Cboe EDGA Exchange, Inc. is updating its Fee Schedule by launching a program called the NBBO Setter Program under the new fee code SS. This program aims to improve trading conditions for less frequently traded securities by offering rebates to participants who lead in setting competitive prices. It allows members to potentially earn higher rebates without any volume requirements, thereby encouraging more liquidity and trading activity. The program is designed to benefit the market by making it more competitive and transparent, and is open to all participants on the exchange.
Simple Explanation
Cboe EDGA Exchange, Inc. wants to encourage people to set better prices for some stocks by giving them a little extra money, like a reward, for doing so, which helps make trading fairer and more fun for everyone. They're starting a new program called the NBBO Setter Program to make this happen without needing anyone to trade a certain amount first.