Cboe Updates Fees for Busy Traders and Brokers
Published Date: 7/22/2025
Notice
Summary
Cboe Exchange just updated its fee rules for traders who trade a lot and for floor brokers who get special rebates. These changes make the Frequent Trader Program fees clearer and tweak the rules for the Floor Broker Sliding Scale rebates. The new fees and clarifications kicked in right away on July 16, 2025, so traders and brokers should check how this affects their costs and rewards.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Aggregate Sub‑Fund FTIDs for Rebates
If you are a Customer or Professional Customer that trades via sub‑funds, Cboe now lets a fund operator register an FTID Group so the individual FTIDs’ monthly volumes are added together to meet rebate tiers (for example, an aggregated SPX monthly volume of 20,500 contracts could qualify each FTID for a Tier 1 3% rebate). A fund operator must register the FTID Group at the Program website no later than 5:00 p.m. ET, three business days before the last business day of the month and before the start of the month when aggregation begins; each FTID may belong to only one FTID Group. The change became effective July 16, 2025.
Clarify FLEX Volume Counts
Cboe clarified that the Floor Broker Sliding Scale Supplemental Rebate Program’s tier criteria refer to FLEX Volume across all channels (manual and electronic), rather than a term called FLEX Floor Broker Volume. The clarification makes clear qualifying FLEX Volume includes applicable FLEX Volume across both manual and electronic channels and does not change rebates or program operation. The clarification became effective July 16, 2025.
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