Cboe Tweaks Fees for Penny Stocks and RPI Tier
Published Date: 5/27/2026
Notice
Summary
Cboe EDGX Exchange is updating its fee schedule starting May 1, 2026, by adding a new RPI Add Tier and changing fees for stocks priced under $1. This affects traders dealing with low-priced stocks and could change how much they pay or earn in fees. The goal? Make trading fairer and clearer for everyone involved.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
New RPI Add Tier Low Fee
The Exchange will add an RPI Add Tier 1 that charges $0.00000 per share (i.e., no per-share fee) for orders yielding fee code ZP in securities priced at or above $1.00 if a Member has an RPI Add ADV of at least 2,000,000. This change is proposed effective May 1, 2026 and would reduce the fee from $0.0002 per share for qualifying Members.
May 2026 Volume Used For Qualification
For the RPI Add Tier 1, the Exchange will use quoting and trading activity from May 2026 to determine qualification, and any tier payment for Members who meet the criteria in May 2026 will not begin until June 2026. The Exchange states this departs from the Fee Schedule's usual rule to derive volume from the prior month only where indicated.
RPI Orders Ineligible Under $1
The Exchange confirms that an RPI Order may not be entered in securities priced below $1.00. Traders dealing in sub-$1.00 securities cannot use RPI Orders on EDGX for price improvement.
Fee Table Wording Clarified for < $1
The Exchange will change its fee code table for securities priced below $1.00 by replacing 0.00000 with the word "Free" to match the table for securities priced at or above $1.00. This is a labeling change to make the fee schedule clearer.
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