Another Cboe Exchange Hikes Costs for Elite Tech Traders
Published Date: 3/26/2025
Notice
Summary
Cboe EDGX Exchange is updating its fee schedule to add charges for Dedicated Cores, special trading systems 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 aims to keep the Exchange’s pricing clear and fair for everyone involved.
Analyzed Economic Effects
5 provisions identified: 2 benefits, 2 costs, 1 mixed.
Tiered Dedicated Core Monthly Fees
If you are a firm using Cboe EDGX Dedicated Cores beyond the two free cores, the Exchange will charge monthly fees of $650 per Dedicated Core for cores 3–15, $850 per Dedicated Core for cores 16–30, and $1,050 per Dedicated Core for 31 or more. The Exchange includes an example: 16 Dedicated Cores would cost $9,300 per month ($0 * 2 + $650 * 13 + $850 * 1).
Two Free Dedicated Cores, Port Fees Still Apply
The Exchange will provide up to two Dedicated Cores to any User at no additional Dedicated Core charge. However, the standard BOE logical port fee of $550 per port per month remains in effect and will continue to be assessed, including on the first two free Dedicated Cores.
Higher Maximum Dedicated Core Cap for Members
The Exchange increased the maximum number of Dedicated Cores Members may purchase to 120 Dedicated Cores, effective December 1, 2024. Sponsoring Members remain limited to a maximum of 35 Dedicated Cores for each Sponsored Access relationship.
Monthly Fees Billed in Full, Not Prorated
Monthly Dedicated Core fees are assessed and applied in full and are not prorated, so if you purchase Dedicated Cores during a month you will be charged the full monthly fee for that month.
Rule Effective Immediately; Commission Review
The Exchange filed the rule change on March 13, 2025 and it became effective upon filing, so the new Dedicated Core fees apply immediately; the Commission may temporarily suspend the change within 60 days and comments are invited on or before April 16, 2025.
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