Cboe BYX Updates Fees: User Exemptions and Non-Display Usage Redefined
Published Date: 4/28/2026
Notice
Summary
Cboe BYX Exchange is updating its fee schedule 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 behind the scenes are clearer. These changes took effect right away on April 13, 2026, helping traders and firms save money and understand fees better.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Expanded Non-Display Licensing Coverage (LLMs)
The Exchange changed the Non-Display Usage definition to include facilitation of access and to require the purpose not be solely to support display for a person. As a result, firms that transmit Data Products into "black box" solutions—including large language models (LLMs)—or that ingest data for training or operating LLMs may now need to obtain a Non-Display license. This amendment was filed and became effective April 13, 2026.
Codified Fee Exemption for Controlled Distributors
The Exchange formally put into its Fees Schedule an exemption that stops Display Usage fees when a Controlled Distributor provides a Data Product solely for software development, quality assurance, testing, sales support relating to redistribution, or technical monitoring (the "Permitted Purposes"). The change was filed and became effective April 13, 2026, and the Exchange says this codifies an exemption it has already been applying.
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