Cboe Tweaks Fees for Floor Traders: Yawn-Worthy Update
Published Date: 6/17/2025
Notice
Summary
Starting June 2, 2025, Cboe Exchange is changing its fees for professional traders who make manual trades on the trading floor in certain options products. They’re also launching a new sliding scale rebate program to reward floor brokers based on their trading volume. These updates aim to keep things fair and competitive while giving floor brokers a chance to earn more back.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Lower fee for manual professional orders
Starting June 2, 2025, the Exchange lowers the fee for Professional (capacity "U") manual (trading-floor) orders that yield fee code "WA" in Equity, ETF, ETN Options and All Other Index Products from $0.12 per contract to $0.05 per contract.
New sliding-scale rebates for floor brokers
Effective June 2, 2025, Cboe adopts a Floor Broker Sliding Scale Supplemental Rebate Program with four tiers based on monthly FLEX Floor Broker Volume: Tier 1 (>0 and <2,000,000) — no additional rebate; Tier 2 (≥2,000,000 and <6,000,000) — $0.01 per contract; Tier 3 (≥6,000,000 and <10,000,000) — $0.02 per contract; Tier 4 (≥10,000,000) — $0.03 per contract. The supplemental rebates apply only to qualifying Non-Firm Facilitated, Non-Customer, Non-Strategy Floor Broker orders in multiply-listed FLEX equity and ETP options and exclude a specified set of products (e.g., Underlying Symbol List A, Sector Indexes, DJX, XSP, FLEX Micros).
Affiliate volume aggregation and eligibility rules
The Exchange will aggregate a TPH's monthly volume with affiliates (defined as entities with at least 75% common ownership as shown on Form BD, Schedule A) when calculating the Supplemental Rebate Program tiers; TPHs must notify the Exchange of affiliates and any change in affiliate status. The rule also appends exclusions such as FLEX Micros and specifies that Position Compression Cross (PCC) transactions will not count toward thresholds.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
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!
2026-11919 — Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Exchange's Fee Schedule Concerning Equities Transaction Pricing
MEMX is changing its fees starting June 1, 2026, by lowering some rebates for certain stock trades that add liquidity, especially for hidden and price-improved orders. These updates affect traders and members who use MEMX, meaning they might earn a bit less back on some trades. The goal? Keep things fair and balanced while keeping the exchange running smoothly.
2026-11927 — Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rules 18.7 and 18.9 To Permit an Increase in Position and Exercise Limits for Options on IBIT
MEMX is raising the limits on how many options traders can hold and exercise for the iShares Bitcoin Trust ETF (IBIT). This change affects anyone trading IBIT options and lets them handle bigger positions starting right away. It’s designed to keep MEMX competitive and support growing market interest without any immediate cost impact.
2026-11922 — Self-Regulatory Organizations; Green Impact Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 11.240 (Trade Reporting and Dissemination of Quotations) To Conform With Amendments to Rules 600 and 603 of Regulation NMS Approved by the Commission That Concern the Reporting and Dissemination of Odd-Lot Information, and an Additional Ministerial Change to Rule 11.220 To Correct a Typographical Error
Green Impact Exchange is updating its trade reporting rules to match new federal rules about sharing odd-lot trade info (small stock orders). They’re also fixing a tiny typo in another rule. These changes take effect right away and help keep trading info clear and accurate for everyone involved.
Previous / Next Documents
Previous: 2025-10968 — Agile Decision Science, LLC, Savan Group LLC and Maines; Transfer of Information Potentially Containing Confidential Business Information
The EPA is sharing some confidential business info with Agile Decision Science, Savan Group, and Maines to help them do their new contracts. This affects companies that sent info to the EPA under pesticide and food safety laws. No money changes hands with you, but these groups get access soon to keep things running smoothly.
Next: 2025-10970 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for New Logical Ports in Connection With a New Connectivity Offering on Its Equity Options Platform
Cboe BZX Exchange is rolling out new fees for special computer connections called Unitized Logical Ports on its equity options platform. Traders using these new ports will see updated charges based on their daily activity, starting right away. This change helps the Exchange offer better connectivity while keeping things fair and clear for everyone involved.