Cboe BZX Tweaks Penny Add Fees to Maintain Competitive Trading Edges
Published Date: 12/15/2025
Notice
Summary
Starting December 1, 2025, Cboe BZX Exchange is updating its fee schedule, especially changing the Customer Penny Add Volume Tier program. Traders and firms using the exchange will see new fees and incentives that could affect their costs and rewards. These changes aim to keep the exchange competitive and fair in a fast-moving market.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 0 costs, 1 mixed.
New Cross‑Asset Penny Rebate Tier
Starting December 1, 2025, Cboe BZX adds a new Customer Cross-Asset Add Tier 2 that pays a rebate of $0.52 per contract. To qualify a Member must have (1) an ADAV in Simple Market‑Maker orders of at least 0.25% of average OCC Customer Volume (OCV) and (2) on BZX Equities an ADAV of at least 0.45% of average TCV, excluding sub‑dollar securities.
Tier Aimed to Boost Liquidity and Equities Participation
The Exchange says the new $0.52 rebate tier is intended to encourage Members to increase liquidity on BZX Options and participation on BZX Equities, which the Exchange states may deepen liquidity, tighten spreads, and improve price discovery for investors. The Exchange also anticipates that approximately two Market‑Makers will be able to compete for and achieve the proposed Cross‑Asset Add Tier 2 criteria.
Existing Penny Tiers Remain Unchanged
The Exchange is keeping the current Customer Penny Add Tiers 1–5 and the existing Customer Cross‑Asset Add Tier 1 unchanged; the new Cross‑Asset Add Tier 2 is added in addition to those existing tiers. Members who do not meet the new tier’s criteria will continue to be eligible for the existing tier options.
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