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The Cboe Lead Market Maker (LMM) Program is a rewards-based program that aims to provide a superior trading experience for issuers and investors by incenting Lead Market Makers to demonstrably enhance market quality in the form of tighter markets and deeper liquidity for Cboe-listed securities.
| 0-10,000 | 10,001-100,000 | 100,001-500,000 | 500,001-1,000,000 | 1,000,001 or greater | |
|---|---|---|---|---|---|
| Daily Incentive for each Qualified Security 1-5 | $10 | $25 | $40 | $50 | $100 |
| Daily Incentive for each Qualified Security 6-25 | $10 | $25 | $25 | $30 | $70 |
| Daily Incentive for each Qualified Security 26-50 | $10 | $10 | $20 | $25 | $50 |
| Daily Incentive for each Qualified Security 51-100 | $10 | $10 | $15 | $20 | $25 |
| Daily Incentive for each Qualified Security Greater Than 100 | $10 | $10 | $15 | $15 | $20 |
LMMs will receive the following rates on a daily basis per Qualified security for which they also meet certain enhanced market quality standards in addition to the Base Payment above:
| 0-10,000 | 10,001-100,000 | 100,001-500,000 | 500,001-1,000,000 | 1,000,001 or greater | |
|---|---|---|---|---|---|
| Daily Incentive for each Enhanced Security 1-5 | $3 | $7.50 | $12 | $15 | $30 |
| Daily Incentive for each Enhanced Security 6-25 | $3 | $7.50 | $7.50 | $9 | $21 |
| Daily Incentive for each Enhanced Security 26-50 | $3 | $3 | $6 | $7.50 | $15 |
| Daily Incentive for each Enhanced Security 51-100 | $3 | $3 | $4.50 | $6 | $7.50 |
| Daily Incentive for each Enhanced Security Greater Than 100 | $3 | $3 | $4.50 | $4.50 | $6 |
LMMs in Cboe listed securities will transact for free in the Closing Auction in assigned securities
Visit our LMM Securities page for a complete list of securities in the LMM program, including LMMs on the security, the date it entered the program and issuing company.
* See the Cboe BZX Exchange Rule Book for Market Maker requirements.
