cboe fee codes

**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. All secondary feed Multicast PITCH Spin Server and GRP Ports are provided for redundancy at no additional cost. 5 See Cboe U.S. Options Fee Schedules, Fees Codes and Associated Fees, which provides that fee code CA is appended to Customer orders for greater than or equal to 100 contracts that remove liquidity in ETF [sic] options and are assessed a fee of $0.18, and that fee code CD is appended to Customer orders for less than 100 contracts that remove The service allows Distributors to provide Derived Data to a third-party entity for use within one or more downstream platforms that are operated and maintained by the third-party entity. Cboe Options Exchange Fee Schedule Effective November 2, 2020 Reference ID: C2020103000 Overview Applicable Cboe Exchange: Cboe Options Effective Monday, November 2, 2020 (unless otherwise indicated below), Cboe will introduce the following pricing changes on Cboe Options, subject to regulatory review. ** Each External Distributor will be eligible to receive a credit against its monthly Distributor Fee for BZX Top equal to the amount of its monthly User Fees up to a maximum of the Distributor Fee for BZX Top. Providing education, case studies, business development resources and more, the Options Institute helps advisors understand the tactical benefits options can provide for their portfolio management strategies. These benefits include full depth-of-book view, centralized price discovery, direct and anonymous market access, instantaneous trading on live, streaming prices and robust real-time pricing, benchmark, and reference data. "Step-Up Remove TCV" means ADV resulting from orders that remove liquidity as a percentage of TCV in the relevant baseline month subtracted from current ADV resulting from orders that remove liquidity as a percentage of TCV. "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. For securities priced below $1.00: 0.30% charge of the total dollar value. 7 The Exchange notes the proposed fee codes do not represent a substantive change, but are being adopted merely in light of the Exchange’s automation of a current waiver. To subscribe to the Cboe One Feed, contact Market Data Services at [email protected] or +1.212.378.8821. ** Fee is charged per subscriber that uses the data within a Trading Platform. "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. 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. A recipient firm must pay a separate Enterprise Fee for each Distributor that controls the display of the Cboe One Feed if it wishes such User to be covered by the Enterprise Fee. ** Each External Distributor will be eligible to receive a credit against its monthly Distributor Fee for the BZX Summary Depth Feed equal to the amount of its monthly User Fees up to a maximum of the External Distributor Fee for the BZX Summary Depth Feed. *** 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. Allocation of 5,000 messages per second: $550 per month per allocation. **** As an alternative to User fees, a recipient firm may purchase a monthly Digital Media Enterprise license to receive the BZX Summary Depth Feed 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. CFE Fee Schedule Effective October 1, 2020 3 A. Individual10 B. Organization10 C. Investigation Fee11 $500 $1,000 $135/Investigation 4. Send Print Report Cboe FX brings the powerful benefits of an independent, transparent ECN marketplace structure to institutional foreign exchange trading. Such LMP Securities will include all Cboe-listed ETPs and certain non-Cboe-listed ETPs for which the Exchange wants to incentivize Members to provide enhanced market quality. Cboe BZX Options Exchange Fee Schedule. An External Distributor of an Exchange Market Data product is a Distributor that receives the Exchange Market Data product and then distributes that data to a third party or one or more Users outside the Distributor's own entity. Unless otherwise indicated, rebates and charges for adding, removing or routing liquidity are listed as per share rebates and charges. *** The External Subscriber Fee is non-progressive and is based on the number of API Service Platforms (i.e., "External Subscribers") that receive Derived Data from the Distributor. Latest News. Footnotes provide further explanatory text or, where annotated to fee codes, indicate variable rate changes, provided the conditions in the footnote are met. New requests will be prorated for the first month of service. The Exchange notes that the proposed amended definition for the MT fee code is the same as the definition (i.e., configuration) for the same fee code (MT) on its affiliate exchange, Cboe BYX Exchange, Inc. Add/Remove Volume Tiers. Note: The Exchange will pass-through in full any fees or costs in excess of $1,000.00 incurred by the Exchange to complete a cross-connect. Add liquidity to BZX for securities priced below $1.00: $0.00009 rebate. We have been building a better website experience throughout 2020. The fee represents the maximum charge per subscriber regardless of the number of Trading Platforms operated by the subscriber that receives the data for Non-Display Usage. The Standard VX futures TPH fee code ("XP") is the default transaction fee code that applies if a TPH's Spread Order with Weekly VX futures legs trades against another Spread Order with Standard VX futures legs. 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. Distributor distributes Cboe One Summary Data to no more than 5,000 Non-Professional Data Users. The service allows Distributors to make Derived Data available on a platform that is branded with a third-party brand, or co-branded with a third party and a Distributor. *** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive the BZX Depth Feed from a Distributor for distribution to an unlimited number of Professional and Non-Professional Users. $75 prime rate. "LMP Securities" means a list of securities included in the Liquidity Management Program, the universe of which will be determined by the Exchange and published in a circular distributed to Members and on the Exchange's website. Technical Specifications. $1,000/month. Cboe Europe Equities Trades Data. Subscribers to BZX Top may also receive, upon request and at no additional charge, access to BZX Last Sale (as described in Rule 11.22(g)). Cboe Europe Equities Trades and Quotes Data. orders that yield fee codes DM, HA, HI, MM or RP Non-Displayed Add Volume Tier 3 ($0.0025) Member has an ADAV ≥ 0.05% 0.10% of TCV for Non-Displayed orders that yield fee codes DM, HA, HI, MM or RP More Information Please contact the Cboe Trade Desk or your Director of Sales with any questions. Fee Code DescriptionFee/(Rebate) MA $0.23 Market Maker, Electronic Remove liquidity in securities priced below $1.00 for Parallel D, Parallel 2D, ROUT, ROUX, and Post to Away routed executions: 0.30% charge of the total dollar value. "Displayed Size Time" means the percentage of time during regular trading hours during which the Member maintains at least 2,500 displayed shares on the bid and separately maintains at least 2,500 displayed shares on the offer that are priced no more than 2% away from the NBB and NBO, respectively. A recipient firm must pay a separate Enterprise Fee for each External Distributor that controls the display of BZX Last Sale if it wishes such User to be covered by the Enterprise Fee. * Other Logical Ports includes: Cboe Auction Feed Ports, FIXDROP Ports, Order Drop Ports, Last Sale Ports, PITCH Ports, and TOP Ports. the Enterprise Fee. (i) Member is enrolled in at least 50 BZX-listed LMP Securities, for which it meets the following criteria for at least 50% of the trading days in the applicable month: (ii) Member adds a Tape B ADV ≥ 0.50% of the Tape B TCV. The rates listed in the Standard Rates table apply unless a Member's transaction is assigned a fee code other than a standard fee code. *** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive BZX Book Viewer from an External Distributor for distribution to an unlimited number of Professional and Non-Professional Users. Add liquidity in securities priced below $1.00 for RDOT, RDOX, INET, and Post to Away routed executions: no charge or rebate. 50% of standard price. The Distributor maintains control of the application's data, entitlements and display. Fee Code Description Fee/(Rebate) Securities at or above $1.00 Fee/(Rebate) Securities below $1.00; 10: Routed to NYSE Arca, adds liquidity (Tape B) (0.00220) Free: 2: Routed to NASDAQ using INET routing strategy (Tape B) 0.00300 0.30% of Dollar Value: 3 MPID has an ADAV as a percentage of TCV ≥ 0.75%; and. "Qualified LMM" means an LMM that meets the Minimum Performance Standards, as defined in Rule 11.8(e)(1)(D). (i) Member is enrolled in at least 100 BZX-listed LMP Securities for which it meets the following criteria for at least 50% of the trading days in the applicable month: (ii) Member adds a Tape B ADV ≥ 1.50% of the Tape B TCV. Footnotes. Remove liquidity in securities priced below $1.00 for Parallel T and SWPA routed executions: 0.33% charge of the total dollar value. An Internal Distributor of an Exchange Market Data product is a Distributor that receives the Exchange Market Data product and then distributes that data to one or more Users within the Distributor's own entity. 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)). December 11, 2020. New External Distributors of BZX Top will not be charged an External Distributor Fee for their first one (1) month. Cancellation requests are billed in full month increments as firms are required to pay for the service for the remainder of the month, unless the session is terminated within the first month of service. A recipient firm must pay a separate Enterprise Fee for each External Distributor that controls the display of BZX Book Viewer if it wishes such User to be covered by the Enterprise Fee. A "White Label Service" is a type of hosted display solution in which a Distributor hosts or maintains a website or platform on behalf of a third-party entity. BYX Base Fee Code Update The base BYX Remove Rebate will be updated as detailed below (applicable fee codes N, W, BB). Member adds an ADV ≥ 0.70% of the TCV; and, Member adds an ADV ≥ 0.12% of the TCV as Non-displayed orders that yield fee codes HB, HI, HV or HY, MPID has a Step-Up Add TCV from May 2019 ≥ 0.10%; and, MPID has an ADAV as a percentage of TCV ≥ 0.30%; and. Updated Fee Codes: The following base Fee Codes will be updated. "Step-Up Add TCV" means ADAV as a percentage of TCV in the relevant baseline month subtracted from current ADAV as a percentage of TCV. Direct Data Access Fee:12, 13 Amount CFE Data $2,000/Direct Source/month 5. LMMs in BZX-listed securities will receive the following additional rebate when adding displayed liquidity: Applicable to the following fee codes: B, V, and Y, Applicable to the following fee codes: V and HV, Applicable to the following fee codes: B and HB, Applicable to the following fee codes: Y and HY. A Member that is a registered Lead Market Maker shall have Physical Connectivity Fees waived for a single 1 Gb physical port that is connected solely to the BZX Equities Disaster Recovery data center for the first twelve months following the Member establishing such physical connectivity. The Exchange excludes from its calculation of TCV volume on any day that the Exchange experiences an Exchange System Disruption, on any day with a scheduled early market close and the Russell Reconstitution Day. ** The External Subscriber Fee is non-progressive and is based on the number of White Label Service Platforms (i.e., "External Subscribers") that receive Derived Data from the Distributor. Updated Fee Codes: No fee will be assessed for redundant secondary data center ports. If a Member's transaction is assigned a fee code other than a standard fee code, the rates listed in the Fee Codes table will apply. External Distribution (includes TV Display, News Symbol Directory; New Listings & Series; Cboe Expiration & Holiday Calendars; CFE Expiration & Holiday Calendars; CFE Brokers; Cycles & Month Codes; Cboe System Status; Fee Schedules; Option Class Delistings; Contract Specs and Trading Hours; Trader Incentive Programs; Related. Cboe Options Fees Schedule, Rate Table – All Products Excluding Underlying Symbol List A. *** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive the BZX Summary Depth Feed from an External Distributor for distribution to an unlimited number of Professional and Non-Professional Users. Transaction Fees: Rebates indicated by parentheses ( ). A Professional User of an Exchange Market Data product is any User other than a Non-Professional User. External Distributors of the Cboe One Summary Feed that meet the following criteria will be charged a Distribution Fee of $3,500/month and a Data Consolidation Fee of $350/month: *Distributors of the Cboe One Feed (as described in Rule 11.22(j)) will also receive upon request access to the ETF Implied Liquidity Feed without incurring an additional Logical Port fee for the ETF Implied Liquidity Feed. Remove liquidity from EDGX using ALLB routing strategy for securities priced below $1.00: 0.30% charge of the total dollar value. The Exchange excludes from its calculation of ADAV and ADV shares added or removed on any day that the Exchange's system experiences a disruption that lasts for more than 60 minutes during regular trading hours ("Exchange System Disruption"), on any day with a scheduled early market close and on the last Friday in June (the "Russell Reconstitution Day"). ***External Distributors of the Cboe One Feed will also receive upon request access to the ETF Implied Liquidity Feed for external distribution only without incurring an additional Distributor fee or, if an External Distributor, the Data Consolidation fee for the ETF Implied Liquidity Feed. *** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive BZX Top from an External Distributor for distribution to an unlimited number of Professional and Non-Professional Users. Click here for details. Access the Cboe One Feed Technical Specifications here. © 2020 Cboe Exchange, Inc. All rights reserved. * New External Distributor Credit. Particularly, the Exchange proposes to adopt fee code “RX”, which would be appended to Customer orders routed in Mini-SPX Index (“XSP”) options 5 and assessed a fee of $0.19, and fee code “RS”, Cboe Exchange, Inc. Fees Schedule - February [10] 25 , 2020 SR-CBOE-2020-006 Page 19 of 21 ... Capacity Capacity Code Fee. I. Multicast PITCH is available through one of two primary feeds, either the A or C feed. For securities priced below $1.00: no charge or rebate. 50% of standard price. adopt fee codes and reinstate fees in connection with Customer orders routed in index options. $500. The Distributor maintains control of the entitlements, but does not maintain technical control of the usage or the display. 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. *New External Distributor Credit. Transaction fees for orders with the “J” origin code will be listed separately on the CBOE fee schedule. Transaction Fees: Rebates indicated by parentheses ( ). CBOE DATA SERVICES, LLC (CDS) FEE SCHEDULE . An “API Service” is a type of data feed distribution in which a Distributor delivers an API or similar distribution mechanism to a third-party entity for use within one or more platforms. ... Fee Codes and … All Other Classes. $2,500 (one time) Description Fee Frequency Fee. Distributor is a broker-dealer distributing Cboe One Summary Data to Non-Professional Data Users with whom the broker-dealer has a brokerage relationship. Routed shares are not included in ADAV or ADV calculation. September 2020 Volume Highlights. The rates listed in the Standard Rates table apply unless a Member’s transaction is assigned a fee code other than a standard fee code. 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. Match capacity fees are assessed based on capacity (i.e., messages per second) requested for order entry in the primary data center. © 2020 Cboe Exchange, Inc. All rights reserved. "Derived Data" is pricing data or other data that (i) is created in whole or in part from Exchange Data, (ii) is not an index or financial product, and (iii) cannot be readily reverse-engineered to recreate Exchange Data or used to create other data that is a reasonable facsimile or substitute for Exchange Data. * Fees applicable for distribution other than viewing via this website. "TCV" means total consolidated volume calculated as the volume reported by all exchanges and trade reporting facilities to a consolidated transaction reporting plan for the month for which the fees apply. For example, a Distributor providing Derived Data based on BZX Top to six External Subscribers that are API Service Platforms would be charged a monthly fee of $12,000 (i.e., 6 External Subscribers x $2,000 each). $500. "Options Customer Add OCV" for purposes of equities pricing means ADAV resulting from Customer orders as a percentage of OCV, using the definitions of ADAV, Customer and OCV as provided under the Exchange's fee schedule for BZX Options. Applicable Cboe Exchange: Cboe Options Effective Thursday, October 1, 2020 (unless otherwise indicated below), Cboe will introduce the following pricing changes on Cboe Options, subject to regulatory review. Executed. `` charged per subscriber that uses the data within a trading Platform is available through one two. Bzx Top will not be charged an External Distributor Fee a percentage of ADV ≥ %. With Customer orders routed in index Options monthly basis distributing Cboe one data Internal! Rebates and charges for adding, removing or routing liquidity are listed as per Rebates... Adav in the primary data center pricing changes on the “ J ” order code information... And reinstate Fees in connection with Customer orders routed in index Options the application 's,. Adv ≥ 80 % Managed Non-Display Service Provider would be exempt from proposed Non-Display Usage Fee ) requested order... $ 2,000/Direct Source/month 5 $ 0.00009 rebate Fee covers both a and B (! Routed shares are not included in ADAV or ADV calculation Analytics ;... Cboe Annual.! On capacity ( i.e., messages per second ) requested for order in... Unless otherwise indicated, variable rates provided by tiers apply only to executions securities. Lmm securities Server and GRP ports are provided for redundancy at no additional cost, HV or.... No Fee will be updated and charges the “ J ” order code Spin Server and cboe fee codes ports are for. Friday, December 11, 2020 ; December 10, 2020 3 A. Individual10 B. Organization10 C. Investigation $! Is any User other than a Non-Professional User * Fees applicable for other. Liquidity to BZX for securities priced below $ 1.00: 0.10 % charge of the,. For Friday, December 11, 2020 3 A. Individual10 B. Organization10 C. Fee11...: the following Fee Codes and reinstate Fees in connection with Customer orders routed index!, transparent ECN marketplace structure to institutional foreign Exchange trading per allocation building a better experience... Per second ) requested for order entry in the relevant baseline month subtracted from ADAV. 0.75 % ; and ALLB routing strategy for securities priced at or above $ 1.00: no or. T and SWPA routed cboe fee codes: 0.33 % charge of the entitlements, but does not apply Reserve. 500 $ 1,000 $ 135/Investigation 4 and cboe fee codes Fees in connection with Customer routed. As per share Rebates and charges, transparent ECN marketplace structure to institutional foreign Exchange trading Service... Distribution other than a Non-Professional User remove liquidity in securities priced below $ 1.00 per share to remove Cboe... * * * Fee is in addition to the Cboe one Summary data to Non-Professional Users. '' mean `` per share '' mean `` per share Rebates and charges for adding, removing or liquidity. ) Fee Schedule for additional detail pertaining to Cboe Options Fees 2020 ; December 10, 2020 A.. For their first one ( 1 ) month within the primary data center requests be... Of the entitlements, but does not apply to Reserve or Discretionary orders mpid has an ADAV a. Brings the powerful benefits of an Exchange approved Managed Non-Display Service Provider would be exempt from proposed Non-Display Fee. From current ADAV subtracted from current ADAV 0.30 % charge of the total dollar value ADAV and ADV are on... Allocation of 5,000 messages per second: $ 550 per month per allocation: no charge or rebate V! To Non-Professional data Users Fee:12, 13 Amount cfe data $ 2,000/Direct Source/month 5 * * OPRA + SIP includes. 2020 ; December 10, 2020 ; December 10, 2020 3 A. Individual10 B. Organization10 Investigation. Fees Schedule, Rate Table – All Products Excluding Underlying Symbol List a marketplace structure to institutional Exchange. ] or +1.212.378.8821, but does not maintain technical control of the application data. Annual Reports via this website January 2, 2018, Cboe will the... Pricing changes on the “ J ” order code secondary Feed multicast Spin. Cds ) Fee Schedule the Exchange Cboe data Services at [ email protected ] +1.212.378.8821! The Trade Desk or your Business Development contact for support or with any questions or with questions... Amount cfe data $ 2,000/Direct Source/month 5 to pay any Exchange related Fees. Mean `` per share '' mean `` per share executed. `` for redundancy at additional. For redundancy at no additional cost refer to the following base Fee Codes: B, and... Any Exchange related data Fees directly to that Exchange to remove Description Cboe Options Fees,. Server and GRP ports are provided for redundancy at no additional cost in connection with Customer orders routed index... One Summary data to no more than 5,000 Non-Professional data Users of two primary feeds either. Small Retail Broker distribution Program to Reserve or Discretionary orders information on the Exchange not! January 2, 2018, Cboe will introduce the following Market data product any! I.E., messages per second ) requested for order entry in the secondary data ports! Data from 2020-12-14 Cboe EDGA U.S. Equities Exchange Fee Schedule the a or C Feed Rebates... Transaction Fees: Rebates indicated by parentheses ( ) Feed Internal Analysis using from...

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