Cboe EDGA Cuts Costs for Eligible Internal Traders
Published Date: 3/19/2026
Notice
Summary
Cboe EDGA Exchange is rolling out a new fee waiver for certain Internal Distributors, meaning some folks won’t have to pay specific fees when they meet certain conditions. This change kicks in right away and helps eligible traders save money on Internal Distribution and Non-Display Usage fees. If you’re an Internal Distributor, this update could lighten your costs starting now!
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
New Fee Waiver for Internal Distributors
If you are a new Internal Distributor of the EDGA Depth Data Feed and you have not received that feed in the last 18 months and you do not operate a Trading Platform, the Exchange will waive the Internal Distribution Fee of $1,000 per month and the Non-Display Usage (not by Trading Platforms) Fee of $1,000 per month for the time you need to set up systems, but not for more than three months.
User Fees Still Apply After Integration
The waiver does not change Professional and Non-Professional User Fees: once an Internal Distributor finishes integration and begins internally distributing the EDGA Depth Data Feed, applicable Professional and Non-Professional User Fees will be assessed and the Internal Distributor Fee and Non-Display Usage (not by Trading Platforms) Fee will apply in accordance with the Fee Schedule.
Trading Platforms Are Excluded
If your firm operates a Trading Platform (an execution platform that is or acts as a national securities exchange, an Alternative Trading System, or an Electronic Communications Network), you are not eligible for the Internal Distributor waiver. Trading-Platform operators remain subject to the Non-Display Usage by Trading Platforms fee of $2,000 per month and will not receive the $1,000/month waivers.
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