NYSE American Reduces CUBE Auction Rebates, Eliminates Professional Volume Incentive
Effective Oct. 15, 2026, the fee schedule change lowers ACE and Alternative rebates to $0.115 per contract and removes the Professional Volume Incentive rebate for CUBE auctions.
On October 15, 2026, NYSE American LLC filed a proposed rule change with the Securities and Exchange Commission to amend its Options Fee Schedule for Customer Best Execution (CUBE) auctions. The notice, published on October 26, 2026 in the Federal Register (Vol. 91, No. 208, pages 68196-68198; Release No. 34-106730; File No. SR-NYSEAMER-2026-94), seeks comment and states the amendment is effective immediately.
The amendment reduces the ACE Initiating Participant Rebate and the Alternative Initiating Participant Rebate for Complex CUBE auctions from $0.12 per contract to $0.115 per contract across all issues. It also eliminates the Professional Volume Incentive Initiating Participant Rebate for single-leg, complex, and AON CUBE auctions. The Exchange says the reductions reflect a rebalancing of its fee structure while preserving incentives for participants to initiate CUBE auctions.
Current rebates are $0.12 per contract for all issues, applied to the first 5,000 contracts per leg for single-leg CUBE auctions and the first 1,000 contracts per leg for complex and AON auctions, with certain market exclusions. The proposed $0.115 rate would apply under the same conditions. The Professional Volume Incentive rebate, previously available to ATP holders meeting Tier B qualifications, would be removed entirely.
The filing replaces an earlier submission (SR-NYSEAMER-2026-91) withdrawn on October 15, 2026. The Exchange cites Section 6(b) of the Securities Exchange Act and the competitive environment among roughly 20 registered options exchanges as the statutory basis for the change. The full text of the proposal is available on the NYSE website and at the Exchange's principal office.
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