Stock Exchange Slaps Fees on Fancy Digital Ports for Traders
Published Date: 10/1/2025
Notice
Summary
Cboe BZX Exchange is rolling out new fees for special digital connections called Unitized Logical Ports on its equity options platform. Traders and firms using these new ports will see these charges start right away, helping the Exchange cover costs for this fresh connectivity option. The changes kick in immediately, so users should get ready to update their budgets and tech setups.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
New monthly port fees for exchange connections
If your firm connects to Cboe BZX Options using the new Unitized Logical Ports, you will be charged monthly fees: $350 per BOE Unitized Logical Port, $550 per Bulk Unitized Logical Port, and $400 per Purge Unitized Logical Port. You can also buy port "sets" priced by tier (for example, BOE sets: $2,500/month for 1st–2nd set, $3,000/month for 3rd–14th set, $3,500/month for 15th–30th set); monthly fees are charged in full and are not prorated.
New usage fees for high order and quote volumes
Cboe will charge Average Daily Order (ADO) and Average Daily Quote (ADQ) fees if your firm's monthly averages exceed 2,000,000 orders or 250,000,000 quotes per trading day. Above those limits, incremental ADO fees apply per 1,000 ADO at $1.00, $1.50, $2.00, and $2.50 for higher tiers; ADQ fees apply per 20,000 ADQ at $0.05, $0.075, $0.10, and $0.20 across higher tiers.
Market‑maker quoting limited to BOE Bulk unitized ports
The Exchange requires Options Market Makers to quote using a BOE Bulk Unitized Logical Port (i.e., Market Makers may only quote via that BOE Bulk Unitized Logical Port). Other Members may choose whether or not to use Unitized Logical Ports.
Higher per‑member port cap (20 → 30)
Cboe raised the maximum number of Unitized Logical Ports a Member may hold from 20 to 30 per Member, per Matching Unit, per port type. For example, a Member could hold up to 30 BOE Unitized Logical Ports on a single Matching Unit.
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