# 2025-22148: Cboe Fees Shuffle: Trading Costs Get a Minor Makeover

2025-22148, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule, is a Federal Register notice from Securities and Exchange Commission published 2025-12-08, effective 2025-11-20 (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-22148
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-22148
- Title: Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 56814
- Published: 2025-12-08
- Effective: 2025-11-20
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

Cboe Fees Shuffle: Trading Costs Get a Minor Makeover

## Summary

Cboe BZX Exchange just updated its fee schedule to add 12 new fee codes and 3 volume-based discounts for their new Complex order feature, which started in October 2025. Traders using these Complex orders will see these changes immediately, aiming to reward higher trading volumes with better fees. This means if you trade complex orders on BZX, expect new fees and chances to save money based on how much you trade!

## Effects PRIA read

- New Customer Complex Order Rebates: benefit, medium. If you are a Customer trading Complex orders on the BZX Complex Order Book (COB), the Exchange will give rebates of $0.40 per contract (fee code ZA) for Customer vs Non-Customer trades in Penny Program Securities and $0.80 per contract (fee code ZB) for Customer vs Non-Customer trades in Non-Penny…
- Non-Customer Complex Order Fees: cost, medium. If you are a Non-Customer trading Complex orders on the BZX COB, the Exchange will charge fees of $0.50 per contract for Non-Customer add or remove liquidity in Penny Program Securities (fee codes ZF and ZG) and $0.90 per contract for Non-Customer add or remove liquidity in Non-Penny Program Securi…
- Zero Fees for Legs and Open Complex Trades: benefit, low. Some Complex-related executions will have no fee or rebate: Customer Complex orders that leg into the Simple Book (fee code ZD) and certain Non-Customer legs (fee codes ZO, ZP), Complex orders that trade at the open (fee code OC), and Simple order trades that interact with a Complex order (fee code…
- Volume Tiers Offer Bigger Rebates and Discounts: benefit, medium. BZX added three volume-based tiers for Complex Customer (contra Non-Customer) orders and one tier for Complex Non-Customer Penny add volume. For fee code ZA (Customer vs Non-Customer in Penny securities) rebates rise to $0.43, $0.45, and $0.47 per contract at ADV thresholds of >=0.10%, >=0.15% (plu…

## Related documents

- [2026-20466](https://policyrisk.com/federal-register/2026-20466): Adviser and Regulated Fund Custody Rules; Crypto Custody Rules, 2026-10-06
- [2026-19260](https://policyrisk.com/federal-register/2026-19260): Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4, 2026-09-21
- [2026-18424](https://policyrisk.com/federal-register/2026-18424): Political Contributions by Certain Investment Advisers, 2026-09-10
- [2026-18190](https://policyrisk.com/federal-register/2026-18190): Transfer Agent Rules, 2026-09-04
- [2026-17183](https://policyrisk.com/federal-register/2026-17183): Regulation Crypto Assets, 2026-08-21
- [2026-12163](https://policyrisk.com/federal-register/2026-12163): The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS, 2026-06-17

## Sources
- [2025-22148 on federalregister.gov](https://www.federalregister.gov/documents/2025/12/08/2025-22148/self-regulatory-organizations-cboe-bzx-exchange-inc-notice-of-filing-and-immediate-effectiveness-of)
- [2025-22148 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-12-08/pdf/2025-22148.pdf)

## Related
- [Previous: 2025-22147, Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate…](https://policyrisk.com/federal-register/2025-22147)
- [Next: 2025-22149, Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate…](https://policyrisk.com/federal-register/2025-22149)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-22148 (as of 2026-06-08).