Notice2026-05662
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule To Amend Its Floor Booth Fees
Primary source
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Published
March 24, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 56 (Tuesday, March 24, 2026)</title>
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[Federal Register Volume 91, Number 56 (Tuesday, March 24, 2026)]
[Notices]
[Pages 14058-14060]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-05662]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105054; File No. SR-CBOE-2026-025]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Its Fees Schedule To Amend Its Floor Booth Fees
March 19, 2026.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on March 10, 2026, Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe
Options'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes
to amend its Fees Schedule to amend its Floor Booth Fees. The text of
the proposed rule change is provided in Exhibit 5.
The text of the proposed rule change is also available on the
Commission's website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>), the
Exchange's website (<a href="https://www.cboe.com/us/options/regulation/rule_filings/bzx/">https://www.cboe.com/us/options/regulation/rule_filings/bzx/</a>), and at the principal office of the Exchange.
[[Page 14059]]
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend its Fees Schedule.\3\
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\3\ The Exchange initially filed the proposed fee changes on
March 2, 2026 (SR-CBOE-2026-023). On March 10, 2026, the Exchange
withdrew that filing and submitted this proposal.
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Under the current Fees Schedule, the Exchange assesses monthly fees
for ``Booths--Perimeter'', which refers to a portion of designated
space on the perimeter of the trading floor of the Exchange, which may
be rented by a Trading Permit Holder (``TPH''), clerks, runners, or
other support staff for operational and other business-related
activities.
Currently, the Exchange has a tiered pricing schedule for Booths
based on the number of Booths rented by a TPH. Specifically, the
Exchange assesses the following fees for Booths that are set off from a
trading crowd:
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Quantity of booths Monthly fee
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1-2........................................................ $400
3-6........................................................ 300
7-10....................................................... 200
11 or more................................................. 100
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The tiered pricing provides discounted pricing for additional
Booths. For example, if a TPH rented 4 Booths, the TPH would be
assessed $1,400 a month (2 Booths at $400 and 2 Booths at $300). The
Exchange also assesses a monthly fee of $750 per Booth for any Booth
located in a trading crowd.
The Exchange proposes to modify and simplify its fees assessed for
Booth rentals located on the perimeter of the trading floor.
Specifically, the Exchange proposes to eliminate the tiered pricing and
adopt a monthly fee of $250 per Booth for any Booth located on the
perimeter of the trading floor. The Exchange notes that use of Booths,
whether or located away from or in a trading crowd, are optional and
not necessary in order to conduct open outcry trading on the trading
floor.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\4\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \5\ requirements that the rules of an exchange be
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest. Additionally,
the Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \6\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers. The Exchange also believes the proposed rule
change is consistent with Section 6(b)(4) of the Act,\7\ which requires
that Exchange rules provide for the equitable allocation of reasonable
dues, fees, and other charges among its TPHs and other persons using
its facilities.
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\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(5).
\6\ Id.
\7\ 15 U.S.C. 78f(b)(4).
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The Exchange believes the proposed Booth fee changes are reasonable
as such changes result in a streamlined and simplified trading floor
and facility fee structure. The proposed fees are also in line with
similar fees charged currently and historically at other exchanges with
a physical trading floor.\8\ The Exchange believes that the proposed
Booth fee is equitable and not unfairly discriminatory because it
applies uniformly to trading floor participants who choose to rent
Booths on the perimeter of the trading floor (and all booths are
uniform and nearly identical in size). Moreover, the use of Booths,
whether located away from or in a trading crowd, are optional and not
necessary in order to conduct open outcry trading on the trading floor.
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\8\ See BOX Fee Schedule, Section I(D) (assessing a desk fee of
$350 per month for all registered on-floor persons employed by or
associated with a floor broker); NYSE Arca Options Fee and Charges
Schedule, Floor and Equipment section (assessing a fee of $80 per
month, per linear foot for floor booths); MIAX Sapphire Options
Exchange Fee Schedule, Section 9(c) (assessing a desk fee of $350
per month registered on-Floor persons (i.e., Clerks) employed by or
associated with a Floor Market Maker or Floor Broker).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange does not
believe that the proposed rule changes related to Floor Booth fees will
impose any burden on intramarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act because the
proposed changes would be applied in the same manner to all similarly
situated participants and as such, would not impose a disparate burden
on competition among the same classes of market participants. As
described in further detail above, the proposed Booth fees are
applicable only to firms that choose to rent Booths (which are optional
and not required for open-outcry trading). The Exchange also does not
believe that the proposed rule changes will impose any burden on
intermarket competition that is not necessary or appropriate in
furtherance of the purposes of the Act because the proposed rule
changes apply only to fees relating to the Exchange's floor facility.
Further, as described in detail above, the Exchange believes its
proposed facilities fees are in line with facility fees assessed at
other exchanges that maintain physical trading floors.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \9\ and paragraph (f) of Rule 19b-4 \10\
thereunder. At any time within 60 days of the filing of the proposed
rule change, the Commission summarily may temporarily suspend such rule
change if
[[Page 14060]]
it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
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\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#2153544d440c424e4c4c444f5552615244420f464e57"><span class="__cf_email__" data-cfemail="fc8e899099d19f9391919992888fbc8f999fd29b938a">[email protected]</span></a>. Please include
file number SR-CBOE-2026-025 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-CBOE-2026-025. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the filing will be available for inspection and
copying at the principal office of the Exchange. Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publication submitted material
that is obscene or subject to copyright protection. All submissions
should refer to file number SR-CBOE-2026-025 and should be submitted on
or before April 14, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(12).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2026-05662 Filed 3-23-26; 8:45 am]
BILLING CODE 8011-01-P
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