* Other Logical Ports includes: Cboe Auction Feed Ports, FIXDROP Ports, Order Drop Ports, Last Sale Ports, PITCH Ports, and TOP Ports. **Each External Distributor will be eligible to receive a credit against its monthly Distributor Fee for the Cboe One Feed equal to the amount of its monthly User Fees up to a maximum of the Distributor Fee for the Cboe One Feed. Cancellation requests are billed in full month increments as firms are required to pay for the service for the remainder of the month, unless the session is terminated within the first month of service. New External Distributors of BZX Last Sale will not be charged an External Distributor Fee for their first one (1) month. Cboe Global Markets (formerly CBOE Holdings, Inc.) acquired Bats Global Markets, the prior operator of these exchanges, in February 2017. All Cboe-listed securities will be LMP Securities immediately upon listing on the Exchange. Similarly, a Distributor providing Derived Data based on Cboe One Summary to six External Subscribers that are API Service Platforms would be charged a monthly fee of $24,000 (i.e., 6 External Subscribers x $4,000 each). Cboe BZX Exchange, Inc. Information Circular 20-092 . Remove liquidity in securities priced below $1.00 for Parallel T and SWPA routed executions: 0.33% charge of the total dollar value. *** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive BZX Book Viewer from an External Distributor for distribution to an unlimited number of Professional and Non-Professional Users. No fee will be assessed for redundant capacity in the secondary data center. ADAV and ADV are calculated on a monthly basis. All fees and rebates assessed prior to the three full calendar months before the month in which the Exchange becomes aware of a billing error shall be considered final. However, this data is slightly different from its official counterpart — primary exchanges. *** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive BZX Top from an External Distributor for distribution to an unlimited number of Professional and Non-Professional Users. The rates listed in the Standard Rates table apply unless a Member's transaction is assigned a fee code other than a standard fee code. "TCV" means total consolidated volume calculated as the volume reported by all exchanges and trade reporting facilities to a consolidated transaction reporting plan for the month for which the fees apply. ***As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive the Cboe One Feed from a Distributor for distribution to an unlimited number of Professional and Non-Professional Users. "CADV" means consolidated average daily volume calculated as the average daily volume reported for a security by all exchanges and trade reporting facilities to a consolidated transaction reporting plan for the three calendar months preceding the month for which the fees apply and excludes volume on days when the market closes early and on the Russell Reconstitution Day. For example, a Distributor providing Derived Data based on BZX Top to six External Subscribers that are White Label Service Platforms would be charged a monthly fee of $1,500 (i.e., 6 External Subscribers x $250 each). Footnotes provide further explanatory text or, where annotated to fee codes, indicate variable rate changes, provided the conditions in the footnote are met. Information Dissemination . Any dispute concerning fees or rebates billed by the Exchange must be submitted to the Exchange in writing and must be accompanied by supporting documentation. Distributor distributes Cboe One Summary Data to no more than 5,000 Non-Professional Data Users. Cboe is currently one of the largest U.S. equities market operators on any given day. ** Each External Distributor will be eligible to receive a credit against its monthly Distributor Fee for BZX Book Viewer equal to the amount of its monthly User Fees up to a maximum of the Distributor Fee for BZX Book Viewer. Cboe BZX Exchange, Inc. Such LMP Securities will include all Cboe-listed ETPs and certain non-Cboe-listed ETPs for which the Exchange wants to incentivize Members to provide enhanced market quality. * Fees applicable for distribution other than viewing via this website. On the effective date, LMMs will be able to opt-in to the LMM Add Liquidity Rate program which provides an outsized rebate per share model for ETPs that have a CADV of 1,000,000 or greater. A recipient firm must pay a separate Enterprise Fee for each External Distributor that controls the display of BZX Top if it wishes such User to be covered by ***External Distributors of the Cboe One Feed will also receive upon request access to the ETF Implied Liquidity Feed for external distribution only without incurring an additional Distributor fee or, if an External Distributor, the Data Consolidation fee for the ETF Implied Liquidity Feed. ******Small Retail Broker Distribution Program. Cboe’s best-in-class exchange technology supports the listing and trading of all standard and Semi-Transparent ETP structures. At least 90% of the Distributor's total subscriber population must consist of Non-Professional subscribers, inclusive of any subscribers not receiving Cboe One Summary Data. Average volume traded on Cboe's Foreign Exchange market daily. Applicable to the following fee codes: AC and AL. Remove liquidity from BYX using ALLB routing strategy for securities priced below $1.00: 0.10% charge of the total dollar value. *****As an alternative to User fees, a recipient firm may purchase a monthly Digital Media Enterprise license to receive the Cboe One Feed from an External Distributor for distribution to an unlimited number of Users for viewing via television, websites, and mobile devices for informational and non-trading purposes only. * Subscribers that use an Exchange approved Managed Non-Display Service Provider would be exempt from proposed Non-Display Usage Fee. A Member’s first MPID is provided free of charge. Average number of contracts traded on Cboe's Futures Exchange daily. The service allows Distributors to make Derived Data available on a platform that is branded with a third-party brand, or co-branded with a third party and a Distributor. ** Fee is charged per subscriber that uses the data within a Trading Platform. For detailed instructions, please read How to Submit Comments. Company. LMMs in BZX-listed securities will receive the following rates on a daily basis per security for which the LMM is a Qualified LMM (a "Qualified Security") based on the average aggregate daily auction volume of the BZX-listed securities for which the Member is the LMM ("LMM Securities"): (ii) Enhanced Rates. For securities priced below $1.00: no charge or rebate. Please click the title for complete details. Price Improvement. A Professional User of an Exchange Market Data product is any User other than a Non-Professional User. Shareholders may sell their holdings of each affected ETF on its respective Exchange until market close on February 14, 1 and Order Instituting Proceedings to Determine Whether to Approve or Disapprove a Proposed Rule Change, as Modified by Amendment No. A recipient firm must pay a separate Enterprise Fee for each External Distributor that controls the display of the BZX Summary Depth Feed if it wishes such User to be covered by the Enterprise Fee. LMMs in BZX-listed securities will receive the following rates on a daily basis per Qualified Security for which they also meet certain enhanced market quality standards (an “Enhanced Security”) in addition to the Standard Rates above: LMMs in BZX-listed securities that have a CADV ≥ 1,000,000 (an “ALR Security”) are eligible to opt-in to the LMM Add Liquidity Rebate for such ALR Securities for a calendar month on a security-by-security basis. Stocks: 15 20 minute delay (Cboe BZX is real-time), ET. The Exchange will not remove a security from the list of LMP Securities without 30 days prior notice. Similarly, a Distributor providing Derived Data based on Cboe One Summary to six External Subscribers that are White Label Service Platforms would be charged a monthly fee of $4,500 (i.e., 6 External Subscribers x $750 each). If an MPID is cancelled on or after the first business day of the month, the Member is required to pay the entire MPID Fee for that month. Listing Rule, unless otherwise indicated. The text of the proposed rule change is provided in Exhibit 5. The service allows Distributors to provide Derived Data to a third-party entity for use within one or more downstream platforms that are operated and maintained by the third-party entity. "Displayed Size Time" means the percentage of time during regular trading hours during which the Member maintains at least 2,500 displayed shares on the bid and separately maintains at least 2,500 displayed shares on the offer that are priced no more than 2% away from the NBB and NBO, respectively. A Distributor that provides a White Label Service, API Service, or Platform Service for BZX Top or Cboe One Summary data that is not Derived Data or distributes Derived Data through a platform other than an approved White Label Service, API Service, or Platform Service would be liable for the fees normally applicable for the distribution of BZX Top or Cboe One Summary. "ADAV" means average daily added volume calculated as the number of shares added per day and "ADV" means average daily volume calculated as the number of shares added or removed, combined, per day. Non-Display Usage means any method of accessing a Market Data product that involves access or use by a machine or automated device without access or use of a display by a natural person or persons. EDGX Exchange is a U.S. equities exchange operated by CBOE U.S. Equities. Add liquidity to BZX for securities priced below $1.00: $0.00009 rebate. Note: If a Member is pending a voluntary termination of rights as a Member pursuant to Rule 2.8 prior to the date any Annual Membership Fee for a given year will be assessed (i.e., January 1, 2015) and the Member does not utilize the facilities of the Exchange while such voluntary termination of rights is pending, then the Member will not be obligated to pay the Annual Membership Fee. "Options Step-Up Add OCV" for purposes of equities pricing means ADAV as a percentage of OCV in January 2014 subtracted from current ADAV as a percentage of OCV, using the definitions of ADAV and OCV as provided under the Exchange's fee schedule for BZX Options. New External Distributors of the BZX Summary Depth Feed will not be charged an External Distributor Fee for their first one (1) month in order to allow them to enlist new Users to receive the BZX Summary Depth Feed. Unless otherwise indicated, variable rates provided by tiers apply only to executions in securities priced at or above $1.00. Purge and market data logical port fees are limited to logical ports within the primary data center. What is the CBOE BZX (formerly BATS) exchange? "NBBO Time" means the average of the percentage of time during regular trading hours during which the Member maintains at least 100 shares at each of the NBB and NBO. Pursuant to Rule 14.6(e)(3), the Exchangerequires notification when a company has a substitution listing event. Cboe is currently one of the largest U.S. equities market operators on any given day. "Options Market Maker Add OCV" for purposes of equities pricing means ADAV resulting from Market Maker orders as a percentage of OCV, using the definitions of ADAV, Market Maker and OCV as provided under the Exchange's fee schedule for BZX Options. The Enterprise Fee is in addition to the Distributor Fee. "LMP Securities" means a list of securities included in the Liquidity Management Program, the universe of which will be determined by the Exchange and published in a circular distributed to Members and on the Exchange's website. The Distributor maintains control of the entitlements, but does not maintain technical control of the usage or the display. Routed shares are not included in ADAV or ADV calculation. The fee represents the maximum charge per subscriber regardless of the number of Trading Platforms operated by the subscriber that receives the data for Non-Display Usage. A recipient firm must pay a separate Enterprise Fee for each Distributor that controls the display of the Cboe One Feed if it wishes such User to be covered by the Enterprise Fee. *** OPRA + SIP Bundle includes the following market data products: OPRA, UQDF/UTDF/OMDF, and CQS/CTS. An “API Service” is a type of data feed distribution in which a Distributor delivers an API or similar distribution mechanism to a third-party entity for use within one or more platforms. Where such LMM opts-in and is a Qualified LMM in the ALR Security, the LMM will receive an enhanced rebate of $0.0039 per share instead of any other applicable rebate for transactions in the ALR Security. 400 South LaSalle Street › Chicago, IL 60605 › cboe.com. For Cboe One Summary, the Data Consolidation fee will also apply. Firms are required to pay any exchange related data fees directly to that exchange. Notice of Filing of Amendment No. Please click the title for complete details. We encourage the public to submit comments on the following Cboe BZX Exchange, Inc. filings during the comment period. Founded in 1973 by the Chicago Board of Trade and member owned for several decades, on March 11, 2010 the Chicago Board Options Exchange (CBOE) filed paperwork to launch an initial public offering and began trading on the NASDAQ stock exchange on June 15, 2010. Unless otherwise noted, all routing fees or rebates in the Fee Codes and Associated Fees table are for removing liquidity from the destination venue. They will be posted on this website. Add liquidity to BZX for securities priced below $1.00: no charge or rebate. New requests will be prorated for the first month of service. "Qualified LMM" means an LMM that meets the Minimum Performance Standards, as defined in Rule 11.8(e)(1)(E). To learn more about that transaction, click here. Multicast PITCH is available through one of two primary feeds, either the A or C feed. Cboe BZX Exchange, Inc. Rules of Cboe BZX Exchange, Inc. (Updated as of June 5, 2020) "Tape B Step-Up Add TCV" means ADAV in Tape B securities as a percentage of TCV in the relevant baseline month subtracted from current ADAV in Tape B securities as a percentage of TCV. "Step-Up Add TCV" means ADAV as a percentage of TCV in the relevant baseline month subtracted from current ADAV as a percentage of TCV. Available in 10-minute summary intervals or as an end-of-day summary, it aggregates and buckets the volume by origin (customer, professional customer, broker-dealer, and market maker), buying/selling, and opening/closing criteria. Open-Close Cboe BZX exchange Open-Close data is a volume summary file for trading activity on the BZX exchange. Penny Program – Additional Classes to be Added on March 2, 2021 Effective Tuesday, March 2, 2021, the Cboe Options Exchanges (BZX Options, Cboe Options, C2 Options, and EDGX Options) will add 5 new issues to the Penny Program. Cboe BYX Exchange, Inc. Information Circular 20-092 . With prior notice to the Exchange, a Member may aggregate ADAV or ADV with other Members that control, are controlled by, or are under common control with such Member (as evidenced on such Member's Form BD). The Exchange does not assess a fee for any substitution listing event. LMMs that opt-in to the LMM Add Liquidity Rebate will not be eligible for the LMM Liquidity Provision Rates described above for the applicable ALR Security, but remain eligible to achieve other incentives and tiers unless otherwise explicitly excluded. Accept events reported by the CboeOptions Exchanges ( Cboe BZX Options Exchange, Cboe Options Exchange, Cboe C2 Options Exchange, and Cboe EDGX Options Exchange). "OCC Customer Volume" or "OCV" for purposes of equities pricing means the total equity and ETF options volume that clears in the Customer range at the Options Clearing Corporation ("OCC") for the month for which the fees apply, excluding volume on any day that the Exchange experiences an Exchange System Disruption and on any day with a scheduled early market close, using the definition of Customer as provided under the Exchange's fee schedule for BZX Options. That uses the data within a trading Platform within a trading Platform relevant baseline month from. Operators on any given day company has a substitution listing event by Amendment no contracts traded Cboe... Routing liquidity are listed as per share rebates and charges for adding, removing routing! 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