Cboe BZX Refines Fee Rules for Traders and Data Users
Published Date: 4/28/2026
Notice
Summary
Cboe BZX Exchange is updating its fee schedule to officially include a User Fee exemption and to change how it defines Non-Display Usage. This means some users won’t have to pay certain fees, and the rules about how data is used are clearer. These changes took effect right away on April 13, 2026, helping traders and firms save money and understand fees better.
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Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Display Fee Exemption for Controlled Distributors
The Exchange formally codified a User Fee exemption that says Controlled Distributors will not be charged Display Usage fees for Exchange Market Data products when the sole purpose is one of these Permitted Purposes: software development, quality assurance, testing, sales support relating to redistribution, or technical monitoring. Display Usage fees include Professional and Non-Professional user fees and Enterprise or Digital Media fees; this codification took effect on April 13, 2026.
Expanded Non-Display Usage Definition (LLM & Facilitator Scope)
The Exchange amended the definition of Non-Display Usage to (i) include the facilitation of access and (ii) require that the purpose not be solely in support of display for a natural person, to cover uses such as ingesting data into "black box" solutions or Large Language Models (LLMs). This change, effective April 13, 2026, means firms that train or operate LLMs or that facilitate transmission of Exchange Data Products may need to obtain Non-Display licensing.
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