Cboe BYX Rolls Out New Fees for Elite Trading Systems
Published Date: 7/24/2025
Notice
Summary
Cboe BYX Exchange is updating its fee schedule to add charges for Dedicated Cores, which are 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 fee structure clear and fair for everyone involved.
Analyzed Economic Effects
5 provisions identified: 2 benefits, 3 costs, 0 mixed.
New Tiered Dedicated Core Fees
If you purchase 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 provides the example that a User buying 11 Dedicated Cores would be charged $6,050 per month (($0 * 2) + ($650 * 8) + ($850 * 1)).
Two Free Dedicated Cores Provided
The Exchange will provide up to two Dedicated Cores to all Users at no additional Dedicated Core charge. However, the Exchange will continue to assess its standard BOE logical port fees (currently $550 per port per month) even on the first two Dedicated Cores.
Higher Cap on Dedicated Cores for Members
The Exchange increased the maximum number of Dedicated Cores available to Members 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 Not Prorated
The Exchange will assess the monthly Dedicated Core fees in their entirety and will not prorate the monthly fees. That means each monthly charge for Dedicated Cores is applied fully for the billing month.
Immediate Fee Change Takes Effect Now
The rule change was filed on July 16, 2025 and became effective immediately under the Exchange Act provisions, so Users should expect the new Dedicated Core fees and related limits to apply upon filing. The Commission may suspend the change within 60 days of filing.
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