BZX Exchange Charges Up Fees for Fast-Lane Cores
Published Date: 3/25/2025
Notice
Summary
Cboe BZX Exchange is updating its fee schedule to add charges for Dedicated Cores, special tech setups that help traders connect faster. This change affects traders using these Dedicated Cores and takes effect immediately, meaning they’ll see new fees starting now. It’s all about keeping the system fair and clear on costs.
Analyzed Economic Effects
5 provisions identified: 2 benefits, 3 costs, 0 mixed.
New tiered monthly Dedicated Core fees
If your firm uses Dedicated Cores on Cboe BZX, the Exchange will charge monthly fees after the first two free cores: $650 per Dedicated Core for cores 3–15; $850 per Dedicated Core for cores 16–30; and $1,050 per Dedicated Core for 31 or more. The filing includes an example: a firm with 16 Dedicated Cores would be charged $9,300 per month ($0 × 2 + $650 × 13 + $850 × 1).
Standard BOE port fee remains $550/month
The Exchange will continue to assess its current standard BOE logical port fee of $550 per port per month, and that $550 port fee will still apply to the first two Dedicated Cores provided at no additional Dedicated Core charge. The port fee remains unchanged.
Higher cap: Members may hold up to 120 cores
The Exchange increased the maximum number of Dedicated Cores a Member may have to 120 Dedicated Cores, effective December 1, 2024. Sponsoring Members remain limited to a maximum of 35 Dedicated Cores per Sponsored Access relationship.
Two Dedicated Cores provided free
The Exchange will provide up to two Dedicated Cores to any User who wants them at no additional Dedicated Core monthly fee. This means firms receive two Dedicated Cores without the new per-core monthly charges.
Fees effective immediately after filing
The Exchange's proposed fee changes became effective upon filing on March 13, 2025, so Users will see the new Dedicated Core fees applied immediately; the SEC may temporarily suspend the change within 60 days, and written comments are requested by April 15, 2025.
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Key Dates
Department and Agencies
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