The Cboe EDGX Exchange, Inc. proposed a new rule to implement a monthly fee for members using more than one Market Participant Identifier (MPID) starting after their first free MPID. The fee is set at $350 per additional MPID and aims to encourage efficient use of MPIDs by its members. This measure comes in a competitive trading market where participants can choose different platforms if they find fees too high. The Securities and Exchange Commission is reviewing this proposal and is accepting public comments.
Simple Explanation
The Cboe EDGX Exchange wants to charge a monthly fee of $350 if members use more than one special code (like a nickname) when trading, to make sure they use these codes wisely. The government is checking if this is a fair rule and asking people what they think.