Cboe Shuffles Volume Tiers and Adds Cross-Asset Perks
Published Date: 5/28/2025
Notice
Summary
Cboe BZX Exchange is shaking up its fee schedule starting now! Traders who add lots of shares will see changes to volume tiers, rebates, and investor tiers, plus a new Cross Asset Tier is joining the party. These updates could affect how much money traders pay or earn back, so everyone trading on BZX should take note ASAP.
Analyzed Economic Effects
5 provisions identified: 2 benefits, 3 costs, 0 mixed.
Higher Share Thresholds for Add Tiers
Cboe BZX raised the shares component (ADAV share thresholds) for multiple Add Volume Tiers effective May 1, 2025. For securities priced at or above $1.00 the ADAV share thresholds changed as follows: Tier 1 from 6,000,000 to 10,000,000; Tier 2 from 23,000,000 to 40,000,000; Tier 3 from 30,000,000 to 50,000,000; Tier 5 from 35,000,000 to 60,000,000; Tier 6 from 70,000,000 to 120,000,000; and Tier 7 from 115,000,000 to 200,000,000. The per-share rebates for these tiers remain the same.
Add Volume Tier 8: Rebate and Criteria Change
Add Volume Tier 8 will pay a slightly higher rebate — $0.0032 per share instead of $0.0031 — for securities priced at or above $1.00, effective May 1, 2025. The tier's criteria are revised to require (1) ADAV as a percentage of TCV >=0.40%; (2) Tape C ADV >=0.50% of Tape C TCV; and (3) ADAV >=0.10% of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV, or HY.
Single MPID Tier 1 Share Requirement Raised
Single MPID Investor Tier 1 increases the ADAV share prong from 45,000,000 to 55,000,000 effective May 1, 2025. The tier continues to offer rebates of $0.0032 per share in Tape B and $0.0033 per share in Tapes A and C for qualifying orders priced at or above $1.00, with the non-displayed ADAV prong (>=0.05% of TCV) unchanged.
New Cross Asset Tier Introduced
Cboe BZX is adding a Cross Asset Tier effective May 1, 2025 that pays a rebate of $0.0032 per share for securities priced at or above $1.00. To qualify a Member must meet all three criteria: (1) Primary Peg ADV >=300,000; (2) ADAV >=0.015% of TCV as Non-Displayed orders yielding HB, HI, HV, or HY; and (3) ADV in Customer orders on BZX Options >=0.05% of average OCV.
Removal of Step-Up Tier 3
The Exchange will remove Step-Up Tier 3 from its Fee Schedule effective May 1, 2025. The removal means no Member will be able to receive the enhanced rebate that was associated with that Step-Up Tier.
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