Cboe BZX Updates Fees for Exclusive Trading Setups
Published Date: 5/27/2025
Notice
Summary
Cboe BZX Exchange is updating its fee schedule to add charges for Dedicated Cores, which are special tech setups for traders. This change affects anyone using these Dedicated Cores and takes effect immediately, meaning users should expect new fees right away. It’s all about keeping the system fair and clear on costs.
Analyzed Economic Effects
5 provisions identified: 2 benefits, 3 costs, 0 mixed.
Tiered monthly fees for Dedicated Cores
If your firm uses more than two Dedicated Cores, the Exchange will charge monthly per-core fees: $650 per core for cores 3–15, $850 per core for cores 16–30, and $1,050 per core for 31 or more. The Fees Schedule includes an example: purchasing 16 Dedicated Cores would cost $9,300 per month calculated as ($0 * 2) + ($650 * 13) + ($850 * 1).
Existing BOE port fee still applies
The Exchange will continue to assess its existing BOE logical port fee of $550 per port per month, and that port fee will also continue to be assessed on the first two Dedicated Cores provided at no additional per-core cost. Port fees remain unchanged.
Two Dedicated Cores provided free
The Exchange will provide up to two Dedicated Cores to any User at no additional per-core fee. Users who take only one or two Dedicated Cores will not be charged the tiered per-core monthly fees described by the Exchange.
Member cap increased to 120 cores
The Exchange increased the maximum number of Dedicated Cores available to Members to 120 Dedicated Cores, effective December 1, 2024. Sponsoring Members remain limited to a maximum of 35 Dedicated Cores for each Sponsored Access relationship.
Rule change effective immediately
The Exchange filed the proposed rule change on May 7, 2025, and the filing has become effective upon that filing date, meaning Users should expect the new fee schedule to be effective immediately. The SEC will accept comments on the filing through June 17, 2025.
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