Cboe EDGA Adds New Fees to Reward Best Price Setters
Published Date: 4/17/2025
Notice
Summary
Cboe EDGA Exchange is updating its fee schedule by adding a new NBBO Setter Program with a special fee code SS and a clear Definitions section. This change affects traders using the EDGA equities platform and takes effect immediately, aiming to reward those who help set the best prices. Expect clearer rules and new fee details starting April 9, 2025.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 0 costs, 1 mixed.
New Higher Rebates for EDGA NBBO Setters
If you trade on the Cboe EDGA equities platform and set the Setter NBBO in eligible securities, you can earn a rebate of $0.00300 per share for securities priced at or above $1.00, and a rebate of 0.15000% of dollar value for securities priced below $1.00. The Exchange proposes to implement the NBBO Setter Program effective April 1, 2025.
Which Securities Are Eligible or Excluded
The Exchange will maintain an NBBO Setter Excluded Securities List that is updated quarterly. Initially, about 550 securities (including those in the S&P 500, Nasdaq 100, and certain ETPs) will be excluded, leaving approximately 9,700 securities that are eligible for the SS rebate.
Who Counts as ‘Setting’ the NBBO
The Program defines a "Setter NBBO" as either a quotation of at least 100 shares better than the NBBO or a quotation better than the NBBO with a notional size of at least $10,000. A quote that only joins (is at) the NBBO does not qualify.
Program Open To All Members, No Volume Minimums
The NBBO Setter Program will be available to all Exchange Members and has no volume requirement to earn the higher rebate under fee code SS. Any Member that sets the Setter NBBO in an eligible security may earn the rebate.
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