Cboe BZX Tweaks Fees for Penny Program Orders
Published Date: 5/15/2026
Notice
Summary
Starting May 1, 2026, Cboe BZX Exchange is updating its fees to add a new code for Market-Maker Complex orders that add liquidity in Penny Program Securities. They’re also tweaking rules for orders using the Designated Give Up program. These changes mainly affect market makers and traders, aiming to make fees clearer and trading smoother.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Give-Up Rebates Extended to More Fee Codes
Effective May 1, 2026, the Exchange will expand its Designated Give Up rebate program so that rebates for orders yielding fee codes ZA, ZB, and ZF are provided to the Member who routed the order (the Routing Firm). This aligns ZA, ZB, and ZF with other fee codes already eligible for give-up rebates.
New Fee Code for Market-Maker Complex Orders
Effective May 1, 2026, the Exchange will apply a new fee code ZI to Market-Maker Complex orders on the Complex Order Book that add liquidity in Penny Program Securities. These orders will be charged $0.50 per contract (the fee amount does not change), but will be recorded under the separate fee code ZI instead of the prior code.
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