* Fee covers both A and B feeds (over independent cross-connects) and is for connectivity only. 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 to the following fee codes: PM and XM. New requests will be prorated for the first month of service. |Open in new tab Download File [392.67 KB] Membership; About; Fees; Technology; Regulatory; Circulars A recipient firm must pay a separate Enterprise Fee for each Distributor that controls the display of the BZX Options if it wishes such User to be covered by the Enterprise Fee. New requests will be prorated for the first month of service. * New External Distributor Credit. © 2021 Cboe Exchange, Inc. All rights reserved. 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 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. To learn about connectivity to Cboe Options and C2 Options, view our Connectivity Manuals in the Document Library.. Cboe Options and C2 Options … **** 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. Logical port fees are limited to logical ports within the primary data center. Cboe is the largest U.S. options market operator, which is why data consumers rely on Cboe for a comprehensive view of the U.S. options market. **** 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. The Distributor maintains control of the application's data, entitlements and display. 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"). MPID Fees for additional MPIDs are prorated for the first month during which the MPID becomes effective. Remove liquidity from EDGX using ALLB routing strategy for securities priced below $1.00: 0.30% charge of the total dollar value. For an ongoing subscription, please see: Open-Close BZX … ** One User fee allows access to the BZX Options Top Feed and the BZX Options Depth Feed. All fees and rebates assessed prior to the three full calendar months before the month in which the Exchange becomes aware of a billing error shall be considered final. Match Capacity Fees: Allocation of 5,000 messages per second: $550 per month per allocation. 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. It contains all series in an underlying security's chain-if it has volume on BZX. “Professional” applies to any order for the account of a Professional. Routed contracts are not included in ADAV, ADRV or ADV calculation. "Setter Add TCV" means average daily added volume calculated as the number of displayed shares added that establish a new NBBO as a percentage of TCV. "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. Match capacity fees are assessed based on capacity (i.e., messages per second) requested for order entry in the primary data center. No logical port fees will be assessed for redundant secondary data center ports. * 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). ** One User fee allows access to the BZX Options Top Feed and the BZX Options Depth 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. No fee will be assessed for redundant secondary data center ports. 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. Cboe Margin Requirement/NYSE Margin Requirement Cboe Position and Exercise Limits for Equity and Index Options Cboe Position Limits for Broad-Based Index Options 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 Exchange will not remove a security from the list of LMP Securities without 30 days prior notice. 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. "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. Options Transaction Fees & Credits. *****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. 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. Add liquidity to BZX for securities priced below $1.00: no charge or rebate. $1,000/month. All references to "per contract" mean "per contract executed". Purge and market data logical port fees are limited to logical ports within the primary data center. Please contact the Trade Desk or your … Please refer to the Cboe Options Fee Schedule for additional detail pertaining to Cboe Options fees. *New External Distributor Credit. The Enterprise Fee is in addition to the Distributor Fee. MPID has an ADAV as a percentage of ADV ≥ 90%. Fee Code Fee/(Rebate) Description . 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. "NBBO Time" means the average of the percentage of time during regular trading hours during which the Member maintains at least 100 shares at each of the NBB and NBO. Applicable only to orders which establish a new NBBO. The non-displayed rebate does not apply to Reserve or Discretionary orders. An ad-hoc request can be for any number of months beginning with January 2018 for which the data is available. “Away Market Maker” applies to any order for the account of a market maker on another options exchange. ** 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. 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. ******Small Retail Broker Distribution Program. "Step-Up ADAV" means ADAV in the relevant baseline month subtracted from current ADAV. "Options Step-Up Add OCV" means ADAV as a percentage of OCV in the relevant baseline month subtracted from current ADAV as a percentage of OCV. 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. * Recipient firm will be subject to the greater of the two Distribution fees when receiving the BZX Options Feed for both Internal and External Distribution. Click on the title for a summary of additional related updates to the BYX Fee Schedule. 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 … "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. "LMP Securities" means a list of securities included in the Liquidity Management Program, the universe of which will be determined by the Exchange and published in a circular distributed to Members and on the Exchange's website. 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. Multicast PITCH is available through one of two primary feeds, either the A or C feed. Footnotes provide further explanatory text or, where annotated to fee codes, indicate variable rate changes, provided the conditions in the footnote are met. A Professional User of an Exchange Market Data product is any User other than a Non-Professional User. Unless otherwise indicated, rebates and charges for adding, removing or routing liquidity are listed as per share rebates and charges. 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. 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). (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: (ii) Member adds a Tape B ADV ≥ 1.50% of the Tape B TCV. ** 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. Member has an ADAV in Non-Customer orders ≥ 1.80% of average OCV; Member has an ADAV in Non-Customer Non-Penny orders ≥ 0.20% of average OCV; and, Member has an ADAV in Firm/Market Maker/Away MM orders that establish a new NBBO ≥ 0.50% of average OCV. Member has an ADAV in Market Maker orders ≥ 0.50% of average OCV; Member has an ADAV in Market Maker Non-Penny orders ≥ 0.15% of average OCV; and, Member has on BZX Equities an ADV ≥ 1.00% of average TCV, Member has a Step-Up ADAV in Market Maker orders from December 2020 ≥ 0.05% of average OCV; and, Member is an LMM in at least 85 LMM Securities on BZX Equities, Member has an ADAV in Market Maker orders ≥ 1.00% of average OCV; and, Member has an ADAV in Market Maker Non-Penny orders of ≥ 0.10% of average OCV, Member has an ADV ≥ 3.00% of average OCV; and, Member has an ADAV in Market Maker orders ≥ 2.50% of average OCV. *New External Distributor Credit. ** 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. 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. "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. “Customer” applies to any order for the account of a Priority Customer. The ORF is collected by OCC on behalf of BZX Options from the Clearing Member or non-Clearing Member that ultimately clears the transaction. Available in 10-minute summary intervals or as an end-of-day summary, it aggregates and buckets the … 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. Firms can connect to the Cboe Options Exchange and the C2 Options Exchange directly or via a service provider. Updated Fee Codes: The following base fee … 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. * 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. 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. Communication Review Fee: Regular review - 1) for printed material reviewed, $150 per submission, plus $25 for each page reviewed in excess of 5 pages; and 2) for video and … 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. *** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive the BZX Options Feed from a Distributor for distribution to an unlimited number of Professional and Non-Professional Users. 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 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. Reference ID: C2020113002. 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: *Distributors of the Cboe One Feed (as described in Rule 11.22(j)) will also receive upon request access to the ETF Implied Liquidity Feed without incurring an additional Logical Port fee for the ETF Implied Liquidity Feed. Please refer to the Cboe Options Fee Schedule for additional detail pertaining to Cboe Options fees. 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. 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 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. New External Distributors of BZX Top will not be charged an External Distributor Fee for their first one (1) month. Please contact the Trade Desk or your Business Development contact for support or with any questions. Remove liquidity in securities priced below $1.00 for Parallel T and SWPA routed executions: 0.33% charge of the total dollar value. 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. All fees and rebates assessed prior to the three full calendar months before the month in which the Exchange becomes aware of a billing error shall be considered final. 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 … 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. 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. Please contact the Cboe Trade Desk or your Director of Sales contact for support … Distributor is a broker-dealer distributing Cboe One Summary Data to Non-Professional Data Users with whom the broker-dealer has a brokerage relationship. 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. Remove liquidity from BZX for securities priced below $1.00: 0.30% charge of the total dollar value. Intraday Ad-hoc Request (historical data), U.S. Equity Select + SIP Bundle (40% Discount)**, Member has an ADV < 5,000 contracts traded, Member has an ADV ≥ 5,000 contracts traded. 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. Effective January 19, 2021. * New External Distributor Credit. New External Distributors of the BZX Summary Depth 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 BZX Summary Depth Feed. ***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. 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)). Fields 10-17 will only be available in the end-of-day files and will not be populated in the 10-minute intervals. Other Rule Filings Incorporated by Reference into BZX and EDGX Options Rules Cboe Margin Requirement/NYSE Margin Requirement Cboe Position and Exercise Limits for Equity and Index Options 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. Step 2: Connection. Applicable to the following fee codes: B, V and Y. Applicable to the following fee codes: HB, HV or HY. Cboe EDGA U.S. Equities Exchange Fee Schedule. Cboe BZX Options Exchange Fee Schedule Effective August 3, 2020 Reference ID: C2020073102 Overview Effective Monday, August 3, 2020, Cboe will introduce the following pricing changes on the BZX Options … Please refer to the Cboe Options Fee … 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. Member has an ADAV in Customer orders ≥ 0.50% of average OCV; and, Member has an ADAV in Market Maker orders ≥ 2.75% of average OCV. All secondary feed Multicast PITCH Spin Server and GRP Ports are provided for redundancy at no additional cost. MPID has an ADAV as a percentage of TCV ≥ 0.75%; and. ** 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. Cboe Options Exchange Fee Schedule. ** 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. "ADAV" means average daily added volume calculated as the number of contracts added, “ADRV” means average daily removed volume calculated as the number of contracts removed, and "ADV" means average daily volume calculated as the number of contracts added or removed, combined, per day. *** 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. Please consult the Cboe Options Exchange Fee Schedule for additional information. 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. "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.

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