Cboe BZX Refines Fees: Non-Display Usage Gets Official Definition
Published Date: 4/28/2026
Notice
Summary
Cboe BZX Exchange just updated its fee schedule to officially include a User Fee exemption and clarify what counts as “Non-Display Usage” of market data. This change affects traders and firms using BZX’s market data, making fees clearer and fairer starting immediately. No new fees are added, but the rules on who pays what just got tidier and easier to follow.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Expanded Non-Display Usage Definition
The Exchange codified an amended definition of "Non-Display Usage" to mean access or facilitating access to market data by a machine or automated device for purposes not solely supporting display to a natural person. The Exchange says this amended definition (aligned with Cboe Global Markets North American Data Policies effective April 1, 2026) is intended to cover uses like feeding data into Large Language Models or other "black box" solutions, which may require non-display licensing.
Display Fee Exemption for Controlled Distributors
The Exchange formally codified a User Fee exemption so Controlled Distributors will not be charged Display Usage fees when market data is used solely for software development, quality assurance, testing, sales support for redistribution, or technical monitoring of systems (the "Permitted Purposes"). The Exchange says this codification just documents an existing practice and that no substantive change to fee application is being made; the filing was submitted April 21, 2026.
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Key Dates
Department and Agencies
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Previous / Next Documents
Previous: 2026-08187 — Self-Regulatory Organizations; Cboe C2 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 the Amended Definition of “Non-Display Usage” in Its Fee Schedule
Cboe C2 Exchange just updated its fee schedule to officially include a User Fee exemption and clarify what counts as “Non-Display Usage.” This means some users won’t have to pay certain fees, and the rules about data use are clearer. These changes took effect right away on April 21, 2026, helping traders and data users save money and avoid confusion.
Next: 2026-08189 — Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule To Codify a User Fee Exemption and the Amended Definition of “Non-Display Usage” in Its Fee Schedule
Cboe EDGX Exchange is updating its fee schedule to officially include a User Fee exemption and clarify what counts as “Non-Display Usage” of market data. This change affects traders and firms using EDGX’s market data and takes effect immediately, helping users understand fees better and possibly save money. No new fees are added, just clearer rules and confirmed exemptions starting April 21, 2026.