Cboe Ditches Fee Tier: Traders Brace for Schedule Shake-Up
Published Date: 1/13/2026
Notice
Summary
Cboe BZX Exchange is shaking up its fee schedule by getting rid of the LEP Tier 1 pricing level starting January 2, 2026. This change affects traders using the BZX equities platform, potentially changing how much they pay in fees. The move aims to keep the Exchange competitive and fair in a busy market where traders can easily switch venues.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
LEP Tier 1 Rebate Eliminated
Cboe BZX is removing its LEP Tier 1 rebate effective January 2, 2026. Members enrolled in at least BZX-listed LEP Securities who previously received an enhanced rebate of $0.0025 per share (for meeting the applicable criteria at least 75% of trading days in a month) will no longer receive that enhanced rebate.
Funds Redirected to Other Incentives
The Exchange will redirect resources and funding previously used for the LEP Tier 1 rebate into other programs and tiers intended to incentivize increased order flow. The Exchange states this redirection is part of its rationale for removing LEP Tier 1, effective January 2, 2026.
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