May 3, 2021
Dear Manager,
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 |
|
-0.00009 | 0 | |
| BATS (BZX) | V |
|
-0.00009 | 0 | |
| BATS (BZX) | Y |
|
-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 |
Page Contents
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 |
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.
Older Fee Change
(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 |
