CBOE Exchange Rule Filings

CBOE Options Fee Schedule Amendment: User Fee Exemption and Non-Display Usage Definition

Cboe Exchange, Inc. has filed SR-CBOE-2026-040 proposing to codify within its Fee Schedule (1) a User Fee exemption for Controlled Distributors accessing market data for specified permitted purposes such as software development, quality assurance, testing, sales support, and technical monitoring, and (2) an amended definition of 'Non-Display Usage' that expands the prior definition to capture machine or automated device access for purposes not solely in support of display for a natural person. The Exchange states the Non-Display Usage amendment is specifically intended to address firms' increasing use of Large Language Models (LLMs) in connection with market data products. Both concepts previously existed in the Cboe Global Markets North American Data Policies but are now being formally incorporated into the Fee Schedule for transparency.

Trading Permit Holder Statutory Disqualification Procedures Amendment to Exchange Rule 3.13

Cboe Exchange proposes to amend Exchange Rule 3.13 regarding statutory disqualification procedures for Trading Permit Holders (TPHs) to conform with FINRA Rule Series 9520 and industry standards. The proposal addresses inconsistent outcomes when FINRA processes SD applications on behalf of the Exchange, as the Exchange's current rules require 19h-1 Notices in certain circumstances where FINRA would not. The amendment would incorporate a new Statutory Disqualification Circular outlining eligibility procedures and rely on FINRA's 2009 No-Action Letter for interpretive guidance.

Silexx API Replaces Flat Fee With Tiered Pricing

Cboe Exchange proposes to replace the existing flat $200 monthly fee for the Silexx application programming interface (API) with a three-tier usage-based pricing structure ranging from $299 to $999 per login ID per month. The proposed tiers include different rate limits and daily call caps, with overage fees of $0.01 per call for Tier 1 and Tier 2 users exceeding their daily caps. The proposal is effective March 2, 2026, and all login IDs will default to Tier 1 unless users elect otherwise.

Proposed Amendment to FLEX Options ETF Cash Settlement

Cboe Exchange filed a proposed rule change (SR-CBOE-2026-035) with the SEC to amend Rule 4.21 governing cash settlement for FLEX Equity Options on ETFs. The proposal would permit newly FLEX-eligible ETFs satisfying liquidity thresholds based on a one-month lookback period to elect cash settlement, establish tiered criteria for handling cash-settled FLEX ETF Options when the underlying ETF no longer meets eligibility requirements at bi-annual review, and eliminate the existing 50-ETF cap on cash settlement eligibility.

Proposed Amendment to Binary Options Rules on All Indexes

Cboe Exchange proposes to amend its Rules related to binary options, including expanding the underlying indexes from broad-based indexes to all indexes. The amendment would permit listing binary options on all indexes under Rule 4.16. The Exchange separately intends to file a rule change to reduce the minimum exercise settlement value from $10 to $1.

Amends Fee Schedule to Codify User Fee Exemption and Non-Display Usage Definition for Controlled Distributors

Cboe Exchange proposes amending its Fee Schedule to formally codify an existing User Fee exemption for Controlled Distributors and the amended definition of 'Non-Display Usage' under the Market Data section. The filing, originally submitted as SR-CBOE-2026-030 on April 1, 2026 and withdrawn April 13, 2026, was refiled as SR-CBOE-2026-036. Controlled Distributors receiving market data for Permitted Purposes (software development, quality assurance, testing, sales support for redistribution, or technical monitoring) would be exempt from Display Usage fees.

A.M.-Settled SPX Options, Any Weekday Expiration

Cboe Exchange proposes to amend its rules to permit listing of A.M.-settled SPX options expiring on any weekday (Monday-Friday, excluding third Friday-of-month and end-of-month coincidences) and on the last trading day of the month. The proposed rule change introduces A.M.-Settled Weekly Expirations and End-of-Month Expirations for S&P 500 Index options.

Stop-Limit Complex Orders and SCOA Auction Mechanism

CBOE Exchange proposes to amend Rules 5.33, 5.21(b), 5.25(c), and 5.34(c) to establish stop-limit complex orders as a new order type and Stop Complex Order Auctions (SCOA) as a new auction mechanism for options trading. The proposal extends existing stop-limit functionality for simple orders to complex orders and introduces a dedicated auction process to facilitate simultaneous management of long and short legs. CBOE's President approved the filing on February 24, 2026, with implementation details to follow within 60 days.