Cboe Listed

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 - 3,000,000 3,000,001 or greater
Daily Incentive for each Qualified ETP 1-5 $10 $25 $40 $50 $150 $200
Daily Incentive for each Qualified ETP 6-25 $10 $25 $25 $30 $100 $150
Daily Incentive for each Qualified ETP 26-50 $10 $10 $20 $25 $75 $100
Daily Incentive for each Qualified ETP 51-100 $10 $10 $15 $20 $50 $75
Daily Incentive for each Qualified ETP Greater Than 100 $10 $10 $15 $15 $25 $50

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 - 3,000,000 3,000,001 or greater
Daily Incentive for each Enhanced ETP 1-5 $2.50 $6.25 $10 $12.50 $37.50 $50
Daily Incentive for each Enhanced ETP 6-25 $2.50 $6.25 $6.25 $7.50 $25 $37.50
Daily Incentive for each Enhanced ETP 26-50 $2.50 $2.50 $5 $6.25 $18.75 $25
Daily Incentive for each Enhanced ETP 51-100 $2.50 $2.50 $3.75 $5 $12.50 $18.75
Daily Incentive for each Enhanced ETP Greater Than 100 $2.50 $2.50 $3.75 $3.75 $6.25 $12.50

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

Applications

For further information regarding LMM securities in the program or the LMM program more generally, contact [email protected]

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.