Cboe BZX Rolls Out New Tiers, Cuts Some Trading Rebates
Published Date: 11/20/2025
Notice
Summary
Cboe BZX Exchange is updating its fee schedule starting October 1, 2025. They’re adding a new Step-Up Tier to reward certain traders and removing a rebate for ETP and Closed-End Fund liquidity providers. These changes affect traders using the BZX Equities platform and could impact trading costs and incentives.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
New Step‑Up Tier with $0.0028 Rebate
If you send orders that add liquidity to Cboe BZX (orders yielding fee codes B, V, or Y) in securities priced at or above $1.00, the Exchange proposes a new Step‑Up Tier that pays a rebate of $0.0028 per share. To get the rebate a Member must have a Step‑Up Displayed Add TCV from September 2025 >= 0.11% and Ex‑Subdollar Displayed ADAV as a percentage of Ex‑Subdollar TCV >= 0.16%; the tier would take effect October 1, 2025 and the Exchange states the tier will expire no later than March 31, 2024.
Removal of ETP & Closed‑End Fund LMM Rebate
The Exchange proposes to remove the ETP and Closed‑End Fund Lead Market Maker (LMM) add liquidity rebate of $0.0039 per share that eligible ETP LMMs could opt in to receive; the change would be effective October 1, 2025. The filing notes ETP LMMs with consolidated average daily volume of at least 1,000,000 shares had been eligible to opt in, and that ETP LMMs remain eligible for other Liquidity Provision Rates if they satisfy performance criteria.
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