Cboe BZX Eases Fees for In-House Trade Distributors
Published Date: 3/19/2026
Notice
Summary
Cboe BZX Exchange is rolling out a new fee waiver for certain Internal Distributors, meaning some folks who move trades within their own company can skip paying two specific fees. This change kicks in right away and could save money for eligible traders starting March 10, 2026. If you’re an Internal Distributor, this update makes trading a bit cheaper and smoother!
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
Three‑Month Fee Waiver for New Internal Distributors
If you are a new Internal Distributor of the BZX Depth Data Feed, the Exchange will waive the Internal Distribution Fee of $1,500 per month and the Non-Display Usage (not by Trading Platforms) Fee of $2,000 per month while you set up systems to distribute the feed internally. To qualify you must not have received the BZX Depth Data Feed in the last 18 months and you must not operate a Trading Platform; the waiver lasts only for the time needed to set up systems and cannot exceed three months. The change took effect on March 10, 2026.
Trading Platform Operators Excluded from Waiver
If you operate a Trading Platform (an exchange, ATS, or ECN), you are not eligible for the new Internal Distributor waiver and will remain subject to applicable fees. The Exchange notes a separate Non-Display Usage fee for Trading Platforms of $5,000 per month that would not be waived under this program.
User Fees Still Assessed During Waiver Period
Even while the Internal Distribution Fee and Non-Display Usage (not by Trading Platforms) Fee are waived, Professional and Non-Professional User Fees remain assessed once users actually receive the feed. The waiver ends when the Internal Distributor begins internally distributing the feed, at which time those user fees and the other applicable distribution fees will be charged per the Fee Schedule.
External Distributors Not Covered by This Waiver
External Distributors are not eligible for this Internal Distributor BZX Depth Fee Waiver; the waiver applies only to Internal Distributors who meet the eligibility tests. The Exchange notes it has other programs for External Distributors for different data products, but this specific Depth Data waiver does not apply to external distributors.
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
2026-10373 — Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222 — Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
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!
2026-11810 — Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe EDGX Exchange just rolled out a new Clock Service that helps users sync their time systems perfectly with the Exchange. Starting May 18, 2026, they’re charging fees for this service but also offering a free trial to get everyone on board. This affects both members and non-members who want precise timing for their trading activities.
2026-11812 — Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe EDGA Exchange just rolled out a new Clock Service to help traders sync their time systems perfectly. Starting May 18, 2026, users can try it for free, but after that, there will be fees for using this handy tool. This change affects anyone who wants precise timing for trading and keeps things running smoothly.
2026-11809 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe BZX Exchange just rolled out a new Clock Service that helps users sync their time systems with the Exchange’s for better accuracy. Starting May 18, 2026, they’re charging fees for this service but offering a free trial to get everyone started. This affects both members and non-members who want precise timing for their trading activities.
Previous / Next Documents
Previous: 2026-05347 — Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Introduce TNO Cross Connect, a Colocation Telecommunications Carrier Connectivity Service
Nasdaq PHLX is rolling out a new service called TNO Cross Connect that lets telecom companies connect directly inside its data center. This upgrade helps traders and tech teams get faster, smoother connections. The service is effective immediately, with fees to be announced soon, so anyone using the Exchange’s data center should get ready for a speed boost and new options.
Next: 2026-05349 — Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend its Fee Schedule To Adopt a New Fee Waiver for Eligible Internal Distributors
Cboe BYX Exchange is rolling out a new fee waiver for certain Internal Distributors, meaning eligible members won’t have to pay some usual fees. This change kicks in right away and helps those who distribute trades internally save money. If you’re involved in internal trade distribution, this update could lighten your fee load starting now!