Exchange Now Paying Traders to Wear Floor Jackets
Published Date: 6/16/2026
Notice
Summary
Cboe Exchange is updating its fee schedule starting now! This means traders and floor brokers will see changes in transaction fees, permit costs, and new charges for complex trades. These updates aim to keep things fair and clear while adding some helpful perks like floor jacket stipends.
Analyzed Economic Effects
9 provisions identified: 3 benefits, 3 costs, 3 mixed.
Flat $750 Floor Broker permit fee
The Exchange replaces the prior sliding-scale Floor Broker Permit fees (e.g., $7,500 for first permit, $5,700 for 2nd–3rd, etc.) with a flat fee of $750 per Floor Broker Permit. The Exchange will also remove the prior discount for new or returning permit holders who had not held an active permit in 12 months.
Lowered surcharge trigger and tiered FB surcharges
The monthly Floor Broker SPX and VIX trading surcharges now trigger at 1,000 contracts per month (down from 20,000). SPX/SPXW monthly fees range by permit count from $7,500 (single permit, >=1,000 contracts) down to $2,000 (>10 permits). VIX monthly fees start at $3,000 (single permit, >=1,000 contracts) down to $2,000 (>$5 permits). Volume for surcharge determination is aggregated across Floor Brokers tied to a permit.
Elimination of several LMM incentive programs
The Exchange will eliminate the MRUT, RTH SPESG, RTH MBTX/MBTXW, RTH CBTX/CBTXW, and RTH SPEQX Lead Market Maker (LMM) Incentive Programs effective April 1, 2026. LMMs appointed to those programs will no longer be eligible for the associated monthly rebates tied to meeting quoting standards.
ADV discount now covers FB SPX/VIX surcharges
Floor Brokers that meet average daily open-outcry Customer execution thresholds can get rebates on Floor Broker Permit fees and now also on the FB SPX and FB VIX surcharges. The existing ADV tiers remain: 100,000–174,999 ADV = 15% rebate; >174,999 ADV = 25% rebate.
New SPXW Excessive Complex Instrument fee
The Exchange adopts an SPXW Excessive Complex Instrument Creation Charge (Excessive CIC Fee). A TPH (and affiliates aggregated) must exceed 20,000 complex instrument creations in a day before charges apply; the daily charge is then multiplied by a daily multiplier based on the ratio of SPXW complex instruments traded to created. The fee applies in all trading sessions, aggregates activity across affiliates (if >=75% common ownership), is calculated daily, and billed at month-end.
Customer XSP-style fees for MRUT and DJX
If you trade options as a customer, MRUT and DJX orders will now follow the same customer fees used for Mini-SPX (XSP). Customer orders under 10 contracts get a $0.30 per-contract rebate, and customer orders of 10 or more contracts are charged $0.07 per contract.
Non-customer & market-maker MRUT/DJX fee alignment
The Exchange applies XSP fee codes to MRUT and DJX for non-customer and market-maker orders: manual non-customer orders get a $0.30 per-contract charge; certain electronic non-customer liquidity-adding orders are $0.30 and liquidity-removing $0.50; market-maker manual and certain electronic fees range from $0.09 to $0.50 per contract. Several old MRUT fee codes ($0.02–$0.04) will be deleted. DJX is added to the Liquidity Provider Sliding Scale.
New SPESG and SPEQX contract fees and surcharges
SPESG and SPEQX options get new fee codes: customer orders $0.10 per contract; certain market-maker manual fees $0.15; market-maker liquidity-adding electronic orders get a $0.25 per-contract rebate; other market-maker removes are $0.50. SPESG will be excluded from several execution/AIM surcharges: Execution Surcharge $0.21, AIM Response $0.05, AIM Contra $0.10, and AIM Agency/Primary $0.10. The FLEX surcharge for SPESG is $0.10 per contract (capped at $250 per trade).
Floor jacket purchase and cleaning stipends
Active floor badge holders will receive a $275 stipend for new trading floor jackets every three years and a $100 stipend for jacket cleaning annually. Initial stipends will be provided to all active badge holders as of April 1, 2026; new badge holders receive both stipends upon badge activation.
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