Cboe BZX Tweaks Trading Fees Starting This April
Published Date: 4/13/2026
Notice
Summary
Starting April 1, 2026, Cboe BZX Exchange is changing how it charges fees for the average daily quotes and orders traders make. These updates affect anyone using the Exchange’s services, tweaking the costs to better match trading activity. If you trade on BZX, expect new fees that could impact your monthly bills.
Analyzed Economic Effects
3 provisions identified: 0 benefits, 2 costs, 1 mixed.
Big change to ADQ tiers and fees
Starting April 1, 2026, the Exchange doubles ADQ Tier 1 so Market Makers can submit up to 500,000,000 average daily quotes per calendar month with no ADQ fee. If a Market Maker exceeds 500,000,000 ADQ, each 20,000-quote increment is charged: $0.05 in Tier 2, $0.075 in Tier 3, $0.125 in Tier 4, and $0.20 in Tier 5 (example: 1,000,040,000 ADQ produced an ADQ fee of $1,250.15 in the filing).
ADO fees stay and apply above 2,000,000
Effective April 1, 2026, the Exchange leaves ADO tiers unchanged: up to 2,000,000 average daily orders per month is fee-free, and each incremental 1,000 ADO above that is charged $1.00 in Tier 2, $1.50 in Tier 3, $2.00 in Tier 4, and $2.50 in Tier 5. Members whose average daily orders exceed those thresholds will incur the per-1,000-order charges listed in the fee table.
Affiliate activity is aggregated for fees
The Exchange will aggregate a Member's ADO and ADQ with any affiliated Member sharing at least 75% common ownership when determining whether thresholds are exceeded. That aggregation can push combined activity above fee thresholds and trigger ADO/ADQ charges.
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Key Dates
Department and Agencies
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