Cboe BZX Tweaks Trading Fees Starting April 2026
Published Date: 4/13/2026
Notice
Summary
Starting April 1, 2026, Cboe BZX Exchange is changing how it charges fees for the average daily quotes and orders traders make. These updates affect anyone who trades on the exchange, tweaking the costs to better match trading activity. If you’re trading, expect new fees that could impact your monthly bills.
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Analyzed Economic Effects
4 provisions identified: 1 benefits, 2 costs, 1 mixed.
Big increase in ADQ free threshold
Starting April 1, 2026, Market Makers can submit up to 500,000,000 average daily quotes (ADQ) per calendar month without fees (Tier 1). If a Market Maker exceeds 500,000,000 ADQ, additional usage is charged per 20,000-quote increments at $0.05 (Tier 2), $0.075 (Tier 3), $0.125 (Tier 4), and $0.20 (Tier 5) depending on how far above the thresholds they are.
ADO fees remain and apply above 2M orders
Effective April 1, 2026, Average Daily Order (ADO) tiers remain: a Member may submit up to 2,000,000 average daily orders per calendar month without fees. If a Member exceeds 2,000,000 ADO, each additional 1,000-order increment is charged $1.00 (Tier 2), $1.50 (Tier 3), $2.00 (Tier 4), or $2.50 (Tier 5) depending on the tier reached.
Affiliate activity is aggregated (75% rule)
The Exchange will aggregate ADO and ADQ activity with any affiliated Member that shares at least 75% common ownership when determining fee tiers. That aggregation can cause combined activity across affiliates to trigger higher tiers and fees.
No prorating for partial increments
When counting ADQ or ADO increments for fees, any partial increment below the increment size is not prorated. For example, 1,000,010,000 ADQ would be charged using 50,000 full 20,000‑quote increments and the extra 10,000 quotes would not be billed.
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