BOX Exchange Adds Rebates for Public Customer Trades
Published Date: 6/3/2025
Notice
Summary
BOX Exchange is updating its fee schedule to reward traders who bring more public customer orders, both in auctions and regular trades. These changes mean lower fees and bigger rebates for active participants starting right away. If you trade options on BOX, you could save money and earn bonuses based on your trading volume!
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
New Volume Path To Lower Fees
BOX added a new National Customer Volume Incentive (Section IV.B.3). Participants that achieve 1.300% or more of National Customer Volume in multiply-listed options in a month will qualify for the lower Tier 2 Primary Improvement Order (PIO) fee and the highest Tier 4 BOX Volume Rebate (BVR) for Public Customer PIP and COPIP orders (except SPY). The percentage calculation uses monthly national Customer volume in multiply-listed options obtained from the OCC.
SPY Orders Remain Excluded
The proposal keeps SPY PIO, PIP, and COPIP treatment unchanged: SPY PIOs will continue to be assessed $0.02 per contract and SPY PIP/COPIP orders remain excluded from the BOX Volume Rebate. Professional Customers, Broker-Dealers and Market Makers will continue to be assessed $0.05 for SPY PIP/COPIP orders and Public Customers will continue not to be charged for SPY PIP/COPIP orders.
Changes Effective Immediately
BOX filed the rule change on May 14, 2025 and it became effective upon filing under Rule 19b-4(f)(2), so the new incentive method and fee descriptions apply immediately. The Commission may summarily suspend the change within 60 days of the filing if it finds such action necessary or appropriate.
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