Cboe Implements New Fee Schedule for Mini-S&P 500 Binary Options
All participants trading XSP binary options on Cboe are subject to the revised fees effective August 12, 2026
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4, Cboe Exchange, Inc. filed a proposed rule change on August 12, 2026 (Release No. 34-106161; File No. SR-CBOE-2026-071). The filing, published in the Federal Register on August 19, 2026, makes the amendment immediately effective and updates the Exchange's Fees Schedule for binary options that overlie the Mini-S&P 500 Index (XSP binary options, or XSPBX).
The amendment introduces a series of fee codes that apply per contract based on the option's premium price and order capacity. For Customer (capacity "C") orders, fee code D1 assesses $0.04 per contract when the premium is less than $0.04 or greater than $0.96; D2 assesses $0.08 for premiums $0.04-$0.09 or $0.91-$0.96; D3 assesses $0.20 for premiums $0.10-$0.24 or $0.76-$0.90; and D4 assesses $0.30 for premiums $0.25-$0.75. Non-Customer, Non-Market-Maker orders (capacities "F", "L", "B", "J", "N", "U") receive fee code N1 at $0.10 per contract for the outer premium range, N2 at $0.15 for the next range, N3 at $0.25 for the middle range, and N4 at $0.35 for the central range. Market-Maker orders (capacity "M") taking liquidity are charged H1 through H4 at $0.10, $0.15, $0.25, and $0.35 respectively, with an additional HA fee of $0.05 for adding liquidity and an HM manual fee of $0.15.
The proposal also adds Footnote 24, reserving XSPBX options from a suite of rebate and incentive programs, including the Liquidity Provider Sliding Scale, Volume Incentive Program, Break-Up Credits, Affiliate Volume Plan, Marketing Fee, Clearing Trading Permit Holder Fee Cap, Customer Large Trade Discount, Floor Broker Sliding Scale Rebate Program, Floor Broker Sliding Scale Supplemental Rebate Program, Order Router Subsidy Program, and Complex Order Router Subsidy Program.
The Exchange has made the full text of the rule change and supporting statements available on the SEC's SRO website and on Cboe's own site. The Commission is soliciting comments from interested persons during the notice period.
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