Cboe BZX Fees Revamped: Add Volume Tiers Get a Tune-Up
Published Date: 7/23/2025
Notice
Summary
Cboe BZX Exchange is updating its fee schedule to change how trading volume tiers work, especially for adding shares. They’re tweaking volume requirements and rebates, and excluding some tiny subdollar trades from counting. These changes take effect immediately and mainly impact traders who add lots of shares, potentially saving or costing them money depending on their trading style.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 0 costs, 1 mixed.
Exclude subdollar activity from tier share tests
For Add Volume Tiers 1-3 and 5-7, the Exchange removed the shares component in the second prong of the tier criteria and replaced it with Ex-Subdollar ADAV and Ex-Subdollar TCV measures that exclude executions in securities priced below $1.00. The new Ex-Subdollar criteria are intended to help Members that trade primarily in securities priced at or above $1.00 qualify for tiered rebates during months of high subdollar activity. These changes are effective July 1, 2025.
Tier 1 add-volume threshold raised
The Exchange changed Add Volume Tier 1 so the ADAV (average daily added volume) as a percentage of TCV must be at least 0.06% instead of 0.05%, or an Ex-Subdollar ADAV as a percentage of Ex-Subdollar TCV must be at least 0.06%. The Tier 1 rebate remains $0.0020 per share. These changes are effective July 1, 2025.
Tier 3 rebate increased and threshold lowered
The Exchange revised Add Volume Tier 3 so the ADAV as a percentage of TCV requirement is 0.25% (down from 0.30%) or Ex-Subdollar ADAV as a percentage of Ex-Subdollar TCV is 0.25%, and it increased the Tier 3 rebate from $0.0027 per share to $0.0028 per share. These changes are effective July 1, 2025.
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