October 31, 2021
Page Contents
Cboe US BZX Exchange Rebate Increase
Dear Manager,
Effective Monday, November 1, 2021, the Cboe BZX Exchange will change their fees as follows:
| Gateway | Liquidity Flags | Description | Previous Fee | New Fee |
| BATS (BZX) | B | Displayed order, adds liquidity to BZX (Tape B) | -0.0024 | -0.0018 |
| BATS (BZX) | V | Displayed order, adds liquidity to BZX (Tape A) | -0.0024 | -0.0018 |
| BATS (BZX) | Y | Displayed order, adds liquidity to BZX (Tape C) | -0.0024 | -0.0018 |
| BATS (BZX | AN | Continuous Book Order that executed in the Opening or Closing Auction, BZX listed security | 0 | 0.0006 |
| BATS (BZX | AL | Closing Auction, Late-Limit-On-Close order, BZX listed security | 0 | 0.001 |
| BATS (BZX | AO | Opening, IPO or Halt Auction, BZX listed security | 0.0005 | 0.00075 |
| BATS (BZX | AP | Opening, IPO or Halt Auction, Late-Limit-On-Open order, BZX listed security | 0 | 0.00075 |
| EDGX | BB | Removes liquidity from EDGX (Tape B) | 0.00285 | 0.0030 |
| EDGX | N | Removes liquidity from EDGX (Tape C) | 0.00285 | 0.0030 |
| EDGX | W | Removes liquidity from EDGX (Tape A) | 0.00285 | 0.0030 |
| EDGX | 6 | Removes liquidity from EDGX, pre and post market (All Tapes) | 0.00285 | 0.0030 |
| EDGX | ZR | Retail Order, removes liquidity | 0.00285 | 0.0030 |
As we remember you, on Friday, October 1, 2021, the Cboe US BZX exchange introduced the highest rebate in the market. They pay a rebate of 0.0032 on over $1symbol transactions for adding liquidity.
We will detail the affected liquidity flags and other fee changes in an upcoming communication. Please ensure your traders are aware of this rebate increase.
P.S. Please be advised that the BZX book is displayed as the "BATS" for the consolidated feed, and as "BAT" for the book feed in the PPro8 level two.
Fee Changes
Effective Wednesday, September 1, 2021, the Cboe US exchanges will change their fees, as follows:
| Gateway | Liquidity Flags | Description | Current Fee | New Fee |
| BATS | BO | Routed using Destination Specific routing strategy unless otherwise specified | 0.0030 | Liquidity Flag Removed |
| BATS | SX | Routed using SLIM routing strategy (except to BYX, EDGA, NASDAQ BX, NYSE American, or NYSE National). | 0.0029 | Liquidity Flag Removed |
| BATS | NX | Routed to NYSE National using the TRIM or SLIM routing strategy. | -0.0020 | -0.0005 |
| BYX | BO | Routed using Destination Specific routing strategy unless otherwise specified | 0.0030 | Liquidity Flag Removed |
| BYX | IX | Routed to IEX using TRIM or TRIM2 | 0.0030 | Liquidity Flag Removed |
| BYX | SX | Routed using SLIM routing strategy (except to BYX,EDGA, NASDAQ BX, NYSE American or NYSE National | 0.0029 | Liquidity Flag Removed |
| BYX | C | Routed to NASDAQ BX using Destination Specific, TRIM or SLIM routing strategy. | -0.0010 | -0.0005 |
| BYX | NX | Routed to NYSE National using the TRIM or SLIM routing strategy | -0.0020 | -0.0005 |
| EDGX | C | Routed to Nasdaq BX | -0.0011 | -0.0005 |
| EDGX | NX | Routed to NYSE National using the ROUC routing strategy | -0.0020 | -0.0005 |
| EDGX | S | Directed ISO Order | 0.0032 | 0.0033 |
| EDGA | C | Routed to Nasdaq BX | -0.0011 | -0.0005 |
| EDGA | NX | Routed to NYSE National using the ROBB, ROCO or ROUC routing strategy | -0.0020 | -0.0005 |
| EDGA | S | Directed ISO Order | 0.0032 | 0.0033 |
| EDGA | IX | Routed to IEX using DIRC routing strategy | 0.0030 | Liquidity Flag Removed |
Effective Monday, May 3, 2021, the Cboe US exchanges will make the following fee changes:
| Gateway | Liquidity Flags | Description | Current Fee | New Fee |
| BATS (BZX) | B | Displayed order, adds liquidity to BZX (Tape B) Sub dollar | -0.00009 | 0 |
| BATS (BZX) | V | Displayed order, adds liquidity to BZX (Tape A) Sub dollar | -0.00009 | 0 |
| BATS (BZX) | Y | Displayed order, adds liquidity to BZX (Tape C) Sub dollar | -0.00009 | 0 |
| BATS (BZX) | HB | Non-displayed order, adds liquidity (Tape B) | -0.0015 | -0.001 |
| BATS (BZX) | HV | Non-displayed order, adds liquidity (Tape A) | -0.0015 | -0.001 |
| BATS (BZX) | HY | Non-displayed order, adds liquidity (Tape C) | -0.0015 | -0.001 |
| BYX | BB | Removes liquidity from BYX (Tape B) | -0.0005 | -0.0002 |
| BYX | N | Removes liquidity from BYX (Tape C) | -0.0005 | -0.0002 |
| BYX | W | Removes liquidity from BYX (Tape A) | -0.0005 | -0.0002 |
Effective Monday, March 1, 2021, the Cboe US exchanges will make the following fee and fee description changes:
| Gateway | Liquidity Flags | Description | Current Fee | New Fee |
| BATS | D | Routed to NYSE using Destination Specific, RDOT or RDOX routing strategy. | 0.0028 | No Change |
| BATS | J | Routed to NASDAQ using Destination Specific or INET routing strategy | 0.0029 | No Change |
| BYX | D | Routed to NYSE using Destination Specific, RDOT or RDOX routing strategy. | 0.0028 | No Change |
| BYX | J | Routed to NASDAQ using Destination Specific or INET routing strategy | 0.0029 | No Change |
| EDGA | 2 | Routed to Nasdaq using INET Order Type, removes liquidity (Tape B) | 0.003 | Liquidity Flag Removal |
| EDGA | L | Routed to Nasdaq using INET Order Type, removes liquidity (Tapes A & C) | 0.003 | Liquidity Flag Removal |
| EDGX | N | Remove Liquidity from our Book (Tape C) | 0.0027 | 0.0028 |
| EDGX | W | Remove Liquidity from our Book (Tape A) | 0.0027 | 0.0028 |
| EDGX | BB | Remove liquidity from EDGX book (Tape B) | 0.0027 | 0.0028 |
| EDGX | 6 | Remove Liquidity - Pre & Post Market (All Tapes) | 0.0027 | 0.0028 |
| EDGX | ZR | Retail Order, Removes liquidity | 0.0027 | 0.0028 |
January 2021 Update
Effective January 1, 2021, Cboe US will be changing their fee codes and descriptions, as follows:
| Gateway | Liquidity Flags | Description | Fee |
| 0.003 | |||
| EDGX | 7 | Routed - Pre & Post Market, removes liquidity | 0.003 |
| EDGA | 7 | Routed - Pre & Post Market, removes liquidity | 0.003 |
Older Fee Change
December 2020 Update
Effective Tuesday, December 1, 2020, Cboe US Equities will remove and make description changes on the following liquidity flags:
| Gateway | Liquidity Flags | Description | Fee |
| EDGX | EA | EA Internalized, Added Displayed Liquidity | 0.0005 |
| EDGX | ER | ER Internalized, Removed Displayed Liquidity | 0.0005 |
October 2020 Update
Effective , Thursday, October 1, 2020, Cboe US Equity will change its fees, as follows:
| Gateway | Liquidity Flags | Description | Current Fee | New Fee |
| EDGX | B | Add liquidity (Tape B) | -0.0017 | -0.0016 |
| EDGX | V | Add liquidity (Tape A) | -0.0017 | -0.0016 |
| EDGX | Y | Add liquidity (Tape C) | -0.0017 | -0.0016 |
| EDGX | 3 | Adds liquidity to EDGX, pre and post-market (Tapes A or C) | -0.0017 | -0.0016 |
| EDGX | 4 | Adds liquidity to EDGX, pre and post-market (Tapes B) | -0.0017 | -0.0016 |
| BYX | B | Displayed order, adds liquidity to BYX (Tape B) | 0.0019 | 0.002 |
| BYX | V | Displayed order, adds liquidity to BYX (Tape A) | 0.0019 | 0.002 |
| BYX | Y | Displayed order, adds liquidity to BYX (Tape C) | 0.0019 | 0.002 |
| BYX | MM | Non-displayed order, adds liquidity using Mid-Point Peg | 0.0005 | 0.001 |
September 2020 Update
| Gateway | Liquidity Flags | Description | Current Fee (Over-Dollar) | New Fee (Over-Dollar) | Current Fee (Sub-Dollar) | New Fee (Sub-Dollar) |
| BATS (BZX) | B | Displayed order, adds liquidity to BZX (Tape B) | -0.0025 | -0.002 | 0 | -0.00009 |
| BATS (BZX) | V | Displayed order, adds liquidity to BZX (Tape A) | -0.0025 | -0.002 | 0 | -0.00009 |
| BATS (BZX) | Y | Displayed order, adds liquidity to BZX (Tape C) | -0.0025 | -0.002 | 0 | -0.00009 |
| EDGX | B | Adds liquidity to EDGX (Tape B) | -0.0017 | No Change | -0.00003 | -0.00009 |
| EDGX | V | Adds liquidity to EDGX (Tape A) | -0.0017 | No Change | -0.00003 | -0.00009 |
| EDGX | Y | Adds liquidity to EDGX (Tape C) | -0.0017 | No Change | -0.00003 | -0.00009 |
| EDGX | 3 | Adds liquidity to EDGX, pre and post market (Tapes A or C) | -0.0017 | No Change | -0.00003 | -0.00009 |
| EDGX | 4 | Adds liquidity to EDGX, pre and post market (Tape B) | -0.0017 | No Change | -0.00003 | -0.00009 |
| EDGX | ZM | Retail attested Day or RHO orders that remove liquidity on arrival (New Liquidity Code) | - | 0 | - | 0 |
Note: our system will reflect the above new fees starting today, September 2, 2020. A BOP fee adjustment will be made for yesterday's trading.
EDGA and EDGX Destination Change (07/30)
Please be advised that effective Thursday, July 30, 2020, we will remove destination ROUD, ROUQ and ROUE from gateway EDGA and EDGX in Ppro8 keyboard.
Please remind your trader to send the order to destination ROUZ and ROUT instead.
This change is due to the new routing mechanism from the exchange. The Cboe EDGA Equities (“EDGA”) Exchange and EDGX Equities ("EDGX") Exchange will replace the Comprehensive Liquidity Check (CLC) routing mechanism used for seeking non-lit liquidity with the Dark Routing Technique (DRT) mechanism in order to harmonize the routing offerings across Cboe Equities Exchanges.
In addition, EDGA and EDGX will consolidate multiple routing strategies with similar execution objectives. As a result, ROUD and ROUQ strategy will convert to ROUZ strategy, and the ROUE strategy will convert to ROUT strategy.
(03/02/2020)
Effective from, Monday, March 2, 2020, Cboe US is making the following fee changes:
| Gateway | Liquidity Flags | Description | Current Fee | New Fee |
| EDGX | N | Removes liquidity from EDGX (Tape C) | 0.00265 | 0.0027 |
| EDGX | W | Removes liquidity from EDGX (Tape A) | 0.00265 | 0.0027 |
| EDGX | 6 | Removes liquidity from EDGX, pre and post market (All Tapes) | 0.00265 | 0.0027 |
| EDGX | BB | Removes liquidity from EDGX (Tape B) | 0.00265 | 0.0027 |
| EDGX | ZR | Retail Order, removes liquidity | 0.00265 | 0.0027 |
| EDGX | BY | Routed to BYX using Destination Specific ("DIRC"), ROUC or ROUE routing strategy | -0.0015 | Unchanged |
| EDGX | I | Routed to EDGA using ROUC or ROUE routing strategy | -0.0018 | Unchanged |
| EDGX | K | Routed to PSX using ROUC or ROUE routing strategy | 0.0029 | Unchanged |
| EDGX | PR | Removes liquidity from EDGX using ROUQ routing strategy | 0.00265 | Removed |
| EDGX | RQ | Routed using ROUQ routing strategy | 0.0029 | Removed |
| EDGX | T | Routed to a non-exchange destination using ROUD or ROUE routing strategy | 0.0012 | Removed |
| EDGA | BY | Routed to BYX using Destination Specific ("DIRC"), ROUC, ROUE, ROBB or ROCO routing strategy | -0.0015 | Unchanged |
| EDGA | K | Routed to PSX using ROUC or ROUE routing strategy | 0.0029 | Unchanged |
| EDGA | Q | Routed to a non-exchange destination using ROUQ or ROUC routing strategy | 0.002 | Unchanged |
| EDGA | T | Routed to a non-exchange destination using ROUD or ROUE routing strategy | 0.0012 | Removed |
| EDGA | MM | Non-Displayed order adds liquidity using Mid-Point Peg | 0.0008 | 0.001 |
(02/03/2020)
Effective Monday, February 3, 2020, Cboe BATS (BZX) will increase their rebate on the following liquidity flags:
| Gateway | Liquidity Flags | Description | Current Fee | New Fee |
| BATS | V | Displayed order, adds liquidity to BZX (Tape A) | -0.002 | -0.0025 |
| BATS | Y | Displayed order, adds liquidity to BZX (Tape C) | -0.002 | -0.0025 |
(1/2/2020)
January 2, 2020: BYX will change their gateway fee for symbols priced at $1 and above, as follows:
| Gateway | Liquidity Flags | Description | Current Fee | New Fee |
| BYX | MM | Non-displayed order, adds liquidity using Mid-Point Peg | 0.0010 | 0.0005 |
(11/1/2019)
November 1, 2019: The Cboe Equities Exchanges will change their fees, as follows:
| Gateway | Liquidity Flags | Description | Current Fee | New Fee |
| EDGA | N | Removes liquidity from EDGA (Tape C) | -0.0024 | -0.0018 |
| EDGA | W | Removes liquidity from EDGA (Tape A) | -0.0024 | -0.0018 |
| EDGA | 6 | Removes liquidity from EDGA, pre and post market (All Tapes) | -0.0024 | -0.0018 |
| EDGA | BB | Removes liquidity from EDGA (Tape B) | -0.0024 | -0.0018 |
| BATS | AA | Routed to EDGA using ALLB routing strategy | -0.0024 | -0.0018 |
| BATS | BJ | Routed to EDGA using TRIM or SLIM routing strategy | -0.0024 | -0.0018 |
| BYX | AA | Routed to EDGA using ALLB routing strategy | -0.0024 | -0.0018 |
| BYX | BJ | Routed to EDGA using Destination Specific, TRIM or SLIM routing strategy | -0.0024 | -0.0018 |
| EDGX | AA | Routed to EDGA using ALLB routing strategy | -0.0024 | -0.0018 |
| EDGX | I | Routed to EDGA using ROUC or ROUE routing strategy | -0.0024 | -0.0018 |
| EDGX | I | Routed to EDGA using ROUC or ROUE routing strategy (Sub Dollar) | 30 BP | 0 |
| EDGX | RR | Routed to EDGA using DIRC routing strategy | -0.0024 | -0.0018 |
| EDGX | RR | Routed to EDGA using DIRC routing strategy (Sub Dollar) | 30 BP | 0 |
(7/1/2019)
On Monday, July 1, 2019, Cboe BATS (BZX) and BYX are going to change their fee, as follows:
| Gateway | Liquidity Flags | Description | Current Fee | New Fee |
| BATS | P | Routed to EDGX, adds liquidity | -0.002 | -0.0017 |
| BYX | P | Routed to EDGX, adds liquidity | -0.002 | -0.0017 |
