Cboe EDGA Adds User Fee Breaks and Data Clarifications
Published Date: 4/28/2026
Notice
Summary
Cboe EDGA Exchange is updating its fee rules to officially include a User Fee exemption and to change how it defines Non-Display Usage. This means some users won’t have to pay certain fees, and the rules about how data is used are clearer. These changes take effect right away and could save money for traders and firms using the Exchange’s market data.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Fee Exemption for Controlled Distributors
If you are a Controlled Distributor, you will not be charged Display Usage fees for Exchange market data when the sole purpose of receiving the data is for software development, quality assurance, testing, sales support relating to redistribution, or technical monitoring of systems using a product (these are the "Permitted Purposes"). The Exchange is codifying this exemption in its Fees Schedule so the exemption that has been applied previously is now explicitly stated in the Fee Schedule, effective upon filing on April 13, 2026.
Non-Display Use Expanded to Cover AI/Facilitation
The Exchange changed the definition of Non-Display Usage to (1) include the facilitation of access and (2) specify that the purpose must not be solely in support of display for a natural person. This means firms that feed market data into "black box" solutions, including large language models (LLMs), or that facilitate transmission of Data Products may now fall under Non-Display Usage and require non-display licensing.
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Key Dates
Department and Agencies
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