Cboe EDGX Bribes Members with Credits to Upgrade Order Protocols
Published Date: 9/2/2026
Notice
Summary
Cboe EDGX Exchange is rolling out a new program to help its members switch their order entry systems smoothly. Members who set up backup connections during this switch can get fee credits, making the transition easier and cheaper. This change kicks in right away, so members should act fast to benefit from the savings.
Analyzed Economic Effects
5 provisions identified: 4 benefits, 1 costs, 0 mixed.
Fee Credits for Backup Order Ports
If you are a Member or Trading Permit Holder, the Exchange will credit the monthly logical port fee for a ‘‘Redundant Logical Port’’ that you set up solely as a backup during an Exchange-initiated order entry protocol migration. To get the credit you must: notify the Exchange Trade Desk as specified, cancel the Redundant Logical Port within 30 calendar days of designating it as redundant, ensure any orders/quotes entered on it were due to an Exchange migration-related issue, and submit a credit request within 30 days after cancellation; the Exchange will review usage and, if confirmed, apply the credit to the next billing cycle.
Credits Excluded for Member-Initiated Moves
If you establish additional logical ports because you chose to change your own connectivity (for example, migrating from FIX ports to BOE ports), you are not eligible for the Redundant Logical Port fee credit. The credit is limited to ports created solely in response to an Exchange-initiated migration.
30-Day Overlap Window for Backup Ports
The Exchange allows a 30-calendar-day overlap period during which a Redundant Logical Port can be maintained and be eligible for the credit; the 30-day period is measured in calendar days (not business days). This overlap must end with cancellation within 30 calendar days to preserve eligibility.
Applies Uniformly Across Affiliated Exchanges
The Redundant Logical Port credit is available on the same terms to Members and Trading Permit Holders across EDGX and its affiliated exchanges (BYX, EDGA, BZX, Cboe, and C2). Any Member or TPH that satisfies the objective conditions is eligible for the same credit.
Rule Change Effective Immediately
The proposed fee-schedule change became effective upon filing with the Commission on August 20, 2026, so Members and TPHs can act immediately to establish eligible Redundant Logical Ports and follow the claim procedures described to receive credits.
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