Nasdaq BX Lowers Fees in Predictably Boring Fashion
Published Date: 9/22/2025
Notice
Summary
Starting October 1, 2025, Nasdaq BX is cutting its Options Regulatory Fee from $0.0008 to $0.0003 per contract. This means traders and firms using BX for options trading will pay less in fees, making it cheaper to trade options. The change is already approved and kicks in soon, so get ready for some savings!
Analyzed Economic Effects
3 provisions identified: 1 benefits, 1 costs, 1 mixed.
BX Cuts Options Regulatory Fee
Starting October 1, 2025, Nasdaq BX will lower its Options Regulatory Fee (ORF) from $0.0008 to $0.0003 per contract side. If you trade options that clear in the Customer range through a BX Participant or on BX, each contract will incur the lower fee beginning on that date.
Who Gets Charged the ORF
BX assesses the ORF on each Customer option transaction that is (1) executed by a BX Participant on BX, or (2) cleared by a BX Participant at OCC in the Customer range, even if the trade executed on another exchange. Which firm ultimately pays and from which clearing account the fee is collected depends on whether the OCC clearing member is a BX Participant.
BX Will Monitor and May Adjust ORF
BX will monitor ORF revenue and, if combined regulatory revenue would exceed its Options Regulatory Costs, the Exchange may change the ORF again by filing a fee change and giving Participants at least 30 calendar days' notice before the new fee's effective date. The Exchange notified Participants of the October 1, 2025 decrease via an Options Trader Alert.
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