Cboe EDGX Ditches Fee Caps: Traders Face Higher Order Costs
Published Date: 11/20/2025
Notice
Summary
Cboe EDGX Exchange is changing its fee rules starting October 1, 2025. They’re removing the maximum fee limit for certain orders (fee code O) and adding a new fee category called the Routing Tier. These updates affect traders using the exchange and could change how much they pay when sending orders.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Removal of $35,000 Routing Fee Cap
Starting October 1, 2025, Cboe EDGX will remove the $35,000 per month cap that applied to orders yielding fee code O (orders routed to a listing market's opening or re-opening cross). If you are an Exchange Member who previously benefited from that $35,000 monthly cap, you could be charged more than $35,000 in a month for routed orders once the cap is removed.
New Routing Tier Discount for High-Volume Routing
Starting October 1, 2025, EDGX will add a Routing Tier that charges $0.00085 per share for orders yielding fee code O in securities priced at or above $1.00 when a Member has an opening routed shares average daily volume (ADV) of 1,750,000. Members who meet the 1,750,000 opening routed shares ADV threshold will pay the reduced $0.00085 per-share routed fee instead of the current $0.00100 per-share fee for those routed orders.
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