Cboe BZX Options Exchange Toverfee Schedule

Cboe BZX Options Exchange Fee Schedule

Effective June 1, 2018

Transaction Fees:

  • Rebates indicated by parentheses ( ).
  • The rates listed ter the Standard Rates table apply unless a Member’s transaction is assigned a toverfee code other than a standard toverfee code. If a Member’s transaction is assigned a toverfee code other than a standard toverfee code, the rates listed ter the Toverfee Codes table will apply.
  • Footnotes provide further explanatory text or, where annotated to toverfee codes, indicate variable rate switches, provided the conditions te the footnote are met.

Standard Rates:

  • ($0.25)
  • ($0.35)
  • ($0.48)
  • ($0.51)
  • ($0.52)
  • ($0.53)
  • ($0.85)
  • ($0.92)
  • ($1.00)
  • ($1.02)
  • ($1.05)
  • ($0.25)
  • ($0.42)
  • ($0.44)
  • ($0.46)
  • ($0.48)
  • $0.50
  • $0.47
  • $0.44
  • $1.07
  • $1.Ten
  • ($0.25)
  • ($0.38)
  • ($0.46)
  • ($0.30)
  • ($0.33)
  • ($0.53)
  • ($0.82)
  • ($0.31)
  • ($0.35)
  • ($0.40)
  • ($0.42)
  • ($0.42)
  • ($0.45)
  • ($0.52)
  • ($0.26)
  • ($0.45)
  • ($0.30)
  • ($0.40)
  • ($0.52)

Toverfee Codes and Associated Fees:

  • Jun 26, 2018
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Definitions:

  • All references to “vanaf contract” mean “vanaf contract executed”.
  • “ADAV” means promedio daily added volume calculated spil the number of contracts added and “ADV” means promedio daily volume calculated spil the number of contracts added or liquidated, combined, vanaf day.
  • ADAV and ADV are calculated on a monthly voet, excluding contracts added or eliminated on any day that the Exchange&apos,s system practices a disruption that lasts for more than 60 minutes during regular trading hours (“Exchange System Disruption”) and on any day with a scheduled early market close.
  • Routed contracts are not included ter ADAV or ADV calculation.
  • With prior notice to the Exchange, a Member may aggregate ADAV or ADV with other Members that control, are managed by, or are under common control with such Member or who have bot appointed spil an Appointed Oei or Appointed MM.
  • An “Appointed MM” is a Market Maker who has bot appointed by an Oei and an “Appointed Oei” is an Oei who has bot appointed by a Market Maker spil set forward below.
    • Designating an Appointed Oei/Appointed MM: A Market Maker appoints an Oei and an Oei appoints a Market Maker, for the purposes of the Toverfee Schedule, by each completing and sending an executed Volume Aggregation and Volume Details Request form by email to membershipservices@bats.com. Transmittal of the executed form to the Exchange will be viewed spil acceptance of the appointment. The Exchange will recognize one such designation for each party. A party may make a designation not more than merienda every 12 months, which designation shall remain te effect unless or until the Exchange receives written notice from either party indicating that the appointment has bot terminated.
    • “Away Market Maker” applies to any transaction identified by a Member for clearing ter the Market Maker range at the OCC, where such Member is not registered with the Exchange spil a Market Maker, but is registered spil a market maker on another options exchange.
    • “Broker Dealer” applies to any order for the account of a broker dealer, including a foreign broker dealer, that clears ter the Customer range at the Options Clearing Corporation (“OCC”).
    • “Customer” applies to any transaction identified by a Member for clearing te the Customer range at the OCC, excluding any transaction for a Broker Dealer or a “Professional” spil defined te Exchange Rule 16.1.
    • “Hard” applies to any transaction identified by a Member for clearing ter the Rigid range at the OCC, excluding any Snaak Back Office transaction.
    • “Snaak Back Office” applies to any transaction identified by a Member for clearing te the Hard range at the OCC that is identified with an origin code spil Snaak Back Office. A Snaak Back Office participant is a Member that maintains a Snaak Back Office indeling with a clearing broker-dealer.
    • “Market Maker” applies to any transaction identified by a Member for clearing ter the Market Maker range at the OCC, where such Member is registered with the Exchange spil a Market Maker spil defined ter Rule 16.1(a)(37).
    • “Non-Customer” applies to any transaction that is not a Customer order.
    • “OCC Customer Volume” or “OCV” means the total equity and ETF options volume that clears ter 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 practices an Exchange System Disruption and on any day with a scheduled early market close.
    • “Oei” means Order Entry Hard spil defined te Rule 16.1.
    • “Options Step-Up Add OCV” means ADAV spil a percentage of OCV ter the relevant baseline month subtracted from current ADAV spil a percentage of OCV.
    • “Penny Pilot Securities” are those issues quoted pursuant to Exchange Rule 21.Five, Interpretation and Policy .01.
    • “Professional” applies to any transaction identified by a Member spil such pursuant to Exchange Rule 16.1.
    • “TCV” means total consolidated volume calculated spil the volume reported by all exchanges to the consolidated transaction reporting project for the month for which the fees apply, excluding volume on any day that the Exchange practices an Exchange System Disruption and on any day with a scheduled early market close.
    • Caudillo Notes:

      • The Exchange notes that to the extent a Member does not qualify for any of the tiers listed below, the rates listed te the above section titled “Toverfee Codes and Associated Fees” will apply.
      • To the extent a Member qualifies for higher rebates and/or lower fees than those provided by a tier for which such Member qualifies, the higher rebates and/or lower fees shall apply.

      Footnotes:

      Customer Penny Pilot Add Tiers

      Applicable to toverfee code PY.

      1. Member has an ADAV ter Customer orders &gij, 0.50% of promedio OCV, and
      2. Member has an ADAV te Market Maker orders &jij, Two.75% of promedio OCV
      1. Member has an ADAV te Customer orders &gij, 0.80% of media OCV,
      2. Member has an ADAV ter Market Maker orders &jij, 0.35% of promedio OCV, and
      3. Member has on BZX Equities an ADAV &gij, 0.30% of promedio TCV
      1. Member has an ADAV te Customer orders &jij, 0.50% of media OCV,
      2. Member has an ADAV ter Market Maker orders &jij, Two.75% of media OCV, and
      3. Member has an ADAV ter Rigid Non-Penny orders &gij, 0.05% of media OCV
      1. Member has an ADAV te Customer orders &jij, 0.50% of media OCV, and
      2. Member has on BZX Equities an ADAV &gij, 0.50% of promedio TCV

      Hard, Broker Dealer, and Snaak Back Office Penny Pilot Add Volume Tier

      Applicable to the following toverfee codes: PF.

      1. Member has an ADAV ter Away MM/Hard/BD/JBO orders &jij, 1.05% of media OCV, and
      2. Member has an ADV &jij, 1.95% of promedio OCV

      Non-Customer Penny Pilot Take Volume Tiers

      Applicable to toverfee code PP.

      1. Member has an ADAV te Customer orders &gij, 0.80% of media OCV,
      2. Member has an ADAV ter Market Maker orders &jij, 0.35% of promedio OCV, and
      3. Member has on BZX Equities an ADAV &gij, 0.30% of media TCV
      4. Member has an ADAV ter Customer Non-Penny orders &gij, 0.05% of media OCV
      1. Member has an ADAV te Customer orders &gij, 1.70% of media OCV, and
      2. Member has an ADAV te Customer Non-Penny orders &jij, 0.30% of promedio OCV

      NBBO Setter Tiers

      Applicable to the following toverfee codes: PF, PM and PN. Applicable only to orders which establish a fresh NBBO.

      1. Member has an ADAV te Non-Customer orders &gij, 0.20% of media OCV, and
      2. Member has an ADAV ter Stiff/Market Maker/Away MM orders that establish a fresh NBBO &jij, 0.05% of promedio OCV
      1. Member has an ADAV ter Non-Customer orders &gij, 0.40% of promedio OCV, and
      2. Member has an ADAV ter Stiff/Market Maker/Away MM orders that establish a fresh NBBO &jij, 0.05% of promedio OCV
      1. Member has an ADAV ter Non-Customer orders &gij, 0.50% of media OCV, and
      2. Member has an ADAV ter Rock hard/Market Maker/Away MM orders that establish a fresh NBBO &gij, 0.05% of media OCV
      1. Member has an ADAV ter Non-Customer orders &gij, 1.80% of media OCV,
      2. Member has an ADAV ter Non-Customer Non-Penny orders &gij, 0.20% of media OCV, and
      3. Member has an ADAV te Rock hard/Market Maker/Away MM orders that establish a fresh NBBO &jij, 0.05% of media OCV
      1. Member has an ADAV ter Non-Customer orders &jij, Trio.00% of media OCV, and
      2. Member has an ADAV ter Hard/Market Maker/Away MM orders that establish a fresh NBBO &gij, 0.05% of promedio OCV

      Quoting Incentive Program (“QIP”) Tiers

      Applicable to the following toverfee codes: PM and NM.

      The extra rebate is vanaf contract for an order that adds liquidity to the BZX Options order book ter options classes te which a Member is a Market Maker registered on BZX Options pursuant to Rule 22.Two. A Market Maker voorwaarde be registered with BZX Options te an promedio of 20% or more of the associated options series ter a class te order to qualify for QIP rebates for that class.

      Market Maker Penny Pilot Add Volume Tiers

      Applicable to toverfee code PM.

      1. Member has an ADAV ter Market Maker orders &gij, 1.30% of media OCV, and
      2. Member has an ADV &jij, Two.60% of media OCV

      Market Maker Non-Penny Pilot Add Volume Tiers

      Applicable to toverfee code NM.

      Stiff, Broker Dealer, and Snaak Back Office Non-Penny Pilot Add Volume Tiers

      Applicable to toverfee code NF.

      1. Member has an ADV &gij, Three.00% of promedio OCV, and
      2. Member has an ADAV te Market Maker orders &gij, Two.50% of promedio OCV
      1. Member has an ADV &gij, Two.30% of media OCV,
      2. Member has an ADAV te Away MM/Stiff/BD/JBO orders &jij, 1.45% of media OCV, and
      3. Member has an ADAV te Non-Customer Non-Penny orders &jij, 0.20% of promedio OCV
      1. Member has an ADV &gij, Two.30% of promedio OCV,
      2. Member has an ADAV te Away MM/Hard/BD/JBO orders &jij, 1.65% of promedio OCV, and
      3. Member has an ADAV te Non-Customer Non-Penny orders &jij, 0.20% of media OCV

      Professional Penny Pilot Add Volume Tiers

      Applicable to toverfee code Paps.

      Away Market Maker Penny Pilot Add Volume Tier

      Applicable to toverfee code PN.

      1. Member has an ADAV ter Away MM/Stiff/BD/JBO orders &gij, 1.05% of promedio OCV,
      2. Member has an ADV &jij, 1.95% of media OCV, and
      3. Member has an ADAV te Non-Customer Non-Penny orders &gij, 0.20% of promedio OCV

      Away Market Maker Non-Penny Pilot Add Volume Tiers

      Applicable to toverfee code NN.

      Customer Non-Penny Pilot Add Volume Tier

      Applicable to toverfee code NY.

      1. Member has an ADAV ter Customer orders &jij, 0.50% of media OCV, and
      2. Member has an ADAV te Market Maker orders &jij, Two.75% of media OCV
      1. Member has an ADAV te Customer orders &jij, 0.50% of media OCV,
      2. Member has an ADAV ter Market Maker orders &jij, Two.75% of promedio OCV, and
      3. Member has an ADAV te Hard Non-Penny orders &gij, 0.05% of promedio OCV

      Non-Customer Non-Penny Pilot Take Volume Tiers

      Applicable to toverfee code NP.

      1. Member has an ADAV te Customer orders &jij, 0.80% of media OCV,
      2. Member has an ADAV ter Market Maker orders &gij, 0.35% of promedio OCV, and
      3. Member has on BZX Equities an ADAV &gij, 0.30% of promedio TCV

      Options Logical Port Fees

      • $1,500/month for 1st and 2nd port
      • $Two,500/month for 3rd port or more
      • Logical port fees are limited to logical ports within the primary gegevens center. No logical port fees will be assessed for redundant secondary gegevens center ports.
      • Multicast PITCH is available through one of two primary feeds, either the A or C feed. All secondary feed Multicast PITCH Spin Server and GRP Ports are provided for redundancy at no extra cost.
      • Fresh requests will be prorated for the very first month of service. Cancellation requests are billed ter total month increments spil firms are required to pay for the service for the remainder of the month, unless the session is terminated within the very first month of service.

      Options Physical Connectivity Fees

      Note: The Exchange will pass-through ter total any fees or costs te excess of $1,000.00 incurred by the Exchange to accomplish a cross-connect.

      Market Gegevens Fees:

      Definitions

      • A Distributor of an Exchange Market Gegevens product is any entity that receives the Exchange Market Gegevens product directly from the Exchange or indirectly through another entity and then distributes it internally or externally to a third party.
      • An Internal Distributor of an Exchange Market Gegevens product is a Distributor that receives the Exchange Market Gegevens product and then distributes that gegevens to one or more Users within the Distributor’s own entity.
      • An Outward Distributor of an Exchange Market Gegevens product is a Distributor that receives the Exchange Market Gegevens product and then distributes that gegevens to a third party or one or more Users outside the Distributor’s own entity.
      • A User of an Exchange Market Gegevens product is a natural person, a proprietorship, corporation, partnership, or entity, or device (pc or other automated service), that is entitled to receive Exchange gegevens.
      • A “Non-Professional User” of an Exchange Market Gegevens product is a natural person or qualifying trust that uses Gegevens only for individual purposes and not for any commercial purpose and, for a natural person who works ter the United States, is not: (i) registered or qualified ter any capacity with the Securities and Exchange Commission, the Commodities Futures Trading Commission, any state securities agency, any securities exchange or association, or any commodities or futures contract market or association, (ii) engaged spil an investment adviser spil that term is defined ter Section 202(a)(11) of the Investment Advisors Act of 1940 (whether or not registered or qualified under that Act), or (iii) employed by a handelsbank or other organization exempt from registration under federal or state securities laws to perform functions that would require registration or qualification if such functions were performed for an organization not so exempt, or, for a natural person who works outside of the United States, does not perform the same functions spil would disqualify such person spil a Non-Professional User if he or she worked te the United States.
      • A Professional User of an Exchange Market Gegevens product is any User other than a Non-Professional User.

      BZX Options Top:

      * Recipient rock-hard will be subject to the greater of the two Distribution fees when receiving the BZX Options Top Feed for both Internal and Outward Distribution.

      ** One User toverfee permits access to the BZX Options Top Feed and the BZX Options Depth Feed.

      *** Spil an alternative to User fees, a recipient rigid may purchase a monthly Enterprise license to receive the BZX Options Top Feed from a Distributor for distribution to an unlimited number of Professional and Non-Professional Users. A recipient rock-hard vereiste pay a separate Enterprise Toverfee for each Distributor that controls the display of the BZX Options Top Feed if it wishes such User to be covered by the Enterprise Toverfee.

      BZX Options Depth:*

      * Recipient rigid will be subject to the greater of the two Distribution fees when receiving the BZX Options Feed for both Internal and Outward Distribution.

      ** One User toverfee permits access to the BZX Options Top Feed and the BZX Options Depth Feed.

      *** Spil an alternative to User fees, a recipient rock-hard may purchase a monthly Enterprise license to receive the BZX Options Feed from a Distributor for distribution to an unlimited number of Professional and Non-Professional Users. A recipient rock-hard vereiste pay a separate Enterprise Toverfee for each Distributor that controls the display of the BZX Options if it wishes such User to be covered by the Enterprise Toverfee.

      Historical Depth Gegevens

      Cboe Connect:

      Market Gegevens Connectivity*:

      * Toverfee covers both A and B feeds (overheen independent cross-connects) and is for connectivity only.

      ** U.S. Equity Select + Verdrietig Bundle includes the following market gegevens products: UQDF/UTDF/OMDF, CQS/CTS, Nasdaq TotalView, Nasdaq BX TotalView, Nasdaq PSX TotalView, NYSE OpenBook Reaccionario, NYSE ArcaBook, NYSE American OpenBook Reaccionario, and BBDS/TDDS.

      *** OPRA + Teleurgesteld Bundle includes the following market gegevens products: OPRA, UQDF/UTDF/OMDF, and CQS/CTS.

      Firms are required to pay any exchange related gegevens fees directly to that exchange.

      Unicast Access &ndash, Order Entry:

      The Unicast Access &ndash, Order Entry toverfee shall not be charged for bandwidth required to access BZX, BYX, EDGA, EDGX, BZX Options and EDGX Options.

      Options Regulatory Toverfee:

      The per-contract Options Regulatory Toverfee (“ORF”) is assessed by BZX Options to each Member for all options transactions executed and cleared, or simply cleared by the Member that are cleared by OCC ter the “customer” range, regardless of the exchange on which the transaction occurs. The ORF is collected indirectly from Members through their clearing firms by OCC on behalf of BZX Options. The Exchange may only increase or decrease the ORF semi-annually, and any such toverfee switch will be effective on the very first business day of February or August. The Exchange will notify participants of any switch ter the amount of the toverfee at least 30 calendar days prior to the effective date of the switch.

      Membership Fees

      * Fresh Options Members of the BZX Options Exchange will not be charged a BZX Options Participant Toverfee for their very first three (Trio) months of membership.

      Consolidated Audit Trail – Funding Fees:

      (a) Definitions:

      (1) For purposes of the Consolidated Audit Trail Funding Fees, the terms “CAT”, “CAT NMS Project”, “Industry Member”, “MS Stock”, “OTC Equity Security”, “Options Market Maker” and “Participant” are defined spil set forward ter the Rule Four.Five (Consolidated Audit Trail – Definitions).

      (Two) “ATS” means an alternative trading system spil defined te Rule 300(a) of Regulation ATS under the Securities Exchange Act of 1934, spil amended, that operates pursuant to Rule 301 of Regulation ATS.

      (Trio) “CAT Toverfee” means the Consolidated Audit Trail Funding Toverfee(s) to be paid by Industry Members spil set forward te paragraph (b) below.

      (Four) “Equity ATS” is an ATS that executes transactions te NMS Stocks and/or OTC Equity Securities.

      (Five) “Equity Execution Venue” means an Execution Venue that trades NMS Stocks and/or OTC Equity Securities.

      (6) “Execution Venue” means a Participant or an ATS (excluding any such ATS that does not execute orders).

      (b) Toverfee Schedule:

      (1) The CAT NMS, LLC will assign each Industry Member (other than an Equity ATS) to a toverfee tier merienda every quarter, where such tier assignment is calculated by ranking each Industry Member based on its total message traffic (with discounts for equity market maker quotes and Options Market Maker quotes based on the trade to quote ratio for equities and options, respectively) for the three months prior to the quarterly tier calculation day and assigning each Industry Member to a tier based on that ranking and predefined Industry Member percentages. The Industry Members with the highest total quarterly message traffic will be ranked ter Tier 1, and the Industry Members with lowest quarterly message traffic will be ranked te Tier 7. Each quarter, each Industry Member (other than an Equity ATS) shall pay the following CAT Toverfee corresponding to the tier assigned by the CAT NMS, LLC for such Industry Member for that quarter:

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