Почему данные по акциям США могут выглядеть неточными?
Иногда данные фондового рынка США могут казаться неполными или как-то отличаться от других источников. Самые явные отличия обычно видны на небольших интервалах (например, минутном), а также на неактивных или непопулярных тикерах и во время предторговых/вечерних сессий, где объём торгов ниже.
Дело в том, что данные акций США в реальном времени, показываемые на наших графиках по умолчанию, предоставляются биржей Cboe One. Это альтернативная биржа с большим объёмом торгов (более 25% фондового рынка США), и она не взимает платежи за каждого пользователя — а это значит, что её данные можно использовать в реальном времени бесплатно. Данные от Cboe One не являются плохими или неверными. Иногда они могут немного отличаться от данных основных бирж — в основном потому, что объём торгов Cboe ниже и, соответственно, цены обновляются реже.
Если принять в расчёт объём торгов Cboe, в большинстве случаев вы вряд ли ощутите эту разницу и она никак не скажется на вашем анализе. Но если всё же эти отличия покажутся вам существенными, вы можете приобрести данные в реальном времени от официальных бирж (NASDAQ, NYSE или NYSE Arca). Обратите внимание, что в соответствии с правилами бирж мы обязаны взимать плату, перечислять средства биржам и сообщать им о том, кто получает доступ к их данным.
Биржа опционов Cboe
Биржа опционов Cboe, основанная в 1973 году, является крупнейшей в мире биржей опционов, заключающей контракты на отдельные акции, индексы и процентные ставки .Первоначально известная как Чикагская биржа опционов (CBOE), биржа сменила название в 2017 году в рамках ребрендинга своей холдинговой компании Cboe Global Markets.1 Трейдеры называют биржу Cboe («см-бо»).Cboe также является создателем индекса волатильности Cboe (VIX), который является наиболее широко используемым и признанным показателем волатильности рынка.
Ключевые моменты
- Биржа опционов Cboe ранее была Чикагской биржей опционов (CBOE).
- В 2010 году биржа была зарегистрирована как холдинговая компания с биржей в качестве основного актива.
- В 2017 году холдинговая компания и биржа были переименованы в Cboe Global Markets Inc. и Cboe Options Exchange соответственно.
- Cboe является домом для индекса волатильности VIX и многих других инструментов волатильности.
Понимание биржи опционов Cboe
Cboe предлагает торговлю с использованием нескольких классов активов и географических регионов, включая опционы, фьючерсы , американские и европейские акции, биржевые продукты (ETP) , глобальную валюту (FX) и продукты, связанные с волатильностью нескольких активов. Это крупнейшая биржа опционов в США и крупнейшая фондовая биржа в Европе по объему торгов. Это второй по величине оператор фондовой биржи в США и ведущий мировой рынок для торговли ETP.
У биржи богатая история, в том числе создание Cboe Clearing Corp., которая позже стала опционной клиринговой корпорацией (OCC) , отраслевым информационным центром для всех сделок с опционами в США.
Деятельность СВОЕГО выходит за рамками простых торговых казней , а в 1985 году он сформировал институт Options, его образовательная рука, разработанной для обучения инвесторов по всему миру о возможностях. Кроме того, компания предлагает семинары, вебинары и онлайн-курсы, в том числе обучение для профессионалов.
Продукты Cboe
Биржа предлагает доступ ко многим разнообразным продуктам, начиная, конечно, с опционов пут и колл на тысячи публично торгуемых акций, а также на биржевые фонды (ETF) и биржевые ноты (ETN) . Инвесторы обычно используют эти продукты для хеджирования и получения дохода за счет продажи покрытых колл или пут, обеспеченных денежными средствами.
Доступны опционы на фондовые и отраслевые индексы, включая Standard & Poor’s 500 , S&P 100, Dow Jones Industrial Average , индексы Рассела, отдельные индексы FTSE, индексы Nasdaq, индексы MSCI и отраслевые индексы, включая 10 секторов, входящих в S&P 500. .
Биржа предлагает индексы социальных сетей и специальные индексы, охватывающие несколько опционных стратегий, таких как «положите запись», « бабочка» и « воротник» .
Наконец, индекс VIX, который является основным барометром волатильности фондового рынка . Этот индекс основан на ценах опционов, близких к деньгам, в реальном времени по индексу S&P 500 (SPX) и предназначен для отражения консенсуса инвесторов относительно будущей (30-дневной) ожидаемой волатильности фондового рынка. Трейдеры называют индекс VIX «индикатором страха», потому что он имеет тенденцию резко возрастать до очень высоких уровней, когда инвесторы считают, что рынок очень медвежий или нестабильный.
Индекс VIX также является флагманским индексом волатильности Cboe Global Markets. Сюда входят индексы волатильности общих фондовых индексов, ETF, отдельных акций, товаров и других специализированных индексов.
SEC США отклоняет заявку Cboe BZX на BTC ETF из-за опасений манипуляции
SEC США отклонила заявку Cboe BZX на изменение правила, которое позволило бы одобрить спотовый ETF BTC. Финансовый регулятор заявил, что это «манипуляция» 142 раза в перечислении причин отклонения заявки. Ранее в марте этого года Cboe BZX Exchnage Inc. подала в SEC предложение об изменении правил.
Другой биткойн-ETF отклонен. Мошенничество с использованием Tether и манипулирование рынком приводятся как некоторые из оправданий.
Все хотят биткойн-ETF.
Никто не хочет прозрачности Tether.«Манипуляция» или «Манипулятивное средство» упоминается 142 раза в уведомлении об отказе. pic.twitter.com/PlpRtnQfnR
— Bitfinex’ed Κασσάνδρα (@Bitfinexed) 3 декабря 2021 г.
SEC отклонила предложение биржи Cboe BZX.
SEC отклонила предложение криптобиржи. В нем указывалось, что BZX недостаточно оспаривает наличие мошенничества и манипуляций на спотовом рынке BTC. Перечисляя некоторые из мошеннических действий, которые ранее вызывали озабоченность. й цепочкой блоков BTC и различными торговыми платформами.
Заявки на BTC ETF продолжают отклоняться.
Как сообщалось ранее, SEC США отклонила по крайней мере одно из двух недавних заявок на биржевые фонды Биткойн (ETF) из-за рискованного характера финансовых продуктов с использованием заемных средств. Wall Street Journal упомянул в своем отчете, что в настоящее время финансовый регулятор планирует разрешить использование только продуктов, связанных с биткойнами, без использования заемных средств. Объявление SEC относительно биткойн-ETF с кредитным плечом было сделано почти через два дня после того, как Valkyrie подала заявку на биткойн-фьючерсный ETF с кредитным плечом, а Direxion подала заявку на создание обратного фонда для медведей.
Cboe U.S. Equities Fee Schedules
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. 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.
Transaction Fees:
- Rebates indicated by parentheses ( ).
- 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. If a Member’s transaction is assigned a fee code other than a standard fee code, the rates listed in the Fee Codes table will apply.
- Footnotes provide further explanatory text or, where annotated to fee codes, indicate variable rate changes, provided the conditions in the footnote are met.
- Unless otherwise noted, all routing fees or rebates in the Fee Codes and Associated Fees table are for removing liquidity from the destination venue.
Standard Rates:
| Category | Adding Liquidity | Removing Liquidity | Routing Liquidity |
|---|---|---|---|
| Securities at or above $1.00 | ($0.0016) | $0.0030 | $0.0030 |
| Securities below $1.00 | FREE | 0.30% of total dollar value | 0.30% of total dollar value |
| Standard Fee Codes | B, V, Y | N, W, BB | X |
Fee Codes and Associated Fees:
Download Copy To Clipboard
| Fee Code | Description | Fee/(Rebate) |
|---|---|---|
| 10 | Routed to NYSE Arca, adds liquidity (Tape B) | (0.00220) |
| A | Routed to NASDAQ, adds liquidity | (0.00150) |
| AA | Routed to EDGA using ALLB routing strategy | (0.00160) |
| AC | Closing Auction, BZX listed security | 0.00100 |
| AL | Closing Auction, Late-Limit-On-Close order, BZX listed security | 0.00100 |
| AN | Continuous Book Order that executed in the Opening or Closing Auction, BZX listed security | 0.00060 |
| AO | Opening, IPO or Halt Auction, BZX listed security | 0.00075 |
| AP | Opening, IPO or Halt Auction, Late-Limit-On-Open order, BZX listed security | 0.00075 |
| AX | Routed to EDGX using ALLB routing strategy | 0.00300 |
| AY | Routed to BYX using ALLB routing strategy | (0.00020) |
| B | Displayed order, adds liquidity to BZX (Tape B) | (0.00160) |
| BA | Routed to NYSE Arca using Destination Specific routing strategy (Tape B) | 0.00270 |
| BB | Removes liquidity from BZX (Tape B) | 0.00300 |
| BJ | Routed to EDGA using TRIM or SLIM routing strategy | (0.00160) |
| BY | Routed to BYX using Destination Specific, TRIM or SLIM routing strategy | (0.00020) |
| CL | Routed to listing market closing process | 0.00100 |
| D | Routed to NYSE using Destination Specific or RDOT routing strategy | 0.00280 |
| F | Routed to NYSE, adds liquidity | (0.00150) |
| G | Routed to NYSE Arca using Destination Specific routing strategy (Tapes A or C) | 0.00290 |
| HB | Non-displayed order, adds liquidity (Tape B) | (0.00080) |
| HI | Non-displayed order that receives price improvement, adds liquidity | Free |
| HV | Non-displayed order, adds liquidity (Tape A) | (0.00080) |
| HY | Non-displayed order, adds liquidity (Tape C) | (0.00080) |
| J | Routed to NASDAQ using Destination Specific routing strategy | 0.00290 |
| MC | Cboe Market Close | Free |
| N | Removes liquidity from BZX (Tape C) | 0.00300 |
| NA | Routed to EDGX, NYSE, NYSE Arca or Nasdaq; adds non-displayed liquidity | Free |
| NX | Routed to NYSE National using TRIM or SLIM routing strategy | (0.00050) |
| O | Routed to listing market opening or re-opening cross | 0.00150 |
| OO | BZX Opening or Re-opening, non-BZX listed security | 0.00050 |
| P | Routed to EDGX, adds liquidity | (0.00160) |
| RN | Routed to NASDAQ using ROOC routing strategy, adds liquidity | (0.00150) |
| RP | Non-displayed order, adds liquidity using Supplemental Peg | (0.00170) |
| RY | Routed to BYX, adds liquidity | 0.00200 |
| S | Directed ISO | 0.00330 |
| SW | Routed using Parallel T or SWPA routing strategy | 0.00330 |
| TV | Routed to NASDAQ BX using TRIM or SLIM routing strategy | (0.00100) |
| V | Displayed order, adds liquidity to BZX (Tape A) | (0.00160) |
| VI | Displayed order subject to price sliding that receives price improvement, adds liquidity | Free |
| W | Removes liquidity from BZX (Tape A) | 0.00300 |
| X | Routed, adds or removes liquidity | 0.00300 |
| Y | Displayed order, adds liquidity to BZX (Tape C) | (0.00160) |
| Z | Routed to a dark liquidity venue (except through SLIM) | 0.00280 |
| ZB | Retail Order, adds liquidity (Tape B) | (0.00320) |
| ZR | Retail Order, removes liquidity | 0.00300 |
| ZV | Retail Order, adds liquidity (Tape A) | (0.00320) |
| ZY | Retail Order, adds liquidity (Tape C) | (0.00320) |
Definitions:
- All references to «per share» mean «per share executed.»
- «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. ADAV and ADV are calculated on a monthly basis.
- The Exchange excludes from its calculation of ADAV and ADV shares added or removed on any day that the Exchange’s system experiences a disruption that lasts for more than 60 minutes during regular trading hours («Exchange System Disruption»), on any day with a scheduled early market close and on the fourth Friday in June (the «Russell Reconstitution Day»).
- Routed shares are not included in ADAV or ADV calculation.
- 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 excludes from its calculation of TCV volume on any day that the Exchange experiences an Exchange System Disruption, on any day with a scheduled early market close and the Russell Reconstitution Day.
General Notes:
- Unless otherwise indicated, rebates and charges for adding, removing or routing liquidity are listed as per share rebates and charges.
- The Exchange notes that to the extent a Member does not qualify for any of the tiers listed below, the rates listed in the above section titled «Fee 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.
- Unless otherwise indicated, variable rates provided by tiers apply only to executions in securities priced at or above $1.00.
- Fee codes applicable to orders routed to NYSE Arca will be applied to orders routed to the NYSE or NYSE American where, pursuant to NYSE and NYSE American Rule 49, the NYSE or NYSE American have designated NYSE Arca as their backup facility to receive and process bids and offers and to execute orders on behalf of the NYSE or NYSE American.
Footnotes:
Add/Remove Volume Tiers
Applicable to the following fee codes: B, V and Y.
- Member is enrolled in at least 50 BZX-listed LMP Securities for which it meets the following criteria for at least 50% of the trading days in the applicable month: (i) Member has an NBBO Time ≥ 15% or an NBBO Size ≥ 25%; and (ii) Member has a Displayed Size Time ≥ 90%; and
- Member is enrolled in at least 30 LMM Securities; and
- Member has an ADAV as a percentage of TCV ≥ 0.15%.
- Member has an ADAV as a percentage of TCV ≥ 0.40%; and
- Member adds an ADV ≥ 0.05% of the TCV for Non-Displayed orders that yield fee codes HB, HI, HV or HY; and
- Member has a Tape B ADAV ≥ 0.65% of the Tape B TCV.
Applicable to the following fee codes: HB, HV or HY.
- Member has an ADAV as a percentage of TCV ≥ 0.40%; and
- Member adds an ADV ≥ 0.05% of the TCV for Non-Displayed orders that yield fee codes HB, HI, HV or HY; and
- Member has a Tape B ADAV ≥ 0.65% of the Tape B TCV.
Step-Up Tiers
Applicable to the following fee codes: B, V and Y.
- MPID has a Step-Up Add TCV from May 2019 ≥ 0.10%; and
- MPID has an ADV ≥ 0.50% of the TCV
- Member has a Step-Up ADAV from January 2022 ≥ 10,000,000 or Member has a Step-Up Add TCV from January 2022 ≥ 0.10%; and
- Member has an ADV ≥ 0.30% of the TCV or Member has an ADV ≥ 35,000,000.
* This tier will expire no later than September 30, 2023.
Reserved
Single MPID Investor Tiers
Applicable to the following fee codes: B, V and Y.
- MPID has a Step-Up ADV as a percentage of TCV ≥ 0.10% from May 2021; or MPID has a Step-Up ADV ≥ 10,000,000 from May 2021; and
- MPID has an ADAV as a percentage of TCV ≥ 0.50%; or MPID has an ADAV ≥ 45,000,000.
The non-displayed rebate does not apply to Reserve or Discretionary orders.
Remove liquidity from BZX for securities priced below $1.00: 0.30% charge of the total dollar value.
Add liquidity to BZX for securities priced below $1.00: no charge or rebate.
Add or remove liquidity in securities priced below $1.00 for Parallel D, Parallel 2D, ROUT, ROUX, and Post to Away routed executions: 0.30% charge of the total dollar value.
Remove liquidity in securities priced below $1.00 for Parallel T and SWPA routed executions: 0.33% charge of the total dollar value.
Add liquidity in securities priced below $1.00 for RDOT and Post to Away routed executions: no charge or rebate.
For securities priced below $1.00: no charge or rebate.
Reserved
Tape B Volume and Quoting Tiers
Applicable to the following fee code: B.
Member is enrolled in at least 50 BZX-listed LMP Securities, for which it meets the following criteria for at least 50% of the trading days in the applicable month:
- Member has a NBBO Time ≥ 15% or a NBBO Size Time ≥ 25%; and
- Member has a Displayed Size Time ≥ 90%
(i) Member is enrolled in at least 100 BZX-listed LMP Securities for which it meets the following criteria for at least 50% of the trading days in the applicable month:
- Member has a NBBO Time ≥ 15% or a NBBO Size Time ≥ 25%; and
- Member has a Displayed Size Time ≥ 90%; and
(ii) Member adds a Tape B ADV ≥ 1.50% of the Tape B TCV
Lead Market Maker («LMM») Pricing
(A) LMM Liquidity Provision Rates:
(i) Standard Rates. 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»):
Average Aggregate Daily Auction Volume in LMM Securities 0-10,000 10,001-100,000 100,001-500,000 500,001-1,000,000 1,000,001 or greater Daily Incentive for each Qualified Security 1-5 $10 $25 $40 $50 $100 Daily Incentive for each Qualified Security 6-25 $10 $25 $25 $30 $70 Daily Incentive for each Qualified Security 26-50 $10 $10 $20 $25 $50 Daily Incentive for each Qualified Security 51-100 $10 $10 $15 $20 $25 Daily Incentive for each Qualified Security Greater Than 100 $10 $10 $15 $15 $20 (ii) Enhanced Rates. 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:
Average Aggregate Daily Auction Volume in LMM Securities 0-10,000 10,001-100,000 100,001-500,000 500,001-1,000,000 1,000,001 or greater Daily Incentive for each Enhanced Security 1-5 $3 $7.50 $12 $15 $30 Daily Incentive for each Enhanced Security 6-25 $3 $7.50 $7.50 $9 $21 Daily Incentive for each Enhanced Security 26-50 $3 $3 $6 $7.50 $15 Daily Incentive for each Enhanced Security 51-100 $3 $3 $4.50 $6 $7.50 Daily Incentive for each Enhanced Security Greater Than 100 $3 $3 $4.50 $4.50 $6 (B) LMM Add Liquidity Rebate
LMMs in BZX-listed securities that have a CADV ≥ 1,000,000 (an «ALR Security») are eligible to receive the LMM Add Liquidity Rebate for such ALR Securities for a calendar month on a security-by-security basis. For each calendar month in which an LMM is a Qualified LMM in an ALR Security, the LMM will receive the greater of an enhanced rebate of $0.0039 per share (instead of any other applicable rebate for transactions in the ALR Security) or the LMM Liquidity Provision Rates described above that would otherwise apply for the LMM in the applicable ALR Security. LMMs in an ALR Security remain eligible to achieve other incentives and tiers unless otherwise explicitly excluded.
(C) LMM Closing Auction Rates:
Applicable to the following fee codes: AC and AL.
LMMs in BZX-listed securities will transact for free in the Closing Auction in their LMM Securities.
(D) LMM Add Volume Tiers:
LMMs in BZX-listed securities will receive the following additional rebate when adding displayed liquidity:
Applicable to the following fee codes: B, V, and Y
- Member has an ADAV ≥ 0.20% of the TCV;
- Member has an Average Aggregate Daily Auction Volume in LMM Securities ≥ 500,000; and
- Member is enrolled in at least 75 LMM Securities
Applicable to the following fee codes: V, HV, and ZV
- Member is enrolled in at least 50 LMM Securities; and
- Member has a Tape A ADAV ≥ 0.20% of the Tape A TCV
Applicable to the following fee codes: B, HB, and ZB
- Member is enrolled in at least 50 LMM Securities; and
- Member has a Tape B ADAV ≥ 0.35% of the Tape B TCV
Applicable to the following fee codes: Y, HY, and ZY
- Member is enrolled in at least 50 LMM Securities; and
- Member has a Tape C ADAV ≥ 0.20% of the Tape C TCV
Remove liquidity from EDGA using ALLB routing strategy for securities priced below $1.00: no charge or rebate.
Remove liquidity from EDGX using ALLB routing strategy for securities priced below $1.00: 0.30% charge of the total dollar value.
Remove liquidity from BYX using ALLB routing strategy for securities priced below $1.00: 0.10% charge of the total dollar value.
For securities priced below $1.00: 0.30% charge of the total dollar value.
Add liquidity to BZX for securities priced below $1.00: FREE.
NBBO Setter Program
Applicable only to orders which establish a new Setter NBBO in NBBO Setter Securities and which are appended with the following fee codes: B, V, or Y.
- MPID has a Step-Up ADAV from November 2022 ≥ 5,000,000; and
- MPID has a Current Setter ADAV of 3,000,000.
Match Capacity Fees:
Allocation of 5,000 messages per second: $550 per month per allocation
- Match capacity fees are assessed based on capacity (i.e., messages per second) requested for order entry in the primary data center. No fee will be assessed for redundant capacity in the secondary data center.
- New requests will be prorated for the first month of service. 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.
Purge and Market Data Logical Port Fees:
Service Fee Purge Ports $650/port/month Multicast PITCH Spin Server $550/set of primary (A or C feed) Multicast PITCH GRP Ports $550/primary (A or C feed) Other Logical Ports* $550/port/month Certification Logical Ports $250/port/month * Other Logical Ports includes: Cboe Auction Feed Ports, FIXDROP Ports, Order Drop Ports, Last Sale Ports, PITCH Ports, and TOP Ports.
- Purge and market data logical port fees are limited to logical ports within the primary data center. No fee will be assessed for redundant secondary data 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 additional cost.
- New requests will be prorated for the first month of service, except for Certification Logical Ports. 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.
- Users will be entitled to receive one Certification Logical Port free of charge per each logical port type.
Physical Connectivity Fees:
- A Member that is a registered Lead Market Maker shall have Physical Connectivity Fees waived for a single 1 Gb physical port that is connected solely to the BZX Equities Disaster Recovery data center for the first twelve months following the Member establishing such physical connectivity.
Note: The Exchange will pass-through in full any fees or costs in excess of $1,000.00 incurred by the Exchange to complete a cross-connect.
Market Data Fees:
Definitions
- A Distributor of an Exchange Market Data product is any entity that receives the Exchange Market Data 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 Data product is a Distributor that receives the Exchange Market Data product and then distributes that data to one or more Users within the Distributor’s own entity.
- An External Distributor of an Exchange Market Data product is a Distributor that receives the Exchange Market Data product and then distributes that data to a third party or one or more Users outside the Distributor’s own entity.
- A User of an Exchange Market Data product is a natural person, a proprietorship, corporation, partnership, or entity, or device (computer or other automated service), that is entitled to receive Exchange data.
- A «Non-Professional User» of an Exchange Market Data product is a natural person or qualifying trust that uses Data only for personal purposes and not for any commercial purpose and, for a natural person who works in the United States, is not: (i) registered or qualified in 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 as an «investment adviser» as that term is defined in 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 bank 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 as would disqualify such person as a Non-Professional User if he or she worked in the United States.
- A Professional User of an Exchange Market Data product is any User other than a Non-Professional User.
- 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.
- A Trading Platform is any execution platform operated as or by a registered National Securities Exchange (as defined in Section 3(a)(1) of the Exchange Act), an Alternative Trading System (as defined in Rule 300(a) of Regulation ATS), or an Electronic Communications Network (as defined in Rule 600(b)(23) of Regulation NMS).
- A Managed Non-Display Service Provider is a Distributor that host a subscriber’s applications that utilizes a Market Data Product within the Managed Non-Display Service Provider’s space/cage; fully manages and controls access to the Market Data Product, and does not permit further redistribution of the Market Data Product internally or externally.
- 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. 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. The Distributor maintains control of the entitlements, but does not maintain technical control of the usage or the display.
- A “Platform Service” is a type of hosted display solution in which a Distributor provides derivative products to Platform Service Data Users within their infrastructure. The service allows Distributors to make Derived Data available as part of a platform, providing users remote access to derivative products based in whole or in part on Exchange Data.
- A «White Label Service» is a type of hosted display solution in which a Distributor hosts or maintains a website or platform on behalf of a third-party entity. 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. The Distributor maintains control of the application’s data, entitlements and display.
- «Derived Data» is pricing data or other data that (i) is created in whole or in part from Exchange Data, (ii) is not an index or financial product, and (iii) cannot be readily reverse-engineered to recreate Exchange Data or used to create other data that is a reasonable facsimile or substitute for Exchange Data.
Trial Usage:
First-time Users and Distributors are eligible for a free trial and will not be charged any applicable fees for 30 days for each of the real-time market data products listed on this Fee Schedule (“Product”). A first-time User would be any User that has not previously subscribed to a particular Product. A first-time Distributor would be any firm that has not previously distributed, internally or externally, a particular Product. The free trial would be for the 30 days starting on the date a User or Distributor is approved to receive trial access to Exchange market data. The Exchange will provide the 30-day free trial for each particular product to each User or Distributor once.
BZX Depth:
Delivery Fee Internal Distributor $1,500/month External Distributor $5,000/month Non-Display Usage not by Trading Platforms* $2,000/month Non-Display Usage by Trading Platforms** $5,000/month Professional User Fee $40.00/month Non-Professional User Fee $5.00/month Enterprise Fee*** $100,000/month * Subscribers that use an Exchange approved Managed Non-Display Service Provider would be exempt from proposed Non-Display Usage Fee. In order to qualify for the exemption, the subscriber must meet the following requirements: (i) any subscriber applications that utilize BZX Depth must be hosted within the Managed Non-Display Service Provider’s space/cage; (ii) the subscriber’s access to BZX Depth is fully managed and controlled by the Managed Non-Display Service Provider, and no further redistribution of the Exchange Data internally or externally is permitted; and (iii) the subscriber is supported solely by one Managed Non-Display Service Provider, is not hosted by multiple Managed Non-Display Service Providers, and does not have their own data center-hosted environment that also receives BZX Depth.
** Fee is charged per subscriber that uses the data within a Trading Platform. 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.
*** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive the BZX Depth Feed from a Distributor for distribution to an unlimited number of Professional and Non-Professional Users. A recipient firm must pay a separate Enterprise Fee for each Distributor that controls the display of the BZX Depth Feed if it wishes such User to be covered by the Enterprise Fee. The Enterprise Fee is in addition to the Distributor Fee.
BZX Summary Depth:
Internal Distribution
Distribution Fee $5,000/month Professional User Fee $0/month Non-Professional User Fee $0/month External Distribution
Distribution Fee $5,000/month* Professional User Fee** $5.00/month Non-Professional User Fee** $0.15/month Enterprise Fee*** $30,000/month Digital Media Enterprise Fee**** $7,500/month * New External Distributor Credit. New External Distributors of the BZX Summary Depth Feed will not be charged an External Distributor Fee for their first three (3) months in order to allow them to enlist new Users to receive the BZX Summary Depth Feed.
** Each External Distributor will be eligible to receive a credit against its monthly Distributor Fee for the BZX Summary Depth Feed equal to the amount of its monthly User Fees up to a maximum of the External Distributor Fee for the BZX Summary Depth Feed.
*** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive the BZX Summary Depth Feed from an External Distributor for distribution to an unlimited number of Professional and Non-Professional Users. 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. The Enterprise Fee is in addition to the Distributor Fee.
**** As an alternative to User fees, a recipient firm may purchase a monthly Digital Media Enterprise license to receive the BZX Summary Depth 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.
BZX Book Viewer:*
Internal Distribution
Distribution Fee $1,000/month Professional User Fee $0/month Non-Professional User Fee $0/month External Distribution
Distribution Fee $5,000/month Professional User Fee** $6.00/month Non-Professional User Fee** $0.15/month Enterprise Fee*** $40,000/month Digital Media Enterprise Fee**** $10,000/month * Fees applicable for distribution other than viewing via this website.
** 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.
*** 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. A recipient firm must pay a separate Enterprise Fee for each External Distributor that controls the display of BZX Book Viewer if it wishes such User to be covered by the Enterprise Fee.
**** As an alternative to User fees, a recipient firm may purchase a monthly Digital Media Enterprise license to receive BZX Book Viewer 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.
BZX Top:
Internal Distribution
Distribution Fee $750/month Professional User Fee $4/month Non-Professional User Fee $0/month External Distribution
Distribution Fee $2,500/month* Professional User Fee** $4.00/month Non-Professional User Fee** $0.10/month Enterprise Fee*** $15,000/month Digital Media Enterprise Fee**** $2,500/month Subscribers to BZX Top may also receive, upon request and at no additional charge, access to BZX Last Sale (as described in Rule 11.22(g)).
* New External Distributor Credit. New External Distributors of BZX Top will not be charged an External Distributor Fee for their first one (1) month.
** Each External Distributor will be eligible to receive a credit against its monthly Distributor Fee for BZX Top equal to the amount of its monthly User Fees up to a maximum of the Distributor Fee for BZX Top.
*** 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. 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 the Enterprise Fee.
**** As an alternative to User fees, a recipient firm may purchase a monthly Digital Media Enterprise license to receive BZX Top 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.
Financial Product Distribution Program:*
BZX Top Derived Data White Label Service:
External Subscriber Fee** 1-5 External Subscribers $300 / month / External Subscriber 6-10 External Subscribers $250 / month / External Subscriber 11+ External Subscribers $200 / month / External Subscriber Professional User Fee $4.00 / month Non-Professional User Fee $0 / month BZX Top Derived Data API Service:
External Subscriber Fee*** 1-5 External Subscribers $2,500 / month / External Subscriber 6-20 External Subscribers $2,000 / month / External Subscriber 21+ External Subscribers $1,500 / month / External Subscriber Professional User Fee $4.00 / month Non-Professional User Fee $0 / month Cboe One Summary Derived Data White Label Service:
External Subscriber Fee 1-5 External Subscribers $1,000 / month / External Subscriber 6-10 External Subscribers $750 / month / External Subscriber 11+ External Subscribers $500 / month / External Subscriber Professional User Fee $10.00 / month Non-Professional User Fee $0 / month Cboe One Summary Derived Data API Service:
External Subscriber Fee*** 1-5 External Subscribers $3,000 / month / External Subscriber 6-20 External Subscribers $2,500 / month / External Subscriber 21+ External Subscribers $2,000 / month / External Subscriber Professional User Fee $10.00 / month Non-Professional User Fee $0 / month Derived Data Platform Service
A Distributor that provides derivative products based on BZX Top or Cboe One Summary through an approved Derived Data Platform Service will be subject to the normal external distribution fees applicable for the distribution of BZX Top or Cboe One Summary except that they will not be subject to the Non-Professional User fees normally applicable for the distribution of BZX Top or Cboe One Summary. For Cboe One Summary, the Data Consolidation fee will also apply.
* A Distributor that provides a White Label Service, API Service, or Platform Service for Derived Data taken from BZX Top or Cboe One Summary is liable for these fees instead of the fees normally applicable for the distribution of BZX Top or Cboe One Summary. 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.
** The External Subscriber Fee is non-progressive and is based on the number of White Label Service Platforms (i.e., «External Subscribers») that receive Derived Data from the Distributor. 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). 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).
*** The External Subscriber Fee is non-progressive and is based on the number of API Service Platforms (i.e., «External Subscribers») that receive Derived Data from the Distributor. For example, a Distributor providing Derived Data based on BZX Top to six External Subscribers that are API Service Platforms would be charged a monthly fee of $12,000 (i.e., 6 External Subscribers x $2,000 each). 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 $15,000 (i.e., 6 External Subscribers x $2,500 each).
BZX Last Sale:
Internal Distribution
Distribution Fee $500/month Professional User Fee $0/month Non-Professional User Fee $0/month External Distribution
Distribution Fee $2,500/month* Professional User Fee** $4.00/month Non-Professional User Fee** $0.10/month Enterprise Fee*** $15,000/month Digital Media Enterprise Fee**** $2,500/month Subscribers to BZX Last Sale may also receive, upon request and at no additional charge, access to BZX Top (as described in Rule 11.22(d)).
*New External Distributor Credit. New External Distributors of BZX Last Sale will not be charged an External Distributor Fee for their first one (1) month.
** Each External Distributor will be eligible to receive a credit against its monthly Distributor Fee for BZX Last Sale equal to the amount of its monthly User Fees up to a maximum of the Distributor Fee for BZX Last Sale.
*** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive BZX Last Sale from an External Distributor for distribution to an unlimited number of Professional and Non-Professional Users. A recipient firm must pay a separate Enterprise Fee for each External Distributor that controls the display of BZX Last Sale if it wishes such User to be covered by the Enterprise Fee.
**** As an alternative to User fees, a recipient firm may purchase a monthly Digital Media Enterprise license to receive BZX Last Sale 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.
BZX Historical Top, Historical Depth or Historical Last Sale Data:
Delivery (Internal Use Only) Fee (per data product) Per Month of Access Data $500 Per 1 TB Drive of Data $2,500 Cboe One Feed SM :
Internal Distribution
Cboe One Summary Cboe One Premium Distribution Fee $1,500/month $15,000/month Professional User Fee $10.00/month $0/month Non-Professional User Fee $0.25/month $0/month Enterprise Fee $50,000/month N/A External Distribution ****
Cboe One Summary****** Cboe One Premium Distribution Fee $5,000/month* $12,500/month* Professional User Fee** $10/month $15/month Non-Professional User Fee** $0.25/month $0.50/month Enterprise Fee*** $50,000/month $100,000/month Digital Media Enterprise Fee***** $15,000/month $25,000/month *New External Distributor Credit. New External Distributors of the Cboe One Summary 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 Cboe One Summary Feed. New External Distributors of the Cboe One Premium Feed will not be charged an External Distributor Fee for their first three (3) months in order to allow them to enlist new Users to receive the Cboe One Premium Feed.
**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.
***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. 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.
****Data Consolidation Fee. $1,000/month
*****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.
******Small Retail Broker Distribution Program. External Distributors of the Cboe One Summary Feed that meet the following criteria will be charged a Distribution Fee of $3,500/month and a Data Consolidation Fee of $350/month:
- Distributor is a broker-dealer distributing Cboe One Summary Data to Non-Professional Data Users with whom the broker-dealer has a brokerage relationship.
- 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.
- Distributor distributes Cboe One Summary Data to no more than 5,000 Non-Professional Data Users.
ETF Implied Liquidity Feed:
Internal Distribution
Distribution Fee* $1,500/month Professional User Fee $0.25/month Non-Professional User Fee $1.00/month External Distribution**
Distribution Fee* , *** $5,000/month Professional User Fee $25.00/month Non-Professional User Fee $1.00/month *Distributors of the Cboe One Feed (as described in Rule 11.22(j)) will also receive upon request access to the ETF Implied Liquidity Feed without incurring an additional Logical Port fee for the ETF Implied Liquidity Feed.
**Data Consolidation Fee. $500/month.
***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.
US Equity Short Volume & Trades Report*
Delivery Fee Monthly Fee per Internal Distributor $750 Monthly Fee per External Distributor $1,250 Fee per Month of Historical Data** $500 *The US Equity Short Volume & Trades Report is available for purchase on a monthly basis or on an annual basis. A User of the US Equity Short Volume & Trades Report will receive access to the end-of-day report beginning on the date of subscription and will receive the end-of-month report for the subscription month on the last business day of the month during which the User subscribed.
**The US Equity Short Volume & Trades Report provided on a historical basis is only for display use redistribution. Users who subscribe on an annual basis will receive 12 months of historical data included at no extra charge. Users who subscribe on a monthly basis would have the option of purchasing historical data on a per month basis.
Cboe Connect:
Market Data Connectivity*:
Data Feed Fee Per Month UQDF/UTDF/OMDF $1,200 CQS/CTS $1,400 OPRA $4,500 Nasdaq Glimpse $250 Nasdaq TotalView $1,500 Nasdaq BX TotalView $1,000 Nasdaq PSX TotalView $750 NYSE OpenBook Ultra $1,750 NYSE Integrated $14,500 NYSE ArcaBook $1,250 NYSE ArcaBook Refresh $250 NYSE American OpenBook Ultra $500 NYSE Alerts $500 NYSE American Alerts $500 NYSE Imbalances $500 NYSE American Imbalances $1,000 NYSE Trades $500 NYSE Arca Trades $500 NYSE American Trades $1,000 BBDS/TDDS $500 U.S. Equity Select + SIP Bundle (40% Discount)** $5,910 OPRA + SIP Bundle (10% Discount)*** $6,390 BZX/BYX/EDGX/EDGA FREE * Fee covers both A and B feeds (over independent cross-connects) and is for connectivity only.
** U.S. Equity Select + SIP Bundle includes the following market data products: UQDF/UTDF/OMDF, CQS/CTS, Nasdaq TotalView, Nasdaq BX TotalView, Nasdaq PSX TotalView, NYSE OpenBook Ultra, NYSE ArcaBook, NYSE American OpenBook Ultra, and BBDS/TDDS.
*** OPRA + SIP Bundle includes the following market data products: OPRA, UQDF/UTDF/OMDF, and CQS/CTS.
Firms are required to pay any exchange related data fees directly to that exchange.
Unicast Access Order Entry:
Bandwidth Fee Per Month 1Mb $500 5Mb $1,000 10Mb $1,250 25Mb $1,500 50Mb $2,500 100Mb $3,500 The Unicast Access Order Entry fee shall not be charged for bandwidth required to access BZX, BYX, EDGA, EDGX, BZX Options, and EDGX Options.
Membership Fees:
Description Fee Annual Membership $2,500/year 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.
Market Participant Identifier (“MPID”) Fees:
Description Fee Monthly Fee per MPID per Member $350 A Member’s first MPID is provided free of charge.
MPID Fees for additional MPIDs are prorated for the first month during which the MPID becomes effective. 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.