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.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
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!
2026-16853, Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Price List
The New York Stock Exchange is changing its price rules starting August 11, 2026. They’re tweaking the share amount needed to get free late D Orders at the market close and cleaning up some wording. This affects traders using these order types and could save or cost them money depending on their order size.
2026-16855, Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Equity 4, Rule 3100 Regarding Trading Halts
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.