Cboe Shakes Up Fees and Ends Some Incentives
Published Date: 1/16/2026
Notice
Summary
Starting January 2, 2026, Cboe Exchange is shaking up its fees! They’re changing how much Access Badges cost, tweaking the GTH Executing Agent Subsidy Program, and saying goodbye to some LMM Incentive Programs. Traders and firms using Cboe’s services should watch their wallets and plans because these updates could affect their monthly costs and benefits right away.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 1 costs, 2 mixed.
GTH Executing Agent Subsidy Tier Changes
The GTH Executing Agent Subsidy Program is amended effective January 2, 2026: the minimum qualifying monthly customer SPX and VIX options volume increases from 20,000 to 25,000 contracts, and new intermediate tiers are added. New monthly subsidy table: 0–24,999 contracts = $0; 25,000–49,999 = $15,000; 50,000–74,999 = $25,000; 75,000–99,999 = $35,000; 100,000+ = $50,000. Qualifying volume is limited to SPX and VIX options and payments are monthly to designated GTH executing agents.
Single $100 Monthly Access Badge
Starting January 2, 2026, Cboe replaces the separate $70/month Clerk/TPH employee badge and $130/month Floor Manager badge with one single Access Badge priced at $100.00 per month for Clerks, other TPH employees, and Floor Managers.
Removal of Four LMM Incentive Programs
As of January 2, 2026, Cboe will eliminate the MSCI, MXACW, MSUSA, and MXWLD LMM Incentive Programs. Market-Makers with LMM appointments to those programs will no longer be eligible to receive the monthly rebates tied to those programs' quoting standards.
Elimination of $100 Replacement Badge Fee
Effective January 2, 2026, Cboe will no longer charge the $100 replacement fee previously assessed for lost Access Badges. Firms and employees will no longer face that one-time replacement charge when a badge is lost.
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!
2026-11479 — Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule General 8 Regarding Intrafirm Cabinet Connectivity
Nasdaq PHLX is updating its rules to clearly include non-contiguous intrafirm cabinet connectivity as part of its fiber services and is adjusting the fees for this service. This change affects firms using Nasdaq’s cabinet connections and takes effect immediately, helping them understand costs better and plan accordingly. No big money surprises, just clearer rules and fees starting now!
2026-11483 — Self-Regulatory Organizations; LCH SA; Order Approving Proposed Rule Change Relating to the Extension of Eligible Collateral to U.S. Treasury Securities and Related Changes
LCH SA, a big player in clearing credit swaps, is now accepting more types of U.S. Treasury securities as collateral to keep things safer and smoother. This change helps protect against risks if a member can’t pay up and starts June 9, 2026. Clearing members who provide collateral will have more options, making the whole system stronger and more flexible.
2026-11481 — Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule General 8 Regarding Intrafirm Cabinet Connectivity
Nasdaq ISE is updating its rules to clearly include non-contiguous intrafirm cabinet connections as part of its fiber connectivity services and is adjusting the fees for this service. This change affects firms using Nasdaq’s cabinet space to connect their equipment and takes effect immediately, so they should review the new fee structure soon. It’s a smooth move to keep things clear and fair for everyone using these connections.
Previous / Next Documents
Previous: 2026-00798 — Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Schedule of Fees and Charges
NYSE Arca is updating its fees for Exchange Traded Products (ETPs) to stay competitive and fair. This change affects companies that list their products on the exchange and takes effect immediately, possibly impacting their annual costs. The goal? Keep NYSE Arca a top choice for ETP listings without breaking the bank.
Next: 2026-00800 — Self-Regulatory Organizations; Long-Term Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 14.602 To Update, Reorganize, and Adopt New Complimentary Products and Services the Exchange Offers to Currently and Newly Listed Companies
The Long-Term Stock Exchange (LTSE) is updating its rule to offer new and improved free products and services to companies listed now and in the future. These changes reorganize and expand what LTSE Services provides, making it easier and better for companies to grow with the Exchange. The update took effect right away on December 31, 2025, with no extra costs for companies.