# Federal Register #SR-CBOE-2026-080

SEC notice on Cboe’s proposed binary options and routing fee changes

**Buyer:** Securities and Exchange Commission
**Posted:** October 21, 2026
**Identifier:** SR-CBOE-2026-080

The SEC notice describes Cboe Exchange’s proposed changes to fees for certain binary options and routing activity; it is a regulatory filing, not a procurement opportunity.
- Government agency: Securities and Exchange Commission (SEC).
- Organizations named: Cboe Exchange, Inc. (also identified as Cboe Options) and Investors Exchange LLC (IEX).
- Proposed fee changes:
  - Replace fixed, premium-based transaction fees with tier-based constant fees for specified customer, clearing trading permit holder proprietary, broker-dealer, and electronically executed market-maker orders that remove liquidity in Mini-S&P 500 Index (XSPBX) binary options.
  - Keep existing per-contract fees for market-maker, DPM, and LMM orders that add liquidity, and for manual orders.
  - Add IEX to routing fee code RD.
- No products or services, quantities, part numbers, or contract performance period are specified because no purchase is being requested.

### Description

Cboe Exchange, Inc. filed a proposed rule change to amend its Fees Schedule, effective October 1, 2026. The proposal would replace fixed, premium-based transaction fees for XSPBX binary options with a tier-based constant transaction fee methodology for specified order types and liquidity-taking transactions, while retaining existing per-contract fees for Market-Maker/DPM/LMM liquidity-adding and manual orders. It would also add Investors Exchange LLC (IEX) to fee code RD. The filing identifies the proposed rule text in Exhibit 5.

[View original listing](https://www.federalregister.gov/documents/2026/10/21/2026-21480/self-regulatory-organizations-cboe-exchange-inc-notice-of-filing-and-immediate-effectiveness-of-a)