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Cboe BZX Equities Introduces Single Stock ETF Liquidity Enhancement Program

Overview

Applicable Cboe Exchanges: BZX Equities

Effective immediately, Cboe BZX Equities (BZX) is introducing a new Liquidity Enhancement Program in Single-Stock ETFs (LEP Securities) which includes all Cboe-listed Single-Stock ETFs, including options based ETFs in a single underlying equity security

Technical Details

Effective immediately, the Liquidity Enhancement Program (LEP) is available as described below:

Tier Fee Code Rebate per Share ETP Enrollment
LEP Tier 1 B ($0.0025) Member is enrolled in at least 5 BZX-listed LEP Securities for which it meets the below criteria for at least 75% of the trading days in the applicable month.

Requirements:

  1. Member is at the NBBO at least 20% of the time throughout Regular Trading Hours (RTH); and
  2. Member displays a notional depth of $75,000, within $0.05 of the NBB and NBO, for at least 90% of RTH; and
  3. The NBBO spread is less than 0.50 basis points for at least 95% of RTH.

A new "SSE Liquidity Enhancement Provider” tool is available in the Cboe Customer Web Portal for liquidity providers to view and manage current and future Single-Stock ETF Liquidity Enhancement Provider appointments. The “BZX SSE Liquidity Enhancement Provider” entitlement is required to use this new tool.

Any BZX Member is eligible to enroll as a Liquidity Enhancement Provider by completing this enrollment form.

ADDITIONAL INFORMATION

Please contact the Cboe Trade Desk for support or with any questions.

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