Cboe BZX Updates LMP Fee Tier Requirements
Published Date: 4/15/2026
Notice
Summary
Cboe BZX Exchange is updating the rules for its LMP Tiers 1 and 2 fee discounts starting April 1, 2026. This change affects traders who qualify for these fee levels by adjusting the criteria they must meet to get better pricing. The goal? Keep things fair and competitive while helping active traders save money.
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Analyzed Economic Effects
4 provisions identified: 3 benefits, 0 costs, 1 mixed.
NBBO Size Time Requirement Removed
If you are a BZX Member seeking LMP Tier 1 or Tier 2 rebates, you no longer need to meet the NBBO Size Time >= 25% requirement. Starting April 1, 2026, the LMP Tier criteria instead require NBBO Time >= 15% and Displayed Size Time >= 90% (plus enrollment in 50 or 100 LMP Securities as applicable).
NBBO Time Definition Reduced Size Threshold
The Exchange is changing the NBBO Time definition so that NBBO Time counts when a Member maintains at least one round lot at each national best bid or offer (NBB/NBO), instead of at least 100 shares. This definitional change is part of the proposed rules effective April 1, 2026.
Additive Rebates and Price Thresholds Preserved
The LMP program continues to offer an additive rebate of $0.0001 per share for LMP Tier 1 and $0.0002 per share for LMP Tier 2 on qualifying orders (fee code B) in securities priced at or above $1.00. Tier 2 also continues to require that a Member adds a Tape B ADV >= 1.50% of the Tape B TCV.
Exchange Expectation on Who Qualifies
Based on the prior month's volume, the Exchange anticipates that at least seven Members will satisfy the proposed LMP Tier 1 criteria and that no Members will satisfy the proposed LMP Tier 2 criteria. This expectation is part of the Exchange's assessment of likely qualification under the new rules.
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