Cboe BZX Cleans Up Fees: Exemptions Now Official
Published Date: 4/28/2026
Notice
Summary
Cboe BZX Exchange just updated its fee schedule to officially include a User Fee exemption and clarify what counts as “Non-Display Usage” of market data. This change affects traders and firms using BZX’s market data, making fees clearer and fairer starting immediately. No new fees are added, but the rules on who pays what just got tidier and easier to follow.
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Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Non-Display Usage Definition Expanded (LLMs)
The Exchange codified an amended definition of "Non-Display Usage" (the Cboe Global Markets North American Data Policies version effective April 1, 2026) when it filed this change on April 21, 2026. The amended definition adds "facilitating access to" a Market Data product and is intended to capture machine or automated uses (including feeding data into large language models or other "black box" solutions), which may require non-display licensing.
Display Fee Exemption for Controlled Distributors
Cboe BZX formally put into its Fees Schedule an existing exemption so Controlled Distributors are not charged Display Usage fees when a Data Product is used solely for software development, quality assurance, testing, sales support relating to redistribution, or technical monitoring (the "Permitted Purposes"). The Exchange filed this codification on April 21, 2026 and states there is no substantive change to how the exemption has been applied.
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