BZX Charges Up New Port Fees: Techie Trading Tweak
Published Date: 6/17/2025
Notice
Summary
Cboe BZX Exchange is rolling out new fees for special computer connections called Unitized Logical Ports on its equity options platform. Traders using these new ports will see updated charges based on their daily activity, starting right away. This change helps the Exchange offer better connectivity while keeping things fair and clear for everyone involved.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
Monthly Per-Port Unitized Fees
If you are a Cboe BZX Exchange Member and choose to buy a Unitized Logical Port, the Exchange proposes monthly charges of $350 per BOE Unitized Logical Port, $550 per Bulk Unitized Logical Port, and $400 per Purge Unitized Logical Port. These fees are charged per port each month and are assessed in full (they are not prorated).
Tiered Unitized Port Set Pricing
The Exchange proposes tiered monthly pricing if you buy Unitized Logical Port Sets: BOE sets cost $2,500/month for the 1st and 2nd set, $3,000/month for the 3rd–14th set, and $3,500/month for the 15th–30th set. Bulk Unitized Logical Port Sets and Purge Unitized Logical Port Sets have analogous tiered monthly rates (Bulk: $5,500/$6,000/$6,500; Purge: $2,500/$3,000/$3,500).
New Average Daily Order/Quote Fees
The Exchange proposes Average Daily Order (ADO) and Average Daily Quote (ADQ) fees with free allowances of up to 2,000,000 ADO and up to 250,000,000 ADQ per month. If you exceed those amounts, ADO increments of 1,000 orders are charged $1.00/$1.50/$2.00/$2.50 per 1,000 at successive tiers (>2,000,000; >2,500,000; >3,000,000; >3,500,000) and ADQ increments of 20,000 quotes are charged $0.05/$0.075/$0.10/$0.20 per 20,000 at successive tiers (>250,000,000; >500,000,000; >1,000,000,000; >3,500,000,000). The Exchange will aggregate ADO/ADQ across affiliates that share at least 75% common ownership.
Increase in Per-Firm Port Cap to 30
The Exchange proposes to raise the maximum number of Unitized Logical Ports you may hold to 30 Unitized Logical Ports per Member, per Matching Unit, per port type (up from a previously referenced cap of 20). Members may still also use existing non-Unitized logical ports with no maximum limit in addition to their Unitized allocation.
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