The Cboe EDGA Exchange, Inc. has proposed a new rule to amend its fee schedule, introducing a monthly fee for members using more than one Market Participant Identifier (MPID). Each member's first MPID remains free, while additional ones will incur a $150 monthly charge. This measure is intended to incentivize efficient use of MPIDs, as well as cover administrative costs associated with managing them. The proposed fee is lower than a similar fee charged by the Nasdaq Stock Market, encouraging competition among exchanges.
Simple Explanation
The Cboe EDGA Exchange wants to start charging a fee when companies use more than one special ID number, called an MPID, on their platform. The first number is free, but any extra numbers will cost $150 each month, to help with managing them and to be fair with other market places.