Federal Register #SR-CBOE-2026-031

SEC Notice: Cboe and Nasdaq Proposed Rule Changes for Options Fees and ETF Definitions

This notice details proposed rule changes by Cboe Exchange, Inc. and The Nasdaq Stock Market LLC, published by the Securities and Exchange Commission (SEC): - Government Buyer: - Securities and Exchange Commission (SEC) - OEMs and Vendors: - Cboe Exchange, Inc. - The Nasdaq Stock Market LLC - Products/Services Requested: - No physical products or services are being procured; this is a regulatory notice regarding fee schedule amendments and rule changes for options transactions and exchange-traded products. - Cboe Exchange proposes amendments to: - Standard transaction fees for index options (XSP, MRUT, DJX, SPESG, SPEQX, CBTX, MBTX) - Floor broker permit fees (moving to a flat $750 per permit) - Surcharges for SPX and VIX floor broker trading (tiered, with lower volume thresholds) - Market-maker tier appointment fees for VIX and RUT ($2,500 and $1,500 per month, respectively) - Floor jacket stipends ($275 every three years for new jackets, $100 annual cleaning stipend) - New SPXW Excessive Complex Instrument Creation Charges - Nasdaq proposes to add Class ETF Shares to the definition of Exchange-Traded Products, enabling optional halt and opening processes - Unique or Notable Requirements: - Fee code extensions for Mini-Russell 2000 Index options (MRUT) and Dow Jones Industrial Average options (DJX) - Introduction of new fees for S&P 500 Scored & Screened Index options (SPESG) and S&P 500 Equal Weight Index options (SPEQX) - New fee structure to discourage excessive complex instrument creation in SPXW options - Incentives for new market participants and floor badge holders - Nasdaq's rule change enables operational flexibility for Class ETF Shares - No procurement of goods or services is involved; these are regulatory changes affecting market participants and trading fees.

Description

Cboe Exchange, Inc. has filed a proposed rule change with the Securities and Exchange Commission to amend its fees schedule effective April 1, 2026. The amendments include changes to standard transaction fees, floor broker permit fees, surcharges related to SPX and VIX floor broker trading, discounts, market-maker tier appointment fees, floor jacket stipends, and charges related to SPXW excessive complex instrument creation. The proposal also extends certain fee codes applicable to Mini-SPX Index options to Mini-Russell 2000 Index options and Dow Jones Industrial Average options, and adopts new fees for S&P 500 Scored & Screened Index options and S&P 500 Equal Weight Index options.

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