Nasdaq PHLX Joins Fee-Cutting Parade Sans Fanfare
Published Date: 9/22/2025
Notice
Summary
Starting October 1, 2025, Nasdaq PHLX is slashing its Options Regulatory Fee from $0.0024 to just $0.0003 per contract side. This means traders and firms using Phlx will pay way less on their options trades, saving money right away. The change is already official and aims to make trading on Phlx more affordable and attractive.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Big Cut to Options Regulatory Fee
Starting October 1, 2025, Nasdaq PHLX is lowering its Options Regulatory Fee (ORF) from $0.0024 to $0.0003 per contract side. If you trade or clear customer options on Phlx (or clear through a Phlx member organization at OCC in the Customer range), the fee charged per contract side will be much lower beginning that date.
Which Firms Get Charged the ORF
Phlx will assess and collect the ORF on Customer option transactions that are either executed by a Phlx member organization on Phlx or cleared by a Phlx member organization at OCC in the Customer range. The filing explains which clearing or executing member organization will be assessed and collected from in different scenarios (for example, if the OCC clearing member is a Phlx member organization, ORF is assessed on all ultimately cleared Customer contracts).
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