Federal Register #SR-CBOE-2026-046

SEC Notice: Proposed Fee Schedule Amendments by Cboe Exchange, Inc. and Nasdaq GEMX, LLC

This notice summarizes proposed rule changes by Cboe Exchange, Inc. and Nasdaq GEMX, LLC, as published by the Securities and Exchange Commission (SEC): - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets - OEMs and Vendors Mentioned: - Cboe Exchange, Inc. - Nasdaq GEMX, LLC - Products/Services Requested: - Amendments to Cboe Exchange's Fees Schedule, including: - Changes to Automated Improvement Mechanism (AIM) Auction fees - Adjustments to Market-Maker and Non-Market Maker order fees for equity, ETF, ETN, VIX, and RUT options - Introduction of a new fee code (YM) and new surcharges for certain contracts - Updates to the Customer Volume Incentive Program (VIP), including a new Tier 5 with revised thresholds and credit rates - Modifications to the Affiliated Volume Plan (AVP) - Updates to the Cboe Options Historical Depth Description - Nasdaq GEMX proposes new fees for Industry Members to cover Consolidated Audit Trail (CAT) costs, set at $0.000001 per executed equivalent share - Unique or Notable Requirements: - Fee changes are designed to incentivize increased order flow and liquidity - The SEC is soliciting public comments on these proposed rule changes - Period of Performance: - Cboe Exchange fee changes effective May 1, 2026 - Nasdaq GEMX CAT fees apply from May 1, 2026 through December 31, 2026 - Place of Performance/Delivery: - Securities and Exchange Commission, 100 F Street NE, Washington, DC

Description

Cboe Exchange, Inc. has filed a proposed rule change to amend its fees schedule related to certain orders executed in Automated Improvement Mechanism (AIM) auctions. The changes include amendments to the Customer Volume Incentive Program and the Affiliated Volume Plan, as well as modifications to the Cboe Options Historical Depth description. The proposal aims to adjust fees for Market-Maker and Non-Market Maker orders in various options products and introduce a new tier in the volume incentive program. The Securities and Exchange Commission is soliciting comments on this proposed rule change.

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