Opportunity
Federal Register #SR-CBOE-2026-056
SEC Notice: Cboe Exchange Proposes Fee Update for Mini-S&P 500 Index Binary Options
Buyer
Securities and Exchange Commission
Posted
July 01, 2026
Identifier
SR-CBOE-2026-056
NAICS
523210
This notice details a regulatory update from the Securities and Exchange Commission (SEC) regarding Cboe Exchange, Inc.'s proposed changes to its fee schedule for Mini-S&P 500 Index binary options (XSP binary options): - Government buyer: Securities and Exchange Commission (SEC), Division of Trading and Markets - OEMs and vendors: No Original Equipment Manufacturers (OEMs) or commercial vendors are involved, as this is a regulatory action, not a procurement - Products/services requested: - Introduction of tiered transaction fees for XSP binary options, with fee codes D1-D4 (Customers), N1-N4 (Non-Customer Non-Market-Maker), H1-H4, HA, HM (Market-Makers) - Fee structure varies by order capacity and premium price range - Unique or notable requirements: - XSP binary options are excluded from several existing fee incentive programs (e.g., Liquidity Provider Sliding Scale, Volume Incentive Program) - The fee structure is designed to reflect the unique economic characteristics of binary options - The filing also references a related update from Investors Exchange LLC regarding Priority Customer identification on order books - No procurement of physical products or services is involved; this is a regulatory and fee schedule update for financial instruments
Description
Cboe Exchange, Inc. proposes to update its Fees Schedule related to its plan to list and trade binary options that overlie the Mini-S&P 500 Index (XSP binary options). The update includes adopting specific transaction fees for various premium price ranges of XSP binary options for different order capacities such as Customer, Non-Customer, and Market-Maker. Additionally, the proposal excludes XSP binary options from several fee programs including Liquidity Provider Sliding Scale, Volume Incentive Program, and others. The changes are effective June 15, 2026, and aim to establish clear fee structures and exclusions for these new binary options.