BOX Exchange Slashes Rebate Hurdle: Traders Get Tiny Fee Break Today
Published Date: 7/17/2025
Notice
Summary
BOX Exchange is tweaking its fee schedule to change how traders earn volume rebates on certain options trades. They’re adjusting the top two rebate tiers by lowering the volume percentages needed to qualify, making it easier for traders to get better discounts. These changes kicked in right away on July 1, 2025, and could save active traders some money when they trade multiply-listed options.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Top Rebate Tier Now Easier
BOX lowered the top volume cutoff so Tier 5 is now 0.900% and above instead of 1.000% and above, and Tier 4 is narrowed to 0.750%–0.899% (previously 0.750%–0.999%). The per-contract rebate amounts for Tiers 4 and 5 are unchanged. The change took effect July 1, 2025.
May Encourage More Customer Flow
The Exchange says lowering the Tier 5 threshold is meant to attract more Public Customer order flow to BOX, which may increase trading opportunities and could help produce tighter spreads and lower transaction costs for market participants. The Exchange believes this incentive applies to Public Customer electronic Non-Auction transactions in multiply-listed options classes.
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Next: 2025-13374 — Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Sapphire Fee Schedule To Adopt New Fee Categories for the Exchange's Proprietary Market Data Feeds
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