Cboe EDGX Adjusts Rebates for High-Volume Traders
Published Date: 8/14/2025
Notice
Summary
Cboe EDGX Exchange is changing its fee schedule by making it a bit harder to qualify for their highest trading volume discount (Add Volume Tier 8) and lowering the rebate traders get at that level. This affects traders using the EDGX equities platform and takes effect right away, meaning some traders might earn a smaller rebate starting now. It’s a smart move to keep things fair and balanced in the trading game!
Analyzed Economic Effects
2 provisions identified: 0 benefits, 1 costs, 1 mixed.
EDGX Cuts Top-Tier Add-Liquidity Rebate
If you trade on the EDGX equities platform, the qualifications for its highest add-volume rebate (Add Volume Tier 8) were tightened and the rebate was reduced. The first prong of Tier 8 was increased from 0.37% to 0.40% of TCV, and the per-share rebate for securities priced at or above $1.00 was decreased from $0.0034 to $0.0027, effective August 1, 2025. The tier still requires Hidden Primary Peg ADV >= 1,000,000 and Hidden Midpoint ADV >= 5,000,000 and applies to orders yielding fee codes B, V, Y, 3, or 4.
Tier 8 Likely Unattainable Based On Prior Month
The Exchange stated that, based on the prior month's volume, it anticipates no Members will satisfy the revised Add Volume Tier 8 criteria. That means no Member is expected to receive the Tier 8 rebate under the proposed criteria for the referenced prior month.
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