Cboe BZX's Fee Tweak: Bureaucracy's Latest Yawn-Inducing Update Hits Traders
Published Date: 2/19/2026
Notice
Summary
Cboe BZX Exchange is updating its fee schedule to add a new fee code and remove outdated info, making sure it follows new rules that started on February 2, 2026. This change affects traders using the BZX equities platform and keeps fees clear and fair. The update took effect right away, so everyone should check the new fees now!
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Fees Determined Using Prior Month Volume
If you trade on the Cboe BZX equities platform (you are a BZX Member), the Exchange will calculate transaction fees and rebates using quoting and trading activity from the prior month so that the fee or rebate for an execution can be known at the time of execution. New Members will receive base rates in their first month of trading. This change is effective February 2, 2026.
New AM Fee Code for LMM Auction Orders
If you are a Lead Market Maker (LMM) on BZX, the Exchange will add fee code AM to LMM orders that execute in the Closing Auction or continuous book orders that execute in the Opening Auction; orders with fee code AM will transact for free and billing processes will be simplified. The Exchange says this does not change the current fee assessed or rebate provided to an LMM. This change is effective February 2, 2026.
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