Cboe Sets Fees for Mini-S&P 500 Binary Options
Published Date: 7/1/2026
Notice
Summary
Cboe Exchange is rolling out new fees for trading binary options based on the Mini-S&P 500 Index, called XSP binary options. Traders will see updated transaction fees and some fee programs won’t apply to these new options. These changes took effect right after filing on June 15, 2026, so get ready to trade with the fresh fee setup!
Analyzed Economic Effects
6 provisions identified: 0 benefits, 5 costs, 1 mixed.
Firm and professional per-contract fee tiers
For Clearing Trading Permit Holders, Non-Clearing TPH Affiliates, Broker-Dealers, Joint Back-Office, Non-TPH Market-Makers, and Professionals trading XSP binary options, Cboe set per-contract fees effective June 15, 2026: $0.10 for premiums < $0.04 or > $0.96, $0.15 for $0.04–$0.09 or $0.91–$0.96, $0.25 for $0.10–$0.24 or $0.76–$0.90, and $0.35 for $0.25–$0.75.
Market-Maker maker/taker fees and manual fee
Cboe set Market-Maker fees for XSP binary options effective June 15, 2026: electronic Market-Maker taker fees are $0.10, $0.15, $0.25, or $0.35 per contract depending on premium ranges (same premium bands as other tiers); electronic Market-Maker adding-liquidity fee is $0.05 per contract; manual Market-Maker orders are charged $0.15 per contract.
XSPBX excluded from many rebate and incentive programs
Cboe excludes XSP binary options from many existing fee-credit and incentive programs effective June 15, 2026. Exclusions include the Liquidity Provider Sliding Scale (and its adjustment table), Volume Incentive Program (VIP), Break-Up Credits, Affiliate Volume Plan, Marketing Fee Program, Clearing TPH Fee Cap, Customer Large Trade Discount, Floor Broker Sliding Scale Rebate Programs, Order Router Subsidy, and Complex Order Router Subsidy.
Clearing TPH fee-cap exclusion for XSPBX
Cboe amends its Clearing TPH Fee Cap rules to exclude Firm transactions in XSP binary options from the monthly fee cap effective June 15, 2026. The existing cap (cited in the Fees Schedule) will not apply to XSPBX business when calculating the aggregate $65,000 per month cap referenced for other products.
Retail trader per-contract fee tiers
If you trade XSP binary options as a Customer (capacity "C"), Cboe charges per-contract fees that depend on the option premium. Effective June 15, 2026, fees are $0.04 per contract for premiums < $0.04 or > $0.96, $0.08 for premiums $0.04–$0.09 or $0.91–$0.96, $0.20 for premiums $0.10–$0.24 or $0.76–$0.90, and $0.30 for premiums $0.25–$0.75.
Outage volume adjustment now excludes XSPBX
Cboe added XSPBX to the list of underlying symbols excluded from the national volume adjustment applied when an electronic trading outage lasts longer than 60 minutes. Effective June 15, 2026, XSPBX volume will be omitted in calculating adjusted national volume for the entire trading day during such outages.
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