Cboe Charges Extra for Faster Options Trading Ports
Published Date: 12/19/2025
Notice
Summary
Cboe BZX Exchange is rolling out new fees for special digital connections called Unitized Logical Ports on its equity options platform. Traders using these new ports will see updated charges based on their daily activity, starting right away. This change helps the Exchange offer better, faster connections while keeping the fee system fair and clear.
Analyzed Economic Effects
5 provisions identified: 1 benefits, 4 costs, 0 mixed.
New Unitized Port Monthly Fees
The Exchange adopted monthly fees for new Unitized Logical Ports: BOE Unitized Logical Ports cost $350 per port/month, Bulk Unitized Logical Ports cost $550 per port/month, and Purge Unitized Logical Ports cost $400 per port/month. Members may also buy port "sets" with set pricing (for example, BOE Unitized Logical Port sets cost $2,500/month for the 1st and 2nd port set, $3,000/month for the 3rd–14th port set, and $3,500/month for the 15th–30th port set). Monthly fees are assessed in full and are not prorated.
New Average Daily Order/Quote Fees
The Exchange adopted Average Daily Order (ADO) and Average Daily Quote (ADQ) fees. Members may submit up to 2,000,000 average daily orders and up to 250,000,000 average daily quotes per calendar month without fees; amounts above those thresholds incur tiered charges (ADO: $0/$1.00/$1.50/$2.00/$2.50 per 1,000 ADO increments across increasing tiers; ADQ: $0.00/$0.05/$0.075/$0.10/$0.20 per 20,000 ADQ increments across increasing tiers).
Market Makers' Quoting Requires Bulk Unitized Ports
The filing states that Exchange Options Market Makers may only quote via a BOE Bulk Unitized Logical Port. Bulk Unitized Logical Ports are priced at $550 per port/month, and Bulk Unitized Logical Port sets are priced (for example) $5,500/month for the 1st and 2nd port set, $6,000/month for the 3rd–14th port set, and $6,500/month for the 15th–30th port set.
Aggregation of ADO/ADQ Across Affiliates
A Member's ADO and ADQ will be aggregated with any affiliated Member sharing at least 75% common ownership when measuring ADO and ADQ for fee purposes. Aggregated activity can push combined volumes above the free thresholds and trigger the tiered charges described by the Exchange.
Maximum Unitized Ports Raised to 30
The Exchange increased the cap on Unitized Logical Ports from 20 to 30 Unitized Logical Ports per Member, per Matching Unit, per port type. Members may still use existing (non-unitized) logical ports in addition to their Unitized Logical Port allocation.
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