Cboe EDGX Ditches Fee Caps: Traders Face Higher Order Costs
Published Date: 11/20/2025
Notice
Summary
Cboe EDGX Exchange is changing its fee rules starting October 1, 2025. They’re removing the maximum fee limit for certain orders (fee code O) and adding a new fee category called the Routing Tier. These updates affect traders using the exchange and could change how much they pay when sending orders.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Removal of $35,000 Routing Fee Cap
Starting October 1, 2025, Cboe EDGX will remove the $35,000 per month cap that applied to orders yielding fee code O (orders routed to a listing market's opening or re-opening cross). If you are an Exchange Member who previously benefited from that $35,000 monthly cap, you could be charged more than $35,000 in a month for routed orders once the cap is removed.
New Routing Tier Discount for High-Volume Routing
Starting October 1, 2025, EDGX will add a Routing Tier that charges $0.00085 per share for orders yielding fee code O in securities priced at or above $1.00 when a Member has an opening routed shares average daily volume (ADV) of 1,750,000. Members who meet the 1,750,000 opening routed shares ADV threshold will pay the reduced $0.00085 per-share routed fee instead of the current $0.00100 per-share fee for those routed orders.
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Cboe EDGA Exchange is changing its fee rules starting October 1, 2025, by removing the maximum fee limit for certain orders labeled with fee code O. This means traders using these orders might pay more than before, affecting anyone who trades on the EDGA platform. The change aims to keep the exchange competitive while adjusting how fees are charged.