Cboe Equities Exchange: Fee Codes & Descriptions [5/3/2021]

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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
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
BATS BZX 8 Routed to NYSE MKT, adds liquidity 0.0002
BATS BZX MX Routed to NYSE American using the TRIM or SLIM routing strategy. 0.0002
BATS BZX X Routed to a displayed market to remove liquidity using Parallel D, Parallel 2D, ROUT, ROUX or Post to Away routing strategy 0.003
BYX 8 Routed to NYSE MKT, adds liquidity 0.0002
BYX MX Routed to NYSE American using the SLIM routing strategy 0.0002
BYX X Routed to a displayed market to remove liquidity using Parallel D, Parallel 2D, ROUT, ROUX or Post to Away routing strategy 0.003
EDGX 7 Routed – Pre & Post Market, removes liquidity 0.003
EDGX 8 Routed to NYSE American, adds Liquidity 0.0002
EDGX MX Routed to NYSE American using the ROUC routing strategy. 0.0002
EDGX K Routed to PSX using ROUC routing strategy 0.0029
EDGA 7 Routed – Pre & Post Market, removes liquidity 0.003
EDGA 8 Routed to NYSE American, adds Liquidity 0.0002
EDGA MX Routed to NYSE American using the ROBB, ROCO or ROUC routing strategy. 0.0002
EDGA K Routed to PSX using ROUC routing strategy 0.0029

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
BATS 9 Routed to NYSE Arca, adds liquidity (Tapes A or C) -0.0021
BATS NB Routed to any exchange not covered by Fee Code NA, adds non-displayed liquidity 0.003
BATS R Re-routed by NYSE using RDOT, RDOX or Post to Away routing strategy 0.003
BATS RA Routed to EDGA, adds liquidity 0.0030
BATS RB Routed to NASDAQ BX, adds liquidity 0.002
BYX 9 Routed to NYSE Arca, adds liquidity (Tapes A or C) -0.0021
BYX NB Routed to any exchange not covered by Fee Code NA, adds non-displayed liquidity 0.003
BYX R Re-routed by NYSE using RDOT, RDOX or Post to Away routing strategy 0.003
BYX RA Routed to EDGA, adds liquidity 0.003
BYX RB Routed to NASDAQ BX, adds liquidity 0.002
EDGA 9 EDGA Add Liquidity Routed to NYSE ARCA using the ROOC order type -0.0021
EDGA NB Routed to any exchange not covered by Fee Code NA, adds non-displayed liquidity 0.003
EDGA R Re-routed by exchange 0.003
EDGA RB Routed to BX, Adds Liquidity 0.002
EDGX 9 Routed to NYSE Arca using the ROOC routing strategy, adds liquidity -0.0021
EDGX NB Routed to any exchange not covered by Fee Code NA, adds non-displayed liquidity 0.003
EDGX R Re-routed by exchange 0.003
EDGX RA Routed to EDGA, Adds Liquidity 0.003
EDGX RB Routed to BX, Adds Liquidity 0.002
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, 2020we 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

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