Cboe Tweaks Fees for New Equal-Weight S&P Options Trading
Published Date: 5/8/2025
Notice
Summary
Cboe Exchange is updating its fee schedule to get ready for trading new options based on the S&P 500 Equal Weight Index, called SPEQX options. This means some fees will change, some surcharges won’t apply, and there’s a new incentive program for market makers. These changes take effect immediately, so traders and market makers should get ready for new costs and opportunities starting now.
Analyzed Economic Effects
8 provisions identified: 2 benefits, 4 costs, 2 mixed.
SPEQX LMM Incentive Program: $15,000 Monthly Rebate
The Exchange will offer a SPEQX Lead Market-Maker (LMM) incentive that pays an LMM $15,000 per month (pro-rated if appointment does not cover the full month) if the appointed LMM provides continuous electronic quotes during Regular Trading Hours that meet the heightened quoting standards in at least 90% of SPEQX series 90% of the time in a given month.
Exclusion From Multiple Fee Credit Programs
SPEQX options will be excluded from several Cboe fee and credit programs — including the Liquidity Provider Sliding Scale, Volume Incentive Program (VIP), Break-Up Credits (AIM/SAM/FLEX), Marketing Fee Program, Floor Broker Sliding Scale Rebate Program, and the ORS/CORS router subsidy programs. Volume in SPEQX will not count toward the volume calculations for those programs.
Clearing TPH Fee Cap Exclusion for Firm SPEQX Trades
Firm transactions (Clearing TPH capacity 'F' and Non-Clearing TPH Affiliates capacity 'L') in SPEQX will be excluded from the Clearing TPH Fee Cap that otherwise caps certain non-facilitation transaction fees at $65,000 per month per Clearing TPH.
Customer SPEQX Transaction Fee
If you trade SPEQX options as a public customer, the Exchange will assess a $0.05 per-contract fee (fee code E1). The Customer Large Trade Discount will cap regular customer transaction fees to the first 5,000 contracts per order in SPEQX options.
Non-Customer SPEQX Transaction Fee
Non-customer orders in SPEQX options (Clearing Trading Permit Holders, Market-Makers, broker-dealers, professionals, etc.) will be charged fee code E2 at $0.25 per contract for SPEQX trades.
FLEX Surcharge Applies to SPEQX FLEX Trades
Electronic FLEX orders in SPEQX will incur the FLEX surcharge fee of $0.10 per contract (capped at $250 per trade) for up to the first 2,500 contracts per trade, except for Cboe Compression Services (CCS) and FLEX Micro transactions.
Complex Surcharge Exclusion for Non-Customer Complex Orders
Non-customer complex orders in SPEQX will be excluded from the Complex Surcharge that otherwise applies when removing liquidity from the Complex Order Book and certain auction responses.
Outage Volume Adjustment Includes SPEQX
If the Exchange has a trading interruption lasting longer than 60 minutes, the Exchange will adjust national volume calculations for the entire trading day to include SPEQX in the list of symbols subject to that adjustment.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-17058, Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Connectivity Schedule and Discontinue a Previously Proposed Offering
Previous / Next Documents
Previous: 2025-07980, Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Update Its Fee Schedule To Provide a Discount on Fees Assessed to Qualifying Academic Purchasers for Purchases of Ad Hoc Historical U.S. Equity Short Volume and Trades Reports
Cboe EDGX Exchange is giving a special discount to qualified academic buyers who want to purchase historical U.S. stock short volume and trade reports. This change helps students and researchers save money when accessing important market data. The new discounted fees are effective immediately, making it easier and cheaper for academics to get the info they need.
Next: 2025-07983, Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Discontinue the Options Regulatory Fee Model Scheduled To Be Implemented in June 2025
Nasdaq GEMX has decided to scrap its new Options Regulatory Fee plan that was supposed to start in June 2025. This change means traders and firms won’t have to pay the new fees that were planned, keeping things simpler and potentially saving money. The decision is effective immediately, so everyone can breathe easy and keep trading without extra charges.