Cboe BYX Shuffles Fees for Hidden Orders and Tiers
Published Date: 12/17/2025
Notice
Summary
Cboe BYX Exchange is updating its fee schedule starting December 1, 2025. They’re changing how certain trading volume tiers work, tweaking fees for hidden (non-displayed) orders, and getting rid of the routing fee tier. Traders and firms using BYX Equities will see these changes right away, which could affect their trading costs.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Rewritten Add/Remove Volume Tier Criteria
If you are a trading firm or member on Cboe BYX, the Exchange proposes to revise its Add/Remove Volume Tiers that determine reduced per-share fees. The filing keeps the Tier 1 reduced fee at $0.0016 per share and Tier 2 at $0.0014 per share for securities priced at or above $1.00, and introduces an "Ex-Subdollar" method that excludes securities priced below $1.00 when calculating tier qualification. The filing cites numeric volume thresholds for tiers (examples shown in the filing include 0.075% and 0.10% of TCV for Tier 1, and 0.30%, 0.60%, and 0.55% of TCV for Tiers 3–5).
Non-Displayed Tier Now Uses TCV and Ex-Subdollar Tests
If you send non-displayed (hidden) orders on BYX, the Exchange proposes to replace the Non-Displayed Tier's shares-based test (currently a combined Auction ADV + ADAV >= 5,000,000) with a TCV-based test and add an Ex-Subdollar criterion. The proposed Non-Displayed Tier would continue to assess a reduced fee of $0.0005 per share for securities priced at or above $1.00 and would qualify where a Member's combined Auction ADV and ADAV >= 0.03% of TCV or the Ex-Subdollar equivalent >= 0.03% of Ex-Subdollar TCV.
Routing Tier Eliminated (Routing Rebate Removed)
The Exchange proposes to remove the Routing Tier (footnote 3) that provided an enhanced rebate for orders routed to NASDAQ BX (fee code C). The removal means members will no longer be eligible to earn that Routing Tier enhanced rebate after the change.
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