Cboe BZX Tweaks Fees: Exemptions and Non-Display Data Clarity for Traders
Published Date: 4/28/2026
Notice
Summary
Cboe BZX Exchange is updating its fee schedule to officially include a User Fee exemption and to clarify what counts as Non-Display Usage. This change affects anyone using the Exchange’s market data and takes effect immediately, helping users save money and understand fees better. It’s a smart move to keep things clear and fair for traders and data users.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Display Fee Exemption for Development Uses
The Exchange now puts into its Fee Schedule a formal exemption so Controlled Distributors will not be charged Display Usage fees when a Data Product is used only for software development, quality assurance, testing, sales support related to redistribution, or technical monitoring of systems (the listed “Permitted Purposes”). The Exchange says it has already applied this exemption in practice and is codifying it now; the filing was submitted April 13, 2026 and the notice published April 28, 2026.
Broader Non-Display Licensing for LLM/Facilitators
The Exchange is changing the Non-Display Usage definition to explicitly include facilitation of access and to require that the purpose not be solely to support display to a person. As a result, firms that ingest or facilitate transmission of Data Products into 'black box' solutions (including large language models) may now need to obtain a Non-Display license for that usage.
Definitions Added for Clarity
The Exchange will codify the definitions of Controlled Distributor and Display Usage inside its Market Data Fees schedule so market participants can better determine when the Display Usage exemption applies. This change is intended to make it clearer who qualifies for the exemption and how Display Usage is defined.
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Key Dates
Department and Agencies
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Previous / Next Documents
Previous: 2026-08183 — Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule To Codify a User Fee Exemption and Amend the Definition of Non-Display Usage
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.
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