Frequent Trader Program

Frequent Trader Program

Frequent Trader is a voluntary incentive program for trading activity in certain Cboe® proprietary products and CFE® products* that is available to non-Trading Permit Holder, non-broker/dealer customers ("C" origin code for options / "CTI" code 4 for futures), professional customers and voluntary professionals ("W" origin code) (collectively "customers"). Rebates are given on Cboe and CFE 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
  • For the options Frequent Trader Program, rebates apply for trading activity in RUT, VIX®, SPX and SPXW options. For CFE, rebates apply for trading activity in VIX futures.
  • Customers obtain a unique FTID that can be appended to orders delivered to Cboe and CFE 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%

Futures Rebate Schedule:
VIX futures customers can earn rebates off standard customer transaction fees if the following thresholds are met. Note that these are separate and distinct rebates, i.e. customers can earn both. The highest rebate tier that is reached by the end of the month will be applied to all trades during that month.

Tier Average Daily VX Customer Volume Associated with Customer's FTID for Applicable Month Rebate Per Contract Side
1 ≥ 0.75% $0.03 Rebate
2 ≥ 1.00% $0.06 Rebate
3 ≥ 1.50% $0.11 Rebate
4 ≥ 2.50% $0.14 Rebate
5 ≥ 5.00% $0.18 Rebate


Tier Average Daily VX Customer Volume Associated with Customer's FTID for Applicable Month Rebate Per Contract Side
1 ≥ 1,000 $0.02 Rebate
2 ≥ 2,000 $0.04 Rebate
3 ≥ 8,000 $0.08 Rebate

Please visit https://www.cboe.com/FTID/registration.aspx to register.

*Subject to regulatory approval Dec. 1, 2018

2. 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.

3. Will there be a way for customers to track their activity?

For the options program, 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 web site at https://www.cboe.org/tphreports/default.aspx. For the futures program, please contact your executing agent for more information about rebates achieved.

4. How will a customer receive their rebate?

For the options program, 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. For the futures program, rebates will be paid to executing agents. 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.

5. 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 the Frequent Trader Program Privacy Policy, a copy of which can be accessed through the Frequent Trader Program website https://www.cboe.com/ftid/registration.aspx.

6. How else do the options and futures programs differ?

For the futures program, no post trade changes are permitted. If the FTID is not on the futures trade at the time of execution or if the FTID is not input correctly, the futures trades will not count toward rebate tiers. The options program currently allows for post trade adjustments through the following form: https://www.cboe.com/trading-resources/fee-schedules.