SEC Notes BOX Exchange's Order Rebate Schedule Update
Published Date: 11/24/2025
Notice
Summary
BOX Exchange is boosting rebates for QOO and FOO orders to reward traders who use manual transaction methods. This change kicks in on October 1, 2025, making it cheaper and more attractive to trade on the BOX Options Market. Traders using these order types will see better savings right away!
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Floor Broker Rebate Raised to $0.20
If you are a Floor Broker on BOX who submits QOO or FOO orders, you will receive an enhanced rebate of $0.20 per contract for executions that trade with a Floor Market Maker. This replaces the prior rebates of $0.10 per contract (Broker Dealer and Market Maker) and $0.05 per contract (Professional Customer) for those executions, and becomes operative on October 1, 2025.
Goal: Attract Order Flow and Increase Liquidity
BOX says the enhanced rebate is designed to attract order flow to the BOX Trading Floor and to encourage Floor Broker liquidity. The Exchange states this could improve liquidity and create increased trading opportunities for market participants.
Who Is Not Eligible for Enhanced Rebate
The enhanced $0.20 per contract rebate will not apply to Public Customer executions, executions subject to Section V.D (Strategy QOO Order Fee Cap and Rebate & Strategy FOO Order Fee Cap and Rebate), or Broker Dealer executions where the Broker Dealer is facilitating a Public Customer. Those excluded execution types will not receive the new enhanced rebate.
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