Cboe Equities Exchange: Fee Codes and Descriptions [1/1/2021]

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December 15, 2020

Dear Manager,

Effective January 1, 2021, Cboe US will be changing their fee codes and descriptions, as follows:

GatewayLiquidity FlagsDescriptionFee
BATS BZX8Routed to NYSE MKT, adds liquidity0.0002
BATS BZXMXRouted to NYSE American using the TRIM or SLIM routing strategy.0.0002
BATS BZXXRouted to a displayed market to remove liquidity using Parallel D, Parallel 2D, ROUT, ROUX or Post to Away routing strategy0.003
BYX8Routed to NYSE MKT, adds liquidity0.0002
BYXMXRouted to NYSE American using the SLIM routing strategy0.0002
BYXXRouted to a displayed market to remove liquidity using Parallel D, Parallel 2D, ROUT, ROUX or Post to Away routing strategy0.003
EDGX7Routed – Pre & Post Market, removes liquidity0.003
EDGX8Routed to NYSE American, adds Liquidity0.0002
EDGXMXRouted to NYSE American using the ROUC routing strategy.0.0002
EDGXKRouted to PSX using ROUC routing strategy0.0029
EDGA7Routed – Pre & Post Market, removes liquidity0.003
EDGA8Routed to NYSE American, adds Liquidity0.0002
EDGAMXRouted to NYSE American using the ROBB, ROCO or ROUC routing strategy.0.0002
EDGAKRouted to PSX using ROUC routing strategy0.0029

Effective Tuesday, December 1, 2020, Cboe US Equities will remove and make description changes on the following liquidity flags:

GatewayLiquidity FlagsDescriptionFee
BATS9Routed to NYSE Arca, adds liquidity (Tapes A or C)-0.0021
BATSNBRouted to any exchange not covered by Fee Code NA, adds non-displayed liquidity0.003
BATSRRe-routed by NYSE using RDOT, RDOX or Post to Away routing strategy0.003
BATSRARouted to EDGA, adds liquidity0.0030
BATSRBRouted to NASDAQ BX, adds liquidity0.002
BYX9Routed to NYSE Arca, adds liquidity (Tapes A or C)-0.0021
BYXNBRouted to any exchange not covered by Fee Code NA, adds non-displayed liquidity0.003
BYXRRe-routed by NYSE using RDOT, RDOX or Post to Away routing strategy0.003
BYXRARouted to EDGA, adds liquidity0.003
BYXRBRouted to NASDAQ BX, adds liquidity0.002
EDGA9EDGA Add Liquidity Routed to NYSE ARCA using the ROOC order type-0.0021
EDGANBRouted to any exchange not covered by Fee Code NA, adds non-displayed liquidity0.003
EDGARRe-routed by exchange0.003
EDGARBRouted to BX, Adds Liquidity0.002
EDGX9Routed to NYSE Arca using the ROOC routing strategy, adds liquidity-0.0021
EDGXNBRouted to any exchange not covered by Fee Code NA, adds non-displayed liquidity0.003
EDGXRRe-routed by exchange0.003
EDGXRARouted to EDGA, Adds Liquidity0.003
EDGXRBRouted to BX, Adds Liquidity0.002
EDGXEAEA Internalized, Added Displayed Liquidity0.0005
EDGXERER Internalized, Removed Displayed Liquidity0.0005

October 2020 Update

Effective , Thursday, October 1, 2020, Cboe US Equity will change its fees, as follows:

GatewayLiquidity FlagsDescriptionCurrent FeeNew Fee
EDGXBAdd liquidity (Tape B)-0.0017-0.0016
EDGXVAdd liquidity (Tape A)-0.0017-0.0016
EDGXYAdd liquidity (Tape C)-0.0017-0.0016
EDGX3Adds liquidity to EDGX, pre and post-market (Tapes A or C)-0.0017-0.0016
EDGX4Adds liquidity to EDGX, pre and post-market (Tapes B)-0.0017-0.0016
BYXBDisplayed order, adds liquidity to BYX (Tape B)0.00190.002
BYXVDisplayed order, adds liquidity to BYX (Tape A)0.00190.002
BYXYDisplayed order, adds liquidity to BYX (Tape C)0.00190.002
BYXMMNon-displayed order, adds liquidity using Mid-Point Peg0.00050.001

September 2020 Update

GatewayLiquidity FlagsDescriptionCurrent Fee
(Over-Dollar)
New Fee
(Over-Dollar)
Current Fee
(Sub-Dollar)
New Fee
(Sub-Dollar)
BATS (BZX)BDisplayed order, adds liquidity to BZX (Tape B)-0.0025-0.0020-0.00009
BATS (BZX)VDisplayed order, adds liquidity to BZX (Tape A)-0.0025-0.0020-0.00009
BATS (BZX)YDisplayed order, adds liquidity to BZX (Tape C)-0.0025-0.0020-0.00009
EDGXBAdds liquidity to EDGX (Tape B)-0.0017No Change-0.00003-0.00009
EDGXVAdds liquidity to EDGX (Tape A)-0.0017No Change-0.00003-0.00009
EDGXYAdds liquidity to EDGX (Tape C)-0.0017No Change-0.00003-0.00009
EDGX3Adds liquidity to EDGX, pre and post market (Tapes A or C)-0.0017No Change-0.00003-0.00009
EDGX4Adds liquidity to EDGX, pre and post market (Tape B)-0.0017No Change-0.00003-0.00009
EDGXZMRetail attested Day or RHO orders that remove liquidity
on arrival (New Liquidity Code)
00
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:

GatewayLiquidity FlagsDescriptionCurrent FeeNew Fee
EDGXNRemoves liquidity from EDGX (Tape C)0.002650.0027
EDGXWRemoves liquidity from EDGX (Tape A)0.002650.0027
EDGX6Removes liquidity from EDGX, pre and post market (All Tapes)0.002650.0027
EDGXBBRemoves liquidity from EDGX (Tape B)0.002650.0027
EDGXZRRetail Order, removes liquidity0.002650.0027
EDGXBYRouted to BYX using Destination Specific (“DIRC”),
ROUC or ROUE routing strategy
-0.0015Unchanged
EDGXIRouted to EDGA using ROUC or ROUE routing strategy-0.0018Unchanged
EDGXKRouted to PSX using ROUC or ROUE routing strategy0.0029Unchanged
EDGXPRRemoves liquidity from EDGX using ROUQ routing strategy0.00265Removed
EDGXRQRouted using ROUQ routing strategy0.0029Removed
EDGXTRouted to a non-exchange destination using ROUD
or ROUE routing strategy
0.0012Removed
EDGABYRouted to BYX using Destination Specific (“DIRC”), ROUC,
ROUE, ROBB or ROCO routing strategy
-0.0015Unchanged
EDGAKRouted to PSX using ROUC or ROUE routing strategy0.0029Unchanged
EDGAQRouted to a non-exchange destination using ROUQ
or ROUC routing strategy
0.002Unchanged
EDGATRouted to a non-exchange destination using ROUD
or ROUE routing strategy
0.0012Removed
EDGAMMNon-Displayed order adds liquidity using Mid-Point Peg0.00080.001

(02/03/2020)

Effective Monday, February 3, 2020, Cboe BATS (BZX) will increase their rebate on the following liquidity flags:

GatewayLiquidity FlagsDescriptionCurrent FeeNew Fee
BATSVDisplayed order, adds liquidity to BZX (Tape A)-0.002-0.0025
BATSYDisplayed 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:

GatewayLiquidity FlagsDescriptionCurrent FeeNew Fee
BYXMMNon-displayed order, adds liquidity using Mid-Point Peg0.00100.0005

(11/1/2019)

November 1, 2019: The Cboe Equities Exchanges will change their fees, as follows:

GatewayLiquidity FlagsDescriptionCurrent FeeNew Fee
EDGANRemoves liquidity from EDGA (Tape C)-0.0024-0.0018
EDGAWRemoves liquidity from EDGA (Tape A)-0.0024-0.0018
EDGA6Removes liquidity from EDGA, pre and
post market (All Tapes)
-0.0024-0.0018
EDGABBRemoves liquidity from EDGA (Tape B)-0.0024-0.0018
BATSAARouted to EDGA using ALLB routing strategy-0.0024-0.0018
BATSBJRouted to EDGA using TRIM or SLIM routing strategy-0.0024-0.0018
BYXAARouted to EDGA using ALLB routing strategy-0.0024-0.0018
BYXBJRouted to EDGA using Destination Specific, TRIM
or SLIM routing strategy
-0.0024-0.0018
EDGXAARouted to EDGA using ALLB routing strategy-0.0024-0.0018
EDGXIRouted to EDGA using ROUC or ROUE routing strategy-0.0024-0.0018
EDGXIRouted to EDGA using ROUC or ROUE routing strategy (Sub Dollar)30 BP0
EDGXRRRouted to EDGA using DIRC routing strategy-0.0024-0.0018
EDGXRRRouted to EDGA using DIRC routing strategy (Sub Dollar)30 BP0

(7/1/2019)

On Monday, July 1, 2019, Cboe BATS (BZX) and BYX are going to change their fee, as follows:

GatewayLiquidity FlagsDescriptionCurrent FeeNew Fee
BATSPRouted to EDGX, adds liquidity-0.002-0.0017
BYXPRouted to EDGX, adds liquidity-0.002-0.0017

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