Cboe Global Markets

Cboe Lead Market Maker Program

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 ETPs.

Base Payment

Average Aggregate Daily Auction Volume in LMM Assigned ETPs

  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

Enhanced Payment

LMMs will receive the following rates on a daily basis per Qualified ETP for which they also meet certain enhanced market quality standards in addition to the Base Payment above:

Average Aggregate Daily Auction Volume in LMM Assigned ETPs

  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

LMM Add Liquidity Rebate

LMMs in BZX-listed securities that have a CADV ≥ 1,000,000 (an “ALR Security”) are eligible to opt-in to the LMM Add Liquidity Rebate for such ALR Securities for a calendar month on a security-by-security basis. Where such LMM opts-in and is a Qualified LMM in the ALR Security, the LMM will receive an enhanced rebate of $0.0039 per share instead of any other applicable rebate for transactions in the ALR Security.

LMMs that opt-in to the LMM Add Liquidity Rebate will not be eligible for the LMM Liquidity Provision Rates described above for the applicable ALR Security, but remain eligible to achieve other incentives and tiers unless otherwise explicitly excluded.

LMM Add Volume Tier

Tier Incremental Rebate
LMM Add Volume Tier
1. Member adds an ADV ≥ 0.20% of the TCV;
2. Member has an Average Aggregate Daily Auction Volume in LMM Securities ≥ 500,000;
3. Member is enrolled in at least 75 LMM Securities
($0.0001)

LMMs in Cboe listed securities will transact for free in the Closing Auction in assigned ETPs

LMM Securities

Visit our LMM Securities page for a complete list of securities in the LMM program, including LMMs on the ETP, the date it entered the program and issuing company.

* See the Cboe BZX Exchange Rule Book for Market Maker requirements.