BZX Exchange Trims and Adds Fee Discounts Immediately
Published Date: 8/17/2026
Notice
Summary
Cboe BZX Exchange is updating its fee schedule starting now! They’re removing an old discount tier, adding a new one just for single MPID investors, and dropping expired liquidity provision rates. Traders using BZX Equities should check these changes since they could affect their fees immediately.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
New Single MPID Investor Tier 3
Starting August 3, 2026, BZX adds Single MPID Investor Tier 3 paying an enhanced rebate of $0.0032 per share for qualifying orders in securities priced at or above $1.00. To qualify an MPID must meet both: (1) ADAV/TCV >= 0.45% (or Ex‑Subdollar ADAV/Ex‑Subdollar TCV >= 0.45%) and (2) Tape C ADV/Tape C TCV >= 0.60% (or Ex‑Subdollar Tape C ADV/Ex‑Subdollar Tape C TCV >= 0.60%).
Step-Up Tier 2 Discontinued
The Exchange will discontinue Step-Up Tier 2 effective August 3, 2026. Members will no longer be eligible for the enhanced rebates tied to that tier, and the related Step‑Up definitions and the footnote 2 reference will be removed from the BZX Equities Fee Schedule.
Removal of Prior LMM Payout Rates
The Exchange will remove the prior Base and Enhanced ETP and Closed‑End Fund LMM Liquidity Provision Rates that were effective through June 30, 2026. The filing notes the new LMM payout structure began July 1, 2026, and removing the prior rates means Qualified ETP LMMs will no longer receive those old Base and Enhanced Rates.
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Key Dates
Department and Agencies
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