BOX Exchange raises market maker fees and floor broker rebate on options

On September 30, 2026, BOX Exchange LLC filed a proposed rule change with the Securities and Exchange Commission under Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4. The filing, identified as Release No. 34-106664; File No. SR-BOX-2026-20, becomes effective upon filing, and the Commission is publishing a notice (FR Doc No: 2026-21245) to solicit comments.

The proposal amends Section V of the BOX Options Market fee schedule. For Market Maker account types in Non-Penny Interval classes, the QOO and FOO order fee would increase from $0.50 to $1.00 per contract. The same amendment raises the Floor Broker enhanced rebate in those classes from $0.20 to $0.25 per contract. Although the rule change is effective upon filing, the fee and rebate adjustments will become operative on October 1, 2026.

The Exchange states the changes are motivated by "business and competitive reasons." It contends that even with the $1.00 fee, its market-maker charges remain competitive with other equity-options exchanges that operate trading floors for non-penny symbols, citing fee levels of $0.90 to $1.00 per contract at PHLX, NYSE American, NYSE Arca and MIAX Sapphire. The enhanced rebate increase is intended to encourage additional floor-broker liquidity in non-penny classes, which the Exchange believes will benefit all participants by expanding trading opportunities.

Statutorily, the Exchange relies on Section 6(b) of the Act and subsections 6(b)(4) and 6(b)(5) to argue that the proposed fees and rebates are equitably allocated and do not constitute unfair discrimination among participants. The notice directs interested parties to the Exchange's principal office or its website at https://rules.boxexchange.com/rulefilings for the full text of the proposal.