Cboe Hikes Fees on Quirky Binary S&P Bets
Published Date: 8/24/2026
Notice
Summary
Cboe Exchange is updating its fees for binary options tied to the Mini-S&P 500 Index, called XSP binary options. They’re adding standard transaction fees and removing these options from some special fee programs. These changes took effect right away on August 12, 2026, and will impact traders using these specific options.
Analyzed Economic Effects
4 provisions identified: 0 benefits, 3 costs, 1 mixed.
Fees for professional and broker-dealer XSPBX trades
Non-customer, non-Market-Maker participants (Clearing TPHs, Broker-Dealers, Non-TPH Market-Makers, Professionals, etc.) will be charged per-contract fees for XSPBX by premium tier: $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 and manual fees for XSPBX
For Market-Maker activity in XSPBX, the Exchange set electronic taker fees of $0.10 (premium < $0.04 or > $0.96), $0.15 ($0.04–$0.09 or $0.91–$0.96), $0.25 ($0.10–$0.24 or $0.76–$0.90), and $0.35 ($0.25–$0.75). Electronic adding-liquidity orders are charged $0.05 per contract, and manual Market-Maker orders are charged $0.15 per contract.
XSPBX excluded from rebates, caps, and incentive programs
The Exchange excludes XSPBX volume from numerous fee programs and incentives, including the Liquidity Provider Sliding Scale, Liquidity Provider Sliding Scale 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 Program and Supplemental Rebate Program, Order Router Subsidy (ORS) and Complex Order Router Subsidy (CORS) Programs, Complex Surcharge (for non-customer complex orders), and related program footnotes.
New per-contract customer fees for XSPBX
If you trade XSP binary options (XSPBX) as a customer, the Exchange will charge per-contract fees based on the option premium: $0.04 per contract for premiums < $0.04 or > $0.96; $0.08 per contract for premiums $0.04–$0.09 or $0.91–$0.96; $0.20 per contract for premiums $0.10–$0.24 or $0.76–$0.90; and $0.30 per contract for premiums $0.25–$0.75.
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Previous / Next Documents
Previous: 2026-17202, Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Exchange's Fee Schedule
Next: 2026-17204, Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Modify the NYSE Arca Options Fee Schedule To Eliminate Customer and Professional Customer Fees and Introduce a Floor Broker Incentive for Trading in Certain MSCI Related Index Options