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.
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