Cboe BYX Updates Fees: Exemptions and Data Definitions Clarified
Published Date: 4/28/2026
Notice
Summary
Cboe BYX Exchange is updating its fee schedule 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 update took effect right after filing on April 13, 2026, so users should check their billing soon!
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Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
User Fee Exemption for Controlled Distributors
If you are a market data distributor or a firm that receives data only for software development, quality assurance, testing, sales support for redistribution, or technical monitoring (the listed "Permitted Purposes"), you will not be charged Display Usage fees for the Exchange’s listed Data Products. The Exchange codified this exemption in its Fee Schedule effective upon filing on April 13, 2026, so users fitting these conditions should review billing for charge removal.
Broader Non-Display Licensing for LLM and Facilitated Uses
The Exchange amended its Non-Display Usage definition to include facilitation of access and uses where the purpose is not solely supporting a human display, expressly calling out ingestion into "black box" solutions (including large language models). Firms that feed Data Products into LLMs or that facilitate transmission of Data Products may now need to obtain Non-Display licenses under the Exchange’s Fee Schedule (amendment effective April 13, 2026).
Definitions Codified for Clarity
The Exchange codified definitions of "Controlled Distributor" and "Display Usage" in its Fee Schedule to make clear when the Display Usage exemption applies. This change (effective April 13, 2026) aims to help market participants determine whether they qualify for the exemption or licensing treatment.
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