CBOE · 10-Q · 2026Q3 · Full report

Regulatory Fee Changes

Cboe Global Markets, Inc. · 2026-10-30 · Importance 77 · Surprise 82

An April 2026 rate change raised the Section 31 fee to $20.60 per million dollars of covered sales, from an average of $0 in the third quarter of 2025. For the nine months ended September 30, 2026, the average rate was $13.52 per million dollars, compared with $13.68 in the prior-year period, because the rate had been $0 from May 2025 until April 2026. Third-quarter 2026 regulatory fee costs were $143.9 million, and the filing states that Section 31 fee revenue is directly offset by regulatory fee costs.

Key facts

• The average Section 31 fee rate for the nine months ended September 30, 2026 was $13.52 per million dollars of covered sales, compared with $13.68 in the same period of 2025; the rate was changed to $0 in May 2025 and remained there until April 2026. source
• Cboe identifies potential implementation of the new options regulatory fee model and its impact on regulatory fee revenue as a business factor. source
• Cboe says the SEC’s reduced equity access fee cap and other potential market-structure changes may decrease exchange trading and transaction fee revenue. source
• The average Section 31 fee rate was $20.60 per million dollars of covered sales in the three months ended September 30, 2026, compared with $0 in the same period of 2025, following a rate change effective April 2026 to $20.60. source