Cboe EDGX Codifies Fee Breaks for Non-Display Users
Published Date: 4/28/2026
Notice
Summary
Cboe EDGX 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 EDGX’s market data, making some fees clearer and possibly saving money for certain users. The update took effect immediately on April 21, 2026, so everyone should check the new rules now!
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Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Display Fee Exemption for Controlled Distributors
If you are a Controlled Distributor, you will not be charged Display Usage fees for Exchange market data when the sole purpose is software development, quality assurance, testing, sales support relating to redistribution, or technical monitoring. This exemption is now codified in EDGX's Fee Schedule and became effective April 21, 2026.
Broader Non-Display Licensing for Machine Use and LLMs
EDGX updated the definition of "Non-Display Usage" to include any access or facilitation of access to market data by a machine or automated device when the purpose is not solely to display to a person. Firms that feed data into automated systems or Large Language Models (LLMs) may now need to obtain non-display licenses; this change was codified in the Fee Schedule effective April 21, 2026.
Definitions Codified for Clarity
EDGX added formal definitions in its Fee Schedule for terms like Controlled Distributor, Uncontrolled Distributor, and Display Usage so market participants can more easily see when fees apply. The codification became effective April 21, 2026 and is intended to make it clearer whether the User Fee exemption or Non-Display rules apply.
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