Federal Register #SR-CBOE-2026-077

Cboe Exchange Proposes Fee Changes for Bitcoin ETF Index Options

This notice announces a proposed rule change by Cboe Exchange, Inc. regarding transaction fees for its proprietary Bitcoin options products. - Government Buyer: - Securities and Exchange Commission (SEC) - OEM/Vendor: - Cboe Exchange, Inc. (sole OEM and operator of the options products) - Products/Services Affected: - Cboe Bitcoin U.S. ETF Index Options (CBTX) - Cboe Mini Bitcoin U.S. ETF Index Options (MBTX) - Key Details: - The proposal amends the transaction fee schedule for CBTX and MBTX options. - New fee codes are introduced, and existing codes are modified. - Fees vary by order type (Market-Maker, Clearing TPHs, Broker-Dealer, etc.), execution method (manual/open outcry vs. electronic), and whether the order adds or removes liquidity. - For CBTX: Fees range from $1.00 to $1.50 per contract for non-customer orders; Market-Maker orders that add liquidity receive rebates. - For MBTX: Fees range from $0.50 to $1.00 per contract, with similar rebates for Market-Maker liquidity provision. - The changes are intended to incentivize tighter quoting and discourage opportunistic trading behavior. - Notable Requirements: - No procurement of goods or services is requested; this is a regulatory fee schedule amendment for proprietary options products. - No specific quantities or part numbers are involved.

Description

This notice announces a proposed rule change by Cboe Exchange, Inc. to amend the transaction fees for Cboe Bitcoin U.S. ETF Index Options (CBTX) and Cboe Mini Bitcoin U.S. ETF Index Options (MBTX). The amendments include changes to fees for different types of orders based on execution method, capacity, and liquidity provision or removal. The proposal aims to address market quality issues by adjusting fees and rebates to encourage tighter quotes and discourage opportunistic trading behavior. The rule change is effective immediately and comments are solicited by October 20, 2026.

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