SEC Tweaks Trading Fees: Because Subdollar Trades Deserve Exclusion
Published Date: 7/23/2025
Notice
Summary
Cboe EDGX Exchange is updating its fee schedule to change how trading volume tiers are calculated, especially by excluding subdollar trades from certain volume counts. This affects traders who use the Exchange, potentially changing their fees starting immediately. The goal is to make fees fairer and clearer for everyone involved.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Excludes subdollar trades from tier math
Starting July 1, 2025, Cboe EDGX will add an Ex-Subdollar ADAV/ADV calculation that excludes executions in securities priced below $1.00 when determining qualification for Add Volume Tiers 1-4, Add Volume Tier 8, Non-Displayed Add Volume Tier 4, and Retail Volume Tier 3. The new Ex-Subdollar prong uses the same percentage thresholds as the existing prongs (for example, 0.15%, 0.18%, 0.25%, and 0.65% for Add Volume Tiers 1–4) but counts only activity in securities with average daily price at or above $1.00.
Lowered remove-volume percentage for certain tiers
For Add Volume Tier 8, Non-Displayed Add Volume Tier 4, and Retail Volume Tier 3, the Exchange lowers the total remove ADV as a percentage of TCV requirement from 0.40% to 0.37%, and introduces the same 0.37% requirement when measured on an Ex-Subdollar basis. These changes are effective July 1, 2025.
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