Cboe BZX Tweaks Equity Trading Fee Tiers Again
Published Date: 6/1/2026
Notice
Summary
Cboe BZX Exchange is updating its fee schedule starting now! They’re adding two new quoting tiers, changing the rules for one volume tier, and getting rid of Step-Up Tier 1. Traders using the BZX Equities platform will see these changes immediately, which could affect their trading costs.
Analyzed Economic Effects
5 provisions identified: 3 benefits, 1 costs, 1 mixed.
New Member Quoting Tier ($0.0027)
If your firm is a BZX Exchange Member, the Exchange added a Member Quoting Tier that pays an enhanced rebate of $0.0027 per share for qualifying displayed add-liquidity orders in securities priced at or above $1.00. To qualify the Member must meet criteria including an NBBO Time >=25% (daily) in an average of at least 750 securities during the prior month and certain displayed ex-subdollar ADAV/TCV metrics; activity in May 2026 will be used to determine qualification and payments begin in June 2026.
New MPID Quoting Tier ($0.0027)
The Exchange added an MPID Quoting Tier that pays an enhanced rebate of $0.0027 per share for qualifying displayed add-liquidity orders in securities priced at or above $1.00 where an MPID has an MPID NBBO Time >=25% (daily) in an average of at least 750 securities during the prior month. The May 2026 quoting activity will be used for qualification and tier payments would start in June 2026 for those that qualify in May.
Add Volume Tier 4 Criteria Revised
Add Volume Tier 4 will continue to pay a rebate of $0.0028 per share for qualifying add-liquidity orders in securities priced at or above $1.00, but the Exchange removed the NBBO Size requirement and set the criteria to: enrollment in at least 50 BZX-listed LMP Securities meeting (i) NBBO Time >=15% and (ii) Displayed Size Time >=90% for at least 50% of trading days, enrollment in at least 30 LMM Securities, and ADAV as a percentage of TCV >=0.15%.
Step‑Up Tier 1 Discontinued
The Exchange is removing Step‑Up Tier 1 from its Fee Schedule because that tier's expiration date of March 31, 2026 has occurred; the tier will no longer be available for any Member. The Exchange stated it will redirect resources and funding from that expired tier to other programs and tiers.
Timing: May 2026 Activity, Payments June 2026
For the newly introduced Member Quoting Tier and MPID Quoting Tier, the Exchange will use quoting and trading activity from May 2026 to calculate whether Members/MPIDs meet the criteria; tier payments for those who qualify based on May activity will begin in June 2026. The Exchange states the overall fee schedule changes were proposed to be implemented effective May 1, 2026.
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