2025-22723NoticeWallet

Cboe Exchange Slides Rebates for Floor Brokers in Routine Fee Update Shuffle

Published Date: 12/15/2025

Notice

Summary

Cboe Exchange is updating its fee schedule starting December 1, 2025, to change how it rewards floor brokers through its Sliding Scale Rebate Programs. These changes affect floor brokers by adjusting their rebate amounts, aiming to keep Cboe competitive and fair. If you’re a floor broker, expect some tweaks in your rebates that could impact your earnings.

Analyzed Economic Effects

3 provisions identified: 3 benefits, 0 costs, 0 mixed.

Floor Broker Sliding Scale Rebate Change

Starting December 1, 2025, Cboe will change its Floor Broker Sliding Scale Rebate Program so that rebates for Non-Firm Facilitated orders also apply to the portion of Floor Broker orders executed against Market-Maker quotes or orders. The rule applies to multiply-listed options but excludes Underlying Symbol List A, Sector Indexes, DJX, CBTX, MBTX, MRUT, MXEA, MXEF, MXACW, MXUSA, MXWLD, NANOS, SPEQX, XSP, and FLEX Micros.

Supplemental Rebate Program Amendment

Starting December 1, 2025, Cboe will amend its Floor Broker Sliding Scale Supplemental Rebate Program so eligible Trading Permit Holders receive supplemental rebates on qualifying Non-Firm Facilitated Floor Broker orders processed under the amended Sliding Scale program, including the portions executed against Market-Maker quotes or orders. The Supplemental Rebate Program excludes the same product set as the main program.

Uniform Application to All Qualifying TPHs

Cboe states that the amendments will apply uniformly and automatically to all Trading Permit Holders (TPHs) that submit the requisite Non-Customer, Non-Strategy Floor Broker volume (including portions executed against Market-Maker quotes/orders) and achieve the program tiers. The Exchange says the change is intended to align its rebate treatment with other options exchanges.

Your PRIA Score

Score Hidden

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.

Free to start

Key Dates

Effective Date
Published Date
12/1/2025
12/15/2025

Department and Agencies

Department
Independent Agency
Agency
Securities and Exchange Commission
Source: View HTML

Related Federal Register Documents

Previous / Next Documents

Back to Federal Register

Take It Personal

Get Your Personalized Policy View

Start a Free Government Policy Watch to see how policy affects your household, then upgrade to PRIA Full Coverage for year-round monitoring.

Already have an account? Sign in