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. 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. **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. Remove liquidity from BZX for securities priced below $1.00: 0.30% charge of the total dollar value. The per-contract Options Regulatory Fee ("ORF") is assessed by BZX Options to each Member for options transactions cleared by the Member that are cleared by The Options Clearing Corporation (OCC) in the "customer" range, regardless of the exchange on which the transaction occurs. A Professional User of an Exchange Market Data product is any User other than a Non-Professional User. Remove liquidity in securities priced below $1.00 for Parallel T and SWPA routed executions: 0.33% charge of the total dollar value. **** As an alternative to User fees, a recipient firm may purchase a monthly Digital Media Enterprise license to receive BZX Book Viewer 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. 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. *** OPRA + SIP Bundle includes the following market data products: OPRA, UQDF/UTDF/OMDF, and CQS/CTS. Remove liquidity from BYX using ALLB routing strategy for securities priced below $1.00: 0.10% charge of the total dollar value. 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)). 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. Unless otherwise noted, all routing fees or rebates in the Fee Codes and Associated Fees table are for removing liquidity from the destination venue. ** Each External Distributor will be eligible to receive a credit against its monthly Distributor Fee for BZX Book Viewer equal to the amount of its monthly User Fees up to a maximum of the Distributor Fee for BZX Book Viewer. "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. The Exchange will not remove a security from the list of LMP Securities without 30 days prior notice. |Open in new tab Download File [392.67 KB] Membership; About; Fees; Technology; Regulatory; Circulars ****Data Consolidation Fee. *** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive the BZX Options Top Feed from a Distributor for distribution to an unlimited number of Professional and Non-Professional Users. ** 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. Table of Contents Preface. With prior notice to the Exchange, a Member may aggregate ADAV or ADV with other Members that control, are controlled by, or are under common control with such Member (as evidenced on such Member's Form BD). *** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive BZX Last Sale from an External Distributor for distribution to an unlimited number of Professional and Non-Professional Users. “Broker Dealer” applies to any order for the account of a broker dealer, including a foreign broker dealer. Distributor is a broker-dealer distributing Cboe One Summary Data to Non-Professional Data Users with whom the broker-dealer has a brokerage relationship. ***As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive the Cboe One Feed from a Distributor for distribution to an unlimited number of Professional and Non-Professional Users. 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. A recipient firm must pay a separate Enterprise Fee for each External Distributor that controls the display of BZX Top if it wishes such User to be covered by Applicable to fee codes NA, NF, NN, NY, PA, PF, PN and PY. The ORF is collected by OCC on behalf of BZX Options from the Clearing Member or non-Clearing Member that ultimately clears the transaction. Please refer to the Cboe Options Fee … *** 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. LMMs in BZX-listed securities will receive the following rates on a daily basis per Qualified Security for which they also meet certain enhanced market quality standards (an “Enhanced Security”) in addition to the Standard Rates above: Applicable to the following fee codes: AC and AL. Applicable to the following fee codes: PF and XF. Please contact the Trade Desk or your Business Development contact for support or with any questions. Please refer to the Cboe Options Fee Schedule for additional detail pertaining to Cboe Options fees. A Distributor that provides derivative products based on BZX Top or Cboe One Summary through an approved Derived Data Platform Service will be subject to the normal external distribution fees applicable for the distribution of BZX Top or Cboe One Summary except that they will not be subject to the Non-Professional User fees normally applicable for the distribution of BZX Top or Cboe One Summary. "Options Step-Up Add OCV" for purposes of equities pricing means ADAV as a percentage of OCV in January 2014 subtracted from current ADAV as a percentage of OCV, using the definitions of ADAV and OCV as provided under the Exchange's fee schedule for BZX Options. Add liquidity to BZX for securities priced below $1.00: no charge or rebate. The Distributor maintains control of the entitlements, but does not maintain technical control of the usage or the display. Member has an ADAV in Non-Customer orders ≥ 2.55% of average OCV; Member has an ADAV in Non-Customer Non-Penny orders ≥0.25% of average OCV; and, Member has an ADAV in Firm/Market Maker/Away MM orders that establish a new NBBO ≥ 0.80% of average OCV, Member has an ADAV in Market Maker orders ≥ 0.15% of average OCV; and, Member has an ADRV in Market Maker orders ≥ 0.15% of average OCV, Member has an ADAV in Market Maker orders ≥ 0.10% of average OCV; and, Member has on BZX Equities an ADV ≥ 0.60% of average TCV, Member has an ADAV in Market Maker orders ≥ 0.25% of average OCV; and, Member has an ADRV in Market Maker orders ≥ 0.25% of average OCV, Member has an ADRV in Market Maker orders ≥ 0.35% of average OCV. Note: If a Member is pending a voluntary termination of rights as a Member pursuant to Rule 2.8 prior to the date any Annual Membership Fee for a given year will be assessed (i.e., January 1, 2015) and the Member does not utilize the facilities of the Exchange while such voluntary termination of rights is pending, then the Member will not be obligated to pay the Annual Membership Fee. Member has a Tape B Step-Up Add TCV from February 2015 ≥ 0.06%; and, Member has an Options Market Maker Add OCV ≥ 1.00%, Member has a NBBO Time ≥ 15% or a NBBO Size Time ≥ 25%; and, Member has a Displayed Size Time ≥ 90%; and, Member has an Average Aggregate Daily Auction Volume in LMM Securities ≥ 500,000; and, Member is enrolled in at least 75 LMM Securities, Member is enrolled in at least 50 LMM Securities; and, Member has a Tape A ADAV ≥ 0.20% of the Tape A TCV, Member has a Tape B ADAV ≥ 0.35% of the Tape B TCV, Member has a Tape C ADAV ≥ 0.20% of the Tape C TCV.