Cboe Adjusts Fees for Old-School Floor Traders
Published Date: 5/20/2025
Notice
Summary
Starting May 1, 2025, Cboe Exchange is changing the fees for Market-Maker orders done on the trading floor for stocks, ETFs, and indexes. These updates tweak how much Market-Makers and Trading Permit Holders pay, aiming to keep Cboe competitive and fair. If you trade or work as a Market-Maker on Cboe’s floor, these fee changes could affect your costs right away.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Clearing TPH Monthly Fee Cap Increases
Starting May 1, 2025, Cboe increased the Clearing Trading Permit Holder (TPH) transaction fee cap from $65,000 per month to $250,000 per month per Clearing TPH for non‑facilitation transactions executed in AIM or open outcry, or as QCC or FLEX transactions. The cap change applies to Clearing TPHs (and their Non‑TPH Affiliates) and excludes CBTX, MBTX, MRUT, NANOS, XSP, SPEQX, FLEX Micros, Sector Indexes, and Underlying Symbol List A products as specified.
Manual Market‑Maker Fee Rises
Starting May 1, 2025, Cboe raised the fee for manual Market‑Maker (capacity “M”, fee code "MB") orders from $0.35 per contract to $0.45 per contract for Equity, ETF, ETN Options, Sector Indexes, and All Other Index Products. If you trade or work as a Market‑Maker on Cboe’s trading floor, this increases the per‑contract cost you pay immediately.
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