Cboe Shakes Up Fees and Ends Some Incentives
Published Date: 1/16/2026
Notice
Summary
Starting January 2, 2026, Cboe Exchange is shaking up its fees! They’re changing how much Access Badges cost, tweaking the GTH Executing Agent Subsidy Program, and saying goodbye to some LMM Incentive Programs. Traders and firms using Cboe’s services should watch their wallets and plans because these updates could affect their monthly costs and benefits right away.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 1 costs, 2 mixed.
GTH Executing Agent Subsidy Tier Changes
The GTH Executing Agent Subsidy Program is amended effective January 2, 2026: the minimum qualifying monthly customer SPX and VIX options volume increases from 20,000 to 25,000 contracts, and new intermediate tiers are added. New monthly subsidy table: 0–24,999 contracts = $0; 25,000–49,999 = $15,000; 50,000–74,999 = $25,000; 75,000–99,999 = $35,000; 100,000+ = $50,000. Qualifying volume is limited to SPX and VIX options and payments are monthly to designated GTH executing agents.
Single $100 Monthly Access Badge
Starting January 2, 2026, Cboe replaces the separate $70/month Clerk/TPH employee badge and $130/month Floor Manager badge with one single Access Badge priced at $100.00 per month for Clerks, other TPH employees, and Floor Managers.
Removal of Four LMM Incentive Programs
As of January 2, 2026, Cboe will eliminate the MSCI, MXACW, MSUSA, and MXWLD LMM Incentive Programs. Market-Makers with LMM appointments to those programs will no longer be eligible to receive the monthly rebates tied to those programs' quoting standards.
Elimination of $100 Replacement Badge Fee
Effective January 2, 2026, Cboe will no longer charge the $100 replacement fee previously assessed for lost Access Badges. Firms and employees will no longer face that one-time replacement charge when a badge is lost.
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