Cboe EDGA Drops Fee Limits: More Expenses for Equity Traders
Published Date: 11/20/2025
Notice
Summary
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.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Removal of $20,000 monthly fee cap
The Exchange will remove the $20,000 per-month cap that applied to orders appended with fee code O, effective October 1, 2025. Fee code O rates themselves remain unchanged: $0.00100 per share for securities priced at or above $1.00 and 0.30% of transaction dollar value for securities priced below $1.00. After the cap is removed, Members will no longer have their fee liabilities for fee code O limited to $20,000 in a month.
Option to mark orders non-routable to avoid routing fees
Members may elect to mark their orders as non-routable to avoid incurring any routing fees, including the fee associated with fee code O. This is an available choice Members can use to avoid routing charges when they do not want the Exchange to route their orders to away markets.
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Key Dates
Department and Agencies
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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.
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