Cboe Exchange Revises Binary Options Fees and Adds IEX to Routing Code
The amendment applies to Customer, Clearing Trading Permit Holder Proprietary, Broker-Dealer and Market-Maker orders on XSPBX binary options, effective Oct. 1, 2026.
On October 8, 2026 Cboe Exchange, Inc. filed a proposed rule change (File No. SR-CBOE-2026-080, Release No. 34-106680) to amend its Fees Schedule. The amendment, effective October 1, 2026, replaces the fixed, premium-based transaction fees for XSPBX binary options with a tier-based constant transaction fee methodology for Index Binaries, as defined in new footnote 55. The existing per-contract transaction fees for Cboe Options Market-Maker/DPM/LMM liquidity-adding and manual orders are retained.
The change also adds Investors Exchange LLC (IEX) to fee code RD within the Routing Fees section, which assesses a charge of $0.25 per contract for routed orders. The notice, published in the Federal Register Vol. 91, No. 202 (pages 66591-66596) on October 16, 2026 (FR Doc No. 2026-21480), solicits comments from interested persons.
The revised rate table eliminates the current seven premium ranges that assess fees from $0.04 to $0.35 per contract for Customer, Clearing Trading Permit Holder Proprietary, Broker-Dealer and Market-Maker orders when removing liquidity. Under the new methodology, a constant fee will apply across all premium levels for Index Binaries, while the existing fee structure remains for liquidity-adding and manual orders.
The Exchange indicated that footnote 55 presently identifies only binary options on the Mini-S&P 500 Index (XSPBX) but anticipates adding other binary index options in future amendments, each to be filed separately under Section 19(b) of the Act.
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