Cboe EDGX Amends Fees: User Exemptions and Non-Display Clarity
Published Date: 4/28/2026
Notice
Summary
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.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
User Fee Exemption for Controlled Distributors
Controlled Distributors will not be charged Display Usage fees for EDGX Market Data Products 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 (the "Permitted Purposes"). The Exchange says this exemption is being codified in its Fee Schedule and has been applied previously; the filing was made on April 21, 2026.
Expanded Non-Display Usage Definition
EDGX will codify an amended definition of "Non-Display Usage" in its Fee Schedule to mean any access or facilitation of access to a Market Data product by a machine or automated device for a purpose not solely supporting display to a natural person. The Exchange notes this change is intended to capture newer uses such as feeding data into large language models (LLMs).
Definitions Codified for Clarity
EDGX is adding the definitions of Controlled Distributor, Uncontrolled Distributor, and Display Usage into its Fee Schedule so market participants can more clearly determine when Display Usage fees apply and when the Permitted Purposes exemption applies.
Codification, No New Fees, Immediate Effect
The Exchange states this filing codifies existing practices (including the User Fee exemption and the amended Non-Display Usage definition) rather than adding new fees, and the filing was made on April 21, 2026 and became effective immediately under the applicable SEC rule.
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