Cboe Global Markets

Liquidity Requirements

Information about the minimum liquidity requirements under the Cboe Market Maker Fee Programme for each Schedule is found below

Price (A$) MAXIMUM
Spread1		 Minimum value2 Minimum time3
Schedule 1
$5< 2c $50,000 80%
≥$5 40bps $50,000 80%
Schedule 2
$5< 3c $30,000 80%
≥$5 60bps $30,000 80%
Schedule 3
$5< 5c $25,000 80%
≥$5 1% $25,000 80%
Schedule 4
$5< 7c $20,000 80%
≥$5 1.5% $20,000 80%
Schedule 5
$5< 10c $17,500 80%
≥$5 2% $17,500 80%
Schedule 6
$5< 12c $15,000 80%
≥$5 250bps $15,000 80%
Schedule 7
$5< 17c $12,500 80%
≥$5 350bps $12,500 80%
Schedule 8 (currently not in use)
Schedule 9
$5< 1.5c $100,000 80%
≥$5 30bps $100,000 80%
Schedule RB4
$0.05< Reasonable Bid4 $5004 90%
≥$0.05 Reasonable Bid4 $1,0004 90%
  • “MAXIMUM SPREAD”: The maximum spread is calculated based on the best bid price submitted by the relevant market maker.
  • “MINIMUM VALUE”: The minimum value is calculated based on the best bid price for the bid quantity and best offer price for the offer quantity submitted by the relevant market maker (not aggregating across multiple orders).
  • “MINIMUM TIME”: As a percentage of “Active Continuous Trading” as defined in the Cboe Operating Rules.
  • A Reasonable Bid for a Schedule RB investment product will exist if:
    • the minimum value requirement is met (see the table above); and
    • one of the following metrics are met:
      • if both a bid and offer are being posted, and:
        • if the bid price is less than $0.10, the spread between the bid price and the offer price is less than $0.01; or
        • if the bid price is at or higher than $0.10, the spread between the bid price and the offer price is less than 10% of the bid price; or
      • if a bid only is being maintained, it must be a “reasonable bid”
    Note that the minimum value requirement is imposed in relation to the bid only.