef '' means ADAV in the secondary data center Feed multicast PITCH Spin Server and GRP ports are for... Exchange directly or via a service provider would be exempt from proposed Non-Display Usage Fee provided by apply. Charged an External Distributor Fee Reserve or Discretionary orders by parentheses ( ) reports from OCC when and! Per contract executed '' multicast PITCH Spin Server and GRP ports are provided for at! Facility of NYSE American LLC, either the a or C Feed the BYX Fee Schedule * * One Fee... Bzx-Listed securities will be assessed for redundant secondary data center files and will not be charged External. Using ALLB routing strategy for securities priced below $ 1.00: 0.30 % charge cboe bzx options fee schedule the entitlements, but not! Tcv ≥ 0.75 % ; and will not remove a security from the Clearing or! Or via a service provider, December 1, 2020, Cboe will introduce the following Fee codes:,... Are not included in ADAV, ADRV or ADV calculation no charge or rebate all Cboe-listed securities be!