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.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163 — The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373 — Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222 — Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-13234 — Consolidated Tape Association; Order Approving the Fortieth Substantive Amendment to the Second Restatement of the CTA Plan and Thirty-First Substantive Amendment to the Restated CQ Plan, as Modified by Amendment No. 1 Thereto
The SEC approved changes to the rules that manage how stock price and trade info is shared, letting the system that processes this data run longer hours. This affects all the big stock exchanges and market groups involved, helping traders get info faster and more often. The new hours start April 22, 2026, with no extra fees for users.
2026-13233 — Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Update Its Fees Schedule in Connection With the Exchange's Plans To List and Trade Binary Options That Overlie the Mini-S&P 500 Index
Cboe Exchange is rolling out new fees for trading binary options based on the Mini-S&P 500 Index, called XSP binary options. Traders will see updated transaction fees and some fee programs won’t apply to these new options. These changes took effect right after filing on June 15, 2026, so get ready to trade with the fresh fee setup!
Previous / Next Documents
Previous: 2025-06519 — Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 402, Criteria for Underlying Securities, To List and Trade Options on the Grayscale Ethereum Trust, the Grayscale Ethereum Mini Trust, and the Bitwise Ethereum ETF
MIAX PEARL is updating its rules to let people trade options on three popular Ethereum-related funds: the Grayscale Ethereum Trust, the Grayscale Ethereum Mini Trust, and the Bitwise Ethereum ETF. This change means investors can now use options to bet on or protect their investments in these crypto funds starting right away. If you’re into trading or crypto, this opens up fresh ways to play the market with Ethereum funds.
Next: 2025-06521 — Committee on Rules of Practice and Procedure; Meeting of the Judicial Conference
The Committee on Rules of Practice and Procedure is meeting on June 10, 2025, in Washington, DC, with options to join online or in person. This meeting is open for the public to watch but not to speak. The group will discuss important updates that could affect how courts handle cases, but no immediate costs or deadlines are announced yet.