Cboe Exchange Slides Rebates for Floor Brokers in Routine Fee Update Shuffle
Published Date: 12/15/2025
Notice
Summary
Cboe Exchange is updating its fee schedule starting December 1, 2025, to change how it rewards floor brokers through its Sliding Scale Rebate Programs. These changes affect floor brokers by adjusting their rebate amounts, aiming to keep Cboe competitive and fair. If you’re a floor broker, expect some tweaks in your rebates that could impact your earnings.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Floor Broker Sliding Scale Rebate Change
Starting December 1, 2025, Cboe will change its Floor Broker Sliding Scale Rebate Program so that rebates for Non-Firm Facilitated orders also apply to the portion of Floor Broker orders executed against Market-Maker quotes or orders. The rule applies to multiply-listed options but excludes Underlying Symbol List A, Sector Indexes, DJX, CBTX, MBTX, MRUT, MXEA, MXEF, MXACW, MXUSA, MXWLD, NANOS, SPEQX, XSP, and FLEX Micros.
Supplemental Rebate Program Amendment
Starting December 1, 2025, Cboe will amend its Floor Broker Sliding Scale Supplemental Rebate Program so eligible Trading Permit Holders receive supplemental rebates on qualifying Non-Firm Facilitated Floor Broker orders processed under the amended Sliding Scale program, including the portions executed against Market-Maker quotes or orders. The Supplemental Rebate Program excludes the same product set as the main program.
Uniform Application to All Qualifying TPHs
Cboe states that the amendments will apply uniformly and automatically to all Trading Permit Holders (TPHs) that submit the requisite Non-Customer, Non-Strategy Floor Broker volume (including portions executed against Market-Maker quotes/orders) and achieve the program tiers. The Exchange says the change is intended to align its rebate treatment with other options exchanges.
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