Cboe EDGX Updates Fee Exemptions: Non-Display Usage Gets Redefined
Published Date: 4/28/2026
Notice
Summary
Cboe EDGX Exchange is updating its fee rules to officially include a User Fee exemption and to clarify what counts as Non-Display Usage. This change affects traders and firms using market data, making some fees clearer and possibly saving money. The new rules took effect right after filing on April 13, 2026, so users should check their billing soon!
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Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Expanded Non-Display Usage Definition
The Exchange amended the definition of Non-Display Usage to include facilitation of access and to state the purpose must not be solely in support of display for a natural person. The change is intended to cover uses such as transmitting Data Products into "black box" solutions (which include large language models) so those firms may need to obtain non-display licensing. This amendment was filed and became effective on April 13, 2026.
User Fee Exemption for Controlled Distributors
The Exchange codified a Display Usage fee exemption for Controlled Distributors in its Fee Schedule. If a Data Product is received only for software development, quality assurance, testing, sales support relating to redistribution, or technical monitoring of systems (the "Permitted Purposes"), Users shall not be charged Display Usage fees. This change was filed and became effective on April 13, 2026.
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