Cboe EDGX Options Exchange Fee Schedule
Effective November 6, 2018
- 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.
|Penny Pilot Securities||Non-Penny Pilot Securities|
|Away Market Maker||PN||$0.48||NN||$0.75|
|Joint Back Office||PO||$0.48||NO||$0.75|
Fee Codes and Associated Fees:
|BA||BAM Agency (Non-Customer)||0.20|
|BC||BAM Agency (Customer)||(0.14)|
|BD||BAM Responder, Penny||0.50|
|BE||BAM Responder, Non-Penny||1.05|
|CC||BAM Customer-to-Customer Immediate Cross||Free|
|D1||Directed ISO to NOM, ARCA, ISE Gemini, Non-Penny||1.25|
|D2||Directed ISO to BX Options (Non-Customer), Non-Penny||0.95|
|D3||Directed ISO to C2, PHLX (Non-Customer)||0.95|
|D4||Directed ISO (unless otherwise specified)||0.85|
|NB||Broker Dealer, Non-Penny||0.75|
|NM||Adds liquidity (Market Maker), Non-Penny||0.20|
|NN||Away Market Maker, Non-Penny||0.75|
|NO||Joint Back Office, Non-Penny||0.75|
|NT||Removes liquidity (Market Maker), Non-Penny||0.23|
|OO||EDGX Options Opening||Free|
|PB||Broker Dealer, Penny Pilot||0.48|
|PC||Customer, Penny Pilot||(0.01)|
|PF||Firm, Penny Pilot||0.45|
|PM||Adds liquidity (Market Maker), Penny Pilot||0.20|
|PN||Away Market Maker, Penny Pilot||0.48|
|PO||Joint Back Office, Penny Pilot||0.48|
|PP||Professional, Penny Pilot||0.48|
|PT||Removes liquidity (Market Maker), Penny Pilot||0.23|
|QA||QCC Agency (Customer)||0.00|
|QC||QCC Contra (Customer)||0.00|
|QM||QCC Agency (Non-Customer)||0.08|
|QN||QCC Contra (Non-Customer)||0.08|
|RN||Routed (Non-Customer), Penny Pilot||0.90|
|RO||Routed (Non-Customer), Non-Penny||1.25|
|RP||Routed (Customer) to AMEX, BOX, BX Options, Cboe, ISE Mercury, MIAX or PHLX||0.25|
|RQ||Routed (Customer) to ARCA, BZX Options, C2, ISE, ISE Gemini, MIAX Pearl or NOM, Penny Pilot||0.85|
|RR||Routed (Customer) to ARCA, BZX Options, C2, ISE, ISE Gemini, MIAX Pearl or NOM, Non-Penny||1.25|
|ZA||Complex order, Customer (contra Non-Customer), Penny||(0.45)|
|ZB||Complex order, Customer (contra Non-Customer), Non-Penny||(0.80)|
|ZC||Complex order, Customer (contra Customer)||Free|
|ZD||Complex order legs into Simple Book, Customer||Free|
|ZF||Complex order, adds liquidity, Non-Customer, Penny||0.10|
|ZG||Complex order, removes liquidity, Non-Customer, Penny||0.47|
|ZH||Complex order, adds liquidity, Non-Customer, Non-Penny||0.10|
|ZJ||Complex order, removes liquidity, Non-Customer, Non-Penny||0.75|
|ZM||Complex order, Market Maker (contra Customer), Penny||0.50|
|ZN||Complex order, Market Maker (contra Customer), Non-Penny||1.10|
|ZR||Complex order, Non-Customer/Non-Market Maker (contra Customer), Non-Penny||1.10|
|ZT||Complex order, Non-Customer/Non-Market Maker (contra Customer), Penny||0.50|
- All references to "per contract" mean "per contract executed".
"ADAV" means average daily added volume calculated as the number of contracts added and "ADV" means average daily volume calculated as the number of contracts added or removed, combined, per day.
- ADAV and ADV are calculated on a monthly basis, excluding contracts 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") and on any day with a scheduled early market close.
- Routed contracts 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 or who have been appointed as an Appointed OEF or Appointed MM.
An "Appointed MM" is a Market Maker who has been appointed by an OEF and an "Appointed OEF" is an OEF who has been appointed by a Market Maker as set forth below.
- 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 [email protected] Transmittal of the executed form to the Exchange will be viewed as acceptance of the appointment. The Exchange will recognize one such designation for each party. A party may make a designation not more than once every 12 months, which designation shall remain in effect unless or until the Exchange receives written notice from either party indicating that the appointment has been terminated.
- "Away Market Maker" applies to any transaction identified by a Member for clearing in the Market Maker range at the OCC, where such Member is not registered with the Exchange as a Market Maker, but is registered as a market maker on another options exchange.
"BAM" and "BAM Auction" refer to the Bats Auction Mechanism. The following additional definitions are applicable to BAM Auctions:
- "BAM Agency Order" is an order represented as agent by a Member on behalf of another party and submitted to BAM for potential price improvement pursuant to Rule 21.19.
- "BAM Contra Order" or "Initiating Order" is an order submitted by a Member entering a BAM Agency Order for execution within BAM that will potentially execute against the BAM Agency Order pursuant to Rule 21.19.
- "BAM Customer-to-Customer Immediate Cross" relates to the process defined in Rule 21.19(c).
- "BAM Responder Order" includes any order submitted in response to and specifically designated to participate in a BAM Auction as well as unrelated orders that are received by the Exchange after a BAM Auction has begun.
- "Broker Dealer" applies to any order for the account of a broker dealer, including a foreign broker dealer, that clears in the Customer range at the Options Clearing Corporation ("OCC").
- "Customer" applies to any transaction identified by a Member for clearing in the Customer range at the OCC, excluding any transaction for a Broker Dealer or a "Professional" as defined in Exchange Rule 16.1.
- "Firm" applies to any transaction identified by a Member for clearing in the Firm range at the OCC, excluding any Joint Back Office transaction.
- "Joint Back Office" applies to any transaction identified by a Member for clearing in the Firm range at the OCC that is identified with an origin code as Joint Back Office. A Joint Back Office participant is a Member that maintains a Joint Back Office arrangement with a clearing broker-dealer.
- "Market Maker" applies to any transaction identified by a Member for clearing in the Market Maker range at the OCC, where such Member is registered with the Exchange as a Market Maker as defined in Rule 16.1(a)(37).
- "Non-Customer" applies to any transaction that is not a Customer order.
- "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.
- "OEF" means Order Entry Firm as defined in Rule 16.1.
- "Penny Pilot Securities" are those issues quoted pursuant to Exchange Rule 21.5, Interpretation and Policy .01.
- "Professional" applies to any transaction identified by a Member as such pursuant to Exchange Rule 16.1.
"QCC" refers to Qualified Contingent Cross Orders. The following additional definitions are applicable to Qualified Contingent Cross Orders:
- "QCC Agency" is a Qualified Contingent Cross Order represented as agent by a Member on behalf of another party and submitted for execution pursuant to Rule 21.1.
- "QCC Contra" is a Qualified Contingent Cross Order submitted by a Member for execution that will potentially execute against the QCC Agency Order pursuant to Rule 21.1.
- "TCV" means total consolidated volume calculated as the volume reported by all exchanges to the consolidated transaction reporting plan 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.
Customer Volume Tiers
Applicable to fee codes PC and NC.
Tier Rebate Per Contract Required Criteria Tier 1 ($0.10) Member has an ADV in Customer orders ≥ 0.35% of average OCV Tier 2 ($0.13) Member has an ADV in Customer orders ≥ 0.45% of average OCV Tier 3 ($0.21) Member has an ADV in Customer orders ≥ 0.75% of average OCV Tier 4 ($0.21)
- Member has an ADV in Customer orders ≥ 0.60% of average OCV; and
- Member has an ADV in Customer or Market Maker orders ≥ 1.00% of average OCV
Applicable to fee code ZA.
Complex Customer Penny Tier Rebate Per Contract Required Criteria Tier 1 ($0.47) Member has an ADV in Customer orders ≥ 0.40% of average OCV Tier 2 ($0.48) Member has an ADV in Customer orders ≥ 0.55% of average OCV Tier 3 ($0.49) Member has an ADV in Customer orders ≥ 0.75% of average OCV
Applicable to fee code ZB.
Complex Customer Non-Penny Tier Rebate Per Contract Required Criteria Tier 1 ($0.85) Member has an ADV in Customer orders ≥ 0.40% of average OCV Tier 2 ($0.87) Member has an ADV in Customer orders ≥ 0.55% of average OCV Tier 3 ($0.95) Member has an ADV in Customer orders ≥ 0.75% of average OCV
Market Maker Volume Tiers
Applicable to fee codes PM and NM.
Tier Fee/Rebate Per Contract Required Criteria Tier 1 $0.17 Member has an ADV in Market Maker orders ≥ 0.10% of average OCV Tier 2 $0.13 Member has an ADV in Market Maker orders ≥ 0.25% of average OCV Tier 3 $0.07 Member has an ADV in Market Maker orders ≥ 0.50% of average OCV Tier 4 $0.03 Member has an ADV in Market Maker orders ≥ 0.95% of average OCV Tier 5 $0.01 Member has an ADV in Market Maker orders ≥ 1.45% of average OCV Tier 6 $0.04
- Member has an ADV in Customer orders ≥ 0.30% of average OCV; and
- Member has an ADV in Customer or Market Maker orders ≥ 0.50% of average OCV
- Member has an ADV in BAM Agency Orders ≥ 0.15% of average OCV; and
- Member has an ADV in complex Customer orders (yielding fee codes ZA, ZB, ZC, or ZD) ≥ 5,000 contracts
Tier 7 $0.03
- Member has an ADV in Customer orders ≥ 0.70% of average OCV;
- Member has an ADV in Customer or Market Maker orders ≥ 1.10% of average OCV;
- Member has an ADV in BAM Agency Orders ≥ 0.15% of average OCV; and
- Member has an ADV in complex Customer orders (yielding fee codes ZA, ZB, ZC, or ZD) ≥ 0.20% of average OCV
Step Up Mechanism ("SUM") Auction Pricing Tier
Applicable to fee codes NB, NC, NF, NM, NN, NO, NP, NT, PB, PC, PF, PM, PN, PO, PP and PT.
Tier Additional Rebate Per Contract Required Criteria SUM Responder ($0.05) Member responds to and executes against an order subject to the SUM Auction
Firm Penny Pilot Cross-Asset Tier
Applicable to fee code PF.
Tier Fee Per Contract Required Criteria Tier 1 $0.32
- Member has an ADV in Firm orders ≥ 0.15% of average OCV; and
- Member has on EDGX Equities an ADAV ≥ 0.12% of average TCV
Orders Submitted with a Designated Give Up
Applicable to fee codes BC, NC PC, QA and QM.
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.
Bats Auction Mechanism (“BAM”) Pricing
Applicable to fee codes BA, BB, BC, BD, BE and CC.
When a BAM Agency Order trades in a BAM Auction against either a BAM Contra Order or a BAM Responder Order, the following fee codes and rates apply.
Agency* Contra Responder All Securities All Securities Penny Pilot
Code Rate Code Rate Code Rate Code Rate Customer** BC ($0.14) BB $0.05 BD $0.50 BE $1.05 Non-Customer BA $0.20 Customer-to-Customer Immediate Cross CC FREE CC FREE
* When a BAM Agency Order executes against one or more resting orders that were already on the Exchange’s order book when the BAM Agency Order was received by the Exchange, the BAM Agency Order and the resting order(s) would receive the Standard Fee Rates.
** Except when both the BAM Agency Order and the BAM Contra Order are Customer orders, in which case fee code CC would be assigned.
QCC Initiator Rebate
Applicable to fee codes QA and QM.
The Exchange will apply a QCC Initiator Rebate to the Member that submitted a QCC Agency Order, including a Member who routed an order to the Exchange with a Designated Give Up, when at least one side of the transaction is of Non-Customer capacity.
Symbols Credit Per Contract All Securities ($0.05)
Complex Order Types
Applicable to fee codes ZA, ZB, ZC, ZD, ZF, ZG, ZH, ZJ, ZM, ZN, ZR, and ZT.
The following rates shall apply for executions on the Exchange’s complex order book. With the exception of fee code ZD, standard fee codes shall apply for orders that leg into the Simple Book. As defined in Rule 21.20, the Simple Book is the Exchange’s regular electronic book of orders.
Counter Party: Customer
Penny Pilot Securities Non-Penny Pilot Securities Code Rate Code Rate Customer ZC FREE ZC FREE Market Maker ZM $0.50 ZN $1.10 Pro/Firm/BD/JBO/Away MM ZT $0.50 ZR $1.10
Counter Party: Non-Customer
Penny Pilot Securities Non-Penny Pilot Securities Code Rate Code Rate Customer ZA ($0.47) ZB ($0.97) Non-Customer Add ZF $0.10 ZH $0.10 Non-Customer Remove ZG $0.47 ZJ $0.75
- For an execution that occurs within a Complex Order Auction ("COA") against an unrelated order received after the COA was initiated or a COA response, for the purpose of assigning fee codes the initiating order is considered the adder and the unrelated order or COA response is considered the remover.
- For an execution that occurs within a COA against an unrelated order that was resting on the Exchange's order book when the COA was initiated, for the purpose of assigning fee codes the initiating order is considered the remover and the unrelated order is considered the adder.
BAM Break-Up Credits:
The Exchange will apply a BAM Break-Up Credit to the Member that submitted a BAM Agency Order, including a Member who routed an order to the Exchange with a Designated Give Up, when the BAM Agency Order trades with a BAM Responder Order.
|Symbols||Credit Per Contract|
|Penny Pilot Securities||($0.25)|
|Non-Penny Pilot Securities||($0.60)|
|Fee Code||Symbols||Fee per Contract|
|P||Penny Pilot Securities||$0.25|
|N||Non-Penny Pilot Securities||$0.70|
|X||Not Eligible for Marketing Fees||No Charge|
- Marketing fees are charged to all Market Makers who are counterparties to a trade with a Customer. Marketing fees shall not apply to executions of: orders subject to BAM Pricing set forth in footnote 6, Qualified Contingent Cross Orders, or complex orders on the Exchange’s complex order book.
- Each Primary Market Maker (PMM) and Directed Market Maker (DMM) will have a marketing fee pool into which the Exchange will deposit the applicable per-contract marketing fee. For orders directed to DMMs, the applicable marketing fees are allocated to the DMM pool. For non-directed orders, the applicable marketing fees are allocated to the PMM pool. All Market Makers that participated in such transaction will pay the applicable marketing fees to the Exchange, which will allocate such funds to the Market Maker that controls the distribution of the marketing fee pool. Each month the Market Maker will provide instruction to the Exchange describing how Exchange is to distribute the marketing fees in the pool to the order flow provider, who submit as agent, Customer orders to the Exchange.
- The total balance of the undispersed marketing fees for a PMM pool or DMM pool cannot exceed $250,000. Each month, undisbursed marketing fees in excess of $250,000 will be reimbursed to the Market Makers that contributed to the pool based upon a one month look back and their pro-rata portion of the entire amount of marketing fee collected during that month.
Options Logical Port Fees:
|Logical Ports (excluding Purge Ports, Multicast PITCH Spin Server Port GRP Port or Bulk Ports)||$500/port/month|
|Multicast PITCH Spin Server||$500/set of primary (A or C feed)|
|GRP Ports||$500/set of primary (A or C feed)|
|Ports with Bulk Quoting Capabilities||$600/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.
- 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.
Options Physical Connection Fees:
|Service||Fee per Physical Port|
|1Gb physical port||$2,500/month|
|10Gb physical port||$7,500/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.
All Physical Connectivity fees will be prorated based on the remaining trading days in the calendar month. Physical ports (other than Disaster Recovery physical ports) may be used to connect to C2 Options, Cboe BZX, Cboe BYX and Cboe EDGA. Disaster Recovery physical ports may be used to connect to the Disaster Recovery Systems for C2 Options, Cboe BZX, Cboe BYX, Cboe EDGA, Cboe Options and CFE. Members and non-Members will only be assessed a single fee for any physical port or Disaster Recovery physical port that accesses the identified exchanges, respectively.
Market Data Fees:
- 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.
|Product*||Internal Distribution Fee||External Distribution Fee||Professional User Fee||Non-Professional User Fee|
|EDGX Options Depth||$500/month||$500/month||$10.00/month||$1.00/month|
|EDGX Options Top|
|EDGX Options Auction Feed|
|EDGX Options Complex Depth|
|EDGX Options Complex Top|
|EDGX Options Complex Auction Feed|
* Distributors and Users of any one of the above market data products may receive, at no additional charge, access to any or all of the other market data products listed above.
Market Data Connectivity*:
|Data Feed||Fee Per Month|
|Nasdaq BX TotalView||$1,000|
|Nasdaq PSX TotalView||$750|
|NYSE OpenBook Ultra||$1,750|
|NYSE ArcaBook Refresh||$250|
|NYSE American OpenBook Ultra||$500|
|NYSE American Alerts||$500|
|NYSE American Imbalances||$1,000|
|NYSE Arca Trades||$500|
|NYSE American Trades||$1,000|
|U.S. Equity Select + SIP Bundle (40% Discount)**||$5,910|
|OPRA + SIP Bundle (10% Discount)***||$6,390|
* 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|
The Unicast Access – Order Entry fee shall not be charged for bandwidth required to access BZX, BYX, EDGA, EDGX, BZX Options, and EDGX Options.
Options Regulatory Fee:
The per-contract Options Regulatory Fee ("ORF") is assessed by EDGX Options to each Member for options transactions cleared by the Member that are cleared by The Options Clearing Corporation (OCC) in the "customer" range, regardless of the exchange on which the transaction occurs. The Exchange uses reports from OCC when assessing and collecting the ORF. The ORF is collected by OCC on behalf of EDGX Options from the Clearing Member or non-Clearing Member that ultimately clears the transaction. 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. The Exchange may only increase or decrease the ORF semi-annually, and any such fee change will be effective on the first business day of February or August. The Exchange will notify participants of any change in the amount of the fee at least 30 calendar days prior to the effective date of the change. Pursuant to EDGX Options Rule 24.1, solely for purposes of ORF billing, Members must provide EDGX Options with a complete list of its OCC clearing numbers and keep such information up to date with EDGX Options.
|Options Regulatory Fee (ORF)||Fee Per Executed Contract Side|