Cboe BYX Exchange Waives Fees for Internal Trade Wizards
Published Date: 3/19/2026
Notice
Summary
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!
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Temporary Waiver of Two BYX Fees
If you are a new Internal Distributor of the BYX Depth Data Feed, BYX will waive the Internal Distribution Fee ($1,000 per month) and the Non-Display Usage not by Trading Platforms Fee ($1,000 per month) while you set up systems to distribute the feed internally. To be eligible you must not have received the BYX Depth Data Feed in the last 18 months and you must not operate a Trading Platform; the waiver period may not exceed three months.
User Fees Still Assessed After Integration
The temporary waiver does not remove Professional or Non-Professional User Fees; those user fees will be assessed in accordance with the Fee Schedule once the Internal Distributor has integrated the BYX Depth Data Feed and begins internally distributing it. The waiver only applies during the setup period and ends no later than three months after eligibility begins.
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Previous: 2026-05348, Self-Regulatory Organizations; Cboe BZX 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 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!
Next: 2026-05350, Joint Industry Plan; Order Approving an Amendment to the National Market System Plan Governing the Consolidated Audit Trail, as Modified by the Commission, Regarding Implementation of a Revised Funding Model
The SEC approved a new way for stock market groups to pay for the Consolidated Audit Trail, a big system that tracks stock trades. This new funding plan, called the Executed Share Model, changes how fees are charged based on actual shares traded, making costs fairer for everyone involved. The changes kick in soon, so exchanges and brokers should get ready for updated fees and schedules.