Cboe BYX Exchange, Inc. has proposed a rule change to remove two specific routing fee codes from its fee schedule due to minimal usage. These fee codes, known as fee code 8 and MX, applied to orders routed to the NYSE American exchange. The change means these orders will now be charged a standard routing fee instead. The proposal aims to simplify the fee structure for routed orders and is consistent with similar descriptions used by Cboe’s affiliated exchanges. The Securities and Exchange Commission has invited public comments on this proposed rule change.
Simple Explanation
Cboe BYX Exchange, like a big playground for trading, decided to stop using two special fee labels because not many people used them. Instead, they'll use a simpler way to charge everyone the same fee when sending orders to a different trading playground.