Frequent Trader Program
Frequent Trader is a voluntary incentive program for trading activity in certain Cboe® proprietary products that is available to non-Trading Permit Holder, non-broker/dealer customers ("C" origin code for options), professional customers and voluntary professionals ("W" origin code) (collectively "customers"). Rebates are given on Cboe customer transaction fees based on the activity of each individual Frequent Trader ID ("FTID").
Frequent Trader Program Quick Reference Guide
Available to non-Trading Permit Holder, non-broker/dealer (i.e. customer) users such as:
- Asset Managers
- Corporate Treasuries
- ETF/ETN Providers
- Family Offices
- Hedge Funds
- Individuals
- Insurance Companies
- Mutual Funds
- Pensions
- Proprietary Trading Firms
- Rebates apply for trading activity in RUT, VIX®, SPX and SPXW options.
- Customers obtain a unique FTID that can be appended to orders delivered to Cboe during both Regular Trading Hours ("RTH") and Global Trading Hours ("GTH").
- Volume associated with each FTID is aggregated to qualify for certain rebates of Cboe customer transaction fees.
- Each customer is responsible for ensuring their FTID is appended to their orders.
Options Rebate Schedule
| VIX Options | SPX / SPXW / SPXpm Options | RUT Options | ||||
|---|---|---|---|---|---|---|
| Tier | Monthly Contracts Traded | Fee Rebate | Monthly Contracts Traded | Fee Rebate | Monthly Contracts Traded | Fee Rebate |
| 1 | 10,000-99,999 | 5% | 10,000-49,999 | 3% | 10,000-24,999 | 10% |
| 2 | 100,000-299,999 | 15% | 50,000-99,999 | 6% | 25,000-49,999 | 15% |
| 3 | 300,000 and above | 25% | 100,000 and above | 9% | 50,000 and above | 25% |
Please visit the Frequent Trader ID Registration page to register.
FAQs
- What is the process to obtain a Frequent Trader ID?
Customers can obtain an ID by registering at the Frequent Trader ID Registration page
- How does a customer enter their FTID on an order?
The customer will need to provide the FTID to the executing agent who will then append the ID to both the customer's manual and electronic orders. Customers should supply the same FTID to all of their executing agents.
- Will there be a way for customers to track their activity?
FTID owners will receive a daily statement via email including contracts traded and total estimated fees with potential rebate. There will also be an option to request customized reports through our Quotes & Data page.
- How will a customer receive their rebate?
The FTID owner may request payment to their executing agent or by Electronic Funds Transfer ("EFT") directly to the customer. Payment instructions can be submitted using the link provided on the customer's daily statement. If multiple executing agents are used, rebates will be paid pro rata to those agents based on their share of the customer's executed volume.
- Will the FTID be visible or available to the marketplace or trading counterparties?
No, the FTID will be recorded only on the Exchange's internal order tracking system and will not be disclosed or otherwise discoverable by any other party. Additionally, Cboe will not disclose the list or details of customers having a FTID to any party, and there will be no public record of FTID owners. Any personal information provided to the Exchange in connection with the Frequent Trader Program will be handled in a manner consistent with our Privacy Policy.
- Does the program allow for post trade adjustments?
The program currently allows for post trade adjustments through the forms on our Fee Schedule page.
Please read the rule filing for the Frequent Trader Program for more information. A copy of the rule filing will be available on our Rule Filings page.