Cboe Charges Up for Trading Ports and Orders
Published Date: 2/12/2026
Notice
Summary
Cboe BZX Exchange is rolling out new fees for special connection ports called Unitized Logical Ports and for average daily orders and quotes on its equity options platform. Traders and firms using these services will see these changes starting right away, so they should plan for some new costs. This update helps the Exchange cover tech and service expenses while keeping things fair for everyone.
Analyzed Economic Effects
5 provisions identified: 2 benefits, 3 costs, 0 mixed.
New Unitized Port Monthly Fees
If your firm connects to Cboe BZX Options using the new Unitized Logical Ports, you will pay monthly fees: BOE Unitized Ports $350 per port/month, Bulk Unitized Ports $550 per port/month, and Purge Unitized Ports $400 per port/month. You can also buy port "sets" with tiered monthly prices (for example, BOE sets start at $2,500/month for the 1st and 2nd set and increase up to $3,500/month for the 15th–30th set), and monthly fees are charged in full and are not prorated.
New Average Daily Order/Quote Charges
Cboe BZX will charge fees if your firm's average daily orders (ADO) exceed 2,000,000 or average daily quotes (ADQ) exceed 250,000,000 in a calendar month. Above those free thresholds, ADO increments (per 1,000 orders) are charged on tiered rates up to $2.50 per 1,000 at the highest tier, and ADQ increments (per 20,000 quotes) are charged on tiered rates up to $0.20 per 20,000 at the highest tier.
Market Makers’ Required Quoting Port
Exchange Options Market Makers are required to quote via a BOE Bulk Unitized Logical Port (the Bulk Unitized Port type), while other Members may choose whether to use Unitized Logical Ports. This requirement means Market Makers will generally need to obtain the Bulk Unitized Port type and incur its fees.
Higher Port Caps — Up to 30 per Matching Unit
The Exchange raised the maximum number of Unitized Logical Ports a Member may hold to 30 Unitized Logical Ports per Member, per Matching Unit, per port type (up from a prior cap of 20). This allows firms to obtain more ports for a given matching engine if they need them.
Unitized Ports Optional for Most Members
Except for the Market Maker quoting requirement, purchase and use of Unitized Logical Ports is voluntary and Members may continue to use existing convenience logical ports (FIX or BOEv3) at current rates (for example, current standard convenience port fees remain in place). Firms can therefore choose whether the new unitized connections are worth the extra cost.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-10241 — Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the DTC Operational Arrangements (Necessary for Securities to Become and Remain Eligible for DTC Services)
The Depository Trust Company (DTC) is updating its rules to make it easier and clearer for agents handling corporate offers like tenders and subscriptions through its automated systems. This change affects companies and agents using DTC services to process these offers and starts right away with no extra costs. It’s all about smoother, faster, and more reliable processing for everyone involved!
2026-10244 — Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Fee Schedule Applicable to Members Concerning Equities Transaction Pricing
Investors Exchange (IEX) is updating its fee schedule starting June 1, 2026. Members who trade stocks will see changes in how they qualify for rebates and fee discounts based on their trading volume. These tweaks aim to make fees fairer and encourage more trading activity on the exchange.
2026-10245 — Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 3120 To Increase the Position and Exercise Limits for Options on the iShares Bitcoin Trust ETF
BOX Exchange is raising the limits on how many options traders can hold and exercise for the iShares Bitcoin Trust ETF. This change lets bigger players trade more freely and takes effect immediately, matching similar moves by other exchanges. If you trade these options, get ready for bigger opportunities starting now!
2026-10129 — The Goldman Sachs Group, Inc.
Goldman Sachs is asking the SEC for special permission to create investment funds just for its employees, letting them skip some usual rules. This change mainly affects Goldman Sachs workers and could speed up how these funds work without changing important protections. If no one objects by June 12, 2026, the SEC will approve this request.
2026-10168 — Agency Information Collection Activities; Submission for OMB Review; Comment Request; Extension: Rule 17a-2
The SEC is asking to keep the rules that require underwriters to keep records about certain stock market activities for three years. About 647 companies spend around 3,235 hours and $530,000 yearly to follow these rules. This extension keeps things running smoothly without adding new costs or changes.
Previous / Next Documents
Previous: 2026-02795 — Andalusian Credit Company, LLC, et al.
Andalusian Credit Company and its partners want permission to team up and invest together in certain businesses, even though current rules usually don’t allow it. This change could help these companies work smarter and possibly make more money by sharing investments. If no one asks for a hearing by March 6, 2026, the SEC will likely approve this plan.
Next: 2026-02797 — Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Pearl Equities Fee Schedule
MIAX Pearl is updating its fee schedule to follow new rules that start on February 2, 2026. This change affects traders using MIAX Pearl Equities by adjusting transaction fees and rebates to meet the latest regulations. The update takes effect immediately, so everyone should be ready for the new costs and benefits right away!