Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule
Published Date: 2/9/2026
Notice
Summary
Cboe Exchange is updating its fees starting February 2, 2026, by adding Russell 2000 options to a special subsidy program and tweaking incentives for VIX options traders. These changes affect traders using these products and aim to make trading more attractive and fair. Plus, they fixed a small mistake in the fee schedule to keep everything clear and smooth.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
RUT Options Now Count Toward GTH Subsidies
Starting February 2, 2026, Russell 2000 (RUT) options are added to the GTH Executing Agent Subsidy Program so RUT customer contracts traded during GTH will count toward monthly subsidy tiers. The subsidy tiers pay $0 for 0–24,999 contracts, $15,000 for 25,000–49,999, $25,000 for 50,000–74,999, $35,000 for 75,000–99,999, and $50,000 for 100,000+ contracts in a calendar month.
Stricter VIX Quoting, Lower Time Threshold
The GTH VIX/VIXW Lead Market-Maker (LMM) Incentive Program adopts generally decreased VIX quote width standards and lowers the monthly continuous-quote time requirement from 90% to 85% of the time. Appointed LMMs that meet the standards remain eligible for rebates of $30,000 for VIX and $5,000 for VIXW in a given month (pro-rated if appointment begins or ends mid-month), and the Exchange notes LMMs may incur added costs such as purchasing additional logical connectivity to satisfy heightened quoting.
Traders and Investors May See Tighter Spreads
The Exchange states the VIX/VIXW quoting changes are intended to encourage LMMs to provide more liquidity, which should give investors more trading opportunities, tighter spreads, and improved price discovery during the GTH session. These expected market quality benefits are described by the Exchange as advantages for investors who trade VIX and VIXW products.
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Key Dates
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