Cboe BZX Eases Fees for In-House Trade Distributors
Published Date: 3/19/2026
Notice
Summary
Cboe BZX Exchange is rolling out a new fee waiver for certain Internal Distributors, meaning some folks who move trades within their own company can skip paying two specific fees. This change kicks in right away and could save money for eligible traders starting March 10, 2026. If you’re an Internal Distributor, this update makes trading a bit cheaper and smoother!
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
Three‑Month Fee Waiver for New Internal Distributors
If you are a new Internal Distributor of the BZX Depth Data Feed, the Exchange will waive the Internal Distribution Fee of $1,500 per month and the Non-Display Usage (not by Trading Platforms) Fee of $2,000 per month while you set up systems to distribute the feed internally. To qualify you must not have received the BZX Depth Data Feed in the last 18 months and you must not operate a Trading Platform; the waiver lasts only for the time needed to set up systems and cannot exceed three months. The change took effect on March 10, 2026.
Trading Platform Operators Excluded from Waiver
If you operate a Trading Platform (an exchange, ATS, or ECN), you are not eligible for the new Internal Distributor waiver and will remain subject to applicable fees. The Exchange notes a separate Non-Display Usage fee for Trading Platforms of $5,000 per month that would not be waived under this program.
User Fees Still Assessed During Waiver Period
Even while the Internal Distribution Fee and Non-Display Usage (not by Trading Platforms) Fee are waived, Professional and Non-Professional User Fees remain assessed once users actually receive the feed. The waiver ends when the Internal Distributor begins internally distributing the feed, at which time those user fees and the other applicable distribution fees will be charged per the Fee Schedule.
External Distributors Not Covered by This Waiver
External Distributors are not eligible for this Internal Distributor BZX Depth Fee Waiver; the waiver applies only to Internal Distributors who meet the eligibility tests. The Exchange notes it has other programs for External Distributors for different data products, but this specific Depth Data waiver does not apply to external distributors.
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