Cboe Slaps Fees on Speedy Trading 'Dedicated Cores'
Published Date: 3/25/2025
Notice
Summary
Cboe BYX Exchange is updating its fee schedule to add charges for Dedicated Cores, which are special trading connections used by some market participants. This change affects traders using these Dedicated Cores and takes effect immediately, meaning they should expect new fees starting now. The update helps the Exchange cover costs and keep things running smoothly.
Analyzed Economic Effects
5 provisions identified: 2 benefits, 2 costs, 1 mixed.
New monthly tiered Dedicated Core fees
If your firm uses more than two Dedicated Cores on Cboe BYX, the Exchange will charge monthly fees: $650 per Dedicated Core for cores 3–10, $850 per Dedicated Core for cores 11–15, and $1,050 per Dedicated Core for 16 or more. The Exchange gives an example that a firm purchasing 11 Dedicated Cores would pay $6,050 per month ($0 for 2 free + $650 × 8 + $850 × 1).
Two Dedicated Cores provided free but port fees remain
The Exchange provides up to two Dedicated Cores at no additional Dedicated Core charge, but the standard BOE logical port fee of $550 per port per month will continue to apply, including on the first two free Dedicated Cores. The Exchange also states monthly fees for Dedicated Cores are assessed in full and are not prorated.
Higher cap on Dedicated Cores for Members
The Exchange increased the maximum number of Dedicated Cores a Member may hold to 120 Dedicated Cores, effective December 1, 2024. Sponsoring Members remain limited to a maximum of 35 Dedicated Cores for each Sponsored Access relationship.
Fees take effect immediately after filing
The Exchange's proposed Dedicated Core fees became effective upon filing on March 13, 2025, so firms should expect the new fee structure to apply immediately; the Commission may temporarily suspend the change within 60 days of the filing. Comments on the filing are requested by April 15, 2025.
Dedicated Cores are optional; shared cores remain free
Use of Dedicated Cores is voluntary: Users may continue to use shared CPU cores to access the Exchange at no additional Dedicated Core charge. The Exchange states Dedicated Cores are not required to participate on the Exchange.
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