Cboe Implements New Transaction Fees for CBTX and MBTX Options

The Securities and Exchange Commission published a notice (FR Doc No. 2026-19863; Release No. 34-106481; File No. SR-CBOE-2026-077) on September 24, 2026 indicating that Cboe Exchange, Inc. filed a proposed rule change on September 15, 2026 to amend standard transaction fees for its CBTX and MBTX options. The filing is effective immediately, and the Exchange plans to withdraw it on October 1, 2026, at which time fees will revert to the March 31, 2026 rates.

For CBTX, the Exchange amends fee code B2 to $1.00 per contract for all non-customer orders executed manually (open outcry). It adopts fee code B3 at $1.50 per contract for electronically executed non-customer orders that remove liquidity, fee code B4 providing a $0.75 per contract rebate for market-maker orders that add liquidity, and fee code B5 assessing $1.00 per contract for electronically executed non-customer orders contra to customers and non-customer, non-market-maker orders that add liquidity.

For MBTX, the Exchange amends fee code M2 to $0.50 per contract for all non-customer orders executed manually. It adopts fee code M3 at $1.00 per contract for electronically executed non-customer orders that remove liquidity, fee code M4 offering a $0.50 per contract rebate for market-maker orders that add liquidity, and fee code M5 assessing $0.50 per contract for electronically executed non-customer orders contra to customers and non-customer, non-market-maker orders that add liquidity.

The Exchange notes that, for the manually executed orders and the electronically executed non-customer orders described, the fee changes do not result in practical rate alterations. The proposal is presented as consistent with the Securities Exchange Act of 1934, specifically Sections 6(b)(4) and 6(b)(5), and is intended to maintain equitable fee allocation among participants.