Cboe slaps new surcharge on mini-options for global traders
Published Date: 3/3/2025
Notice
Summary
Cboe Exchange is adding a new fee called the Global Trading Hours (GTH) surcharge for some Market-Maker trades in Mini-SPX options, starting right away. They’re also tweaking Lead Market-Maker incentives by changing requirements and rebates to keep things fair and balanced. If you’re a Market-Maker or Lead Market-Maker, these updates could affect your costs and rewards starting now!
Analyzed Economic Effects
2 provisions identified: 0 benefits, 1 costs, 1 mixed.
Changes to LMM Incentive Requirements and Rebates
Cboe is amending Lead Market-Maker (LMM) incentive programs by decreasing series requirements, changing quote width and size requirements, increasing or decreasing rebate amounts, and restructuring expiry and VIX Index value categories. These amendments were filed February 12, 2025 and are designated for immediate effectiveness.
New GTH Surcharge for XSP Market-Makers
Cboe is adopting a Global Trading Hours (GTH) surcharge fee that applies to certain Market-Maker transactions in Mini-SPX (XSP) options. The change was filed on February 12, 2025 and was designated for immediate effectiveness, so the surcharge applies upon filing.
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