MIAX PEARL Dips Options Fee Before Slight 2026 Bump
Published Date: 9/29/2025
Notice
Summary
MIAX PEARL is shaking things up by lowering the Options Regulatory Fee (ORF) from $0.0018 to $0.0014 per contract for the last four months of 2025. Starting January 1, 2026, the fee will rise a bit to $0.0016 per contract. Traders using MIAX PEARL’s options platform will feel the change in their fees right away, saving some money now and adjusting to a small increase next year.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 1 costs, 1 mixed.
Who pays and how ORF is collected
MIAX Pearl assesses the ORF per contract to each Member for options transactions cleared or ultimately cleared by that Member in the OCC 'customer' range, regardless of where the trade was executed; the OCC collects the ORF from the ultimate clearing firm on behalf of the Exchange. Clearing firms may pass through all, part, or none of the ORF to their customers.
ORF cut for Sept–Dec 2025
If you are a MIAX Pearl Member or clearing firm, the Options Regulatory Fee (ORF) is temporarily lowered from $0.0018 to $0.0014 per contract for transactions between September 1, 2025 and December 31, 2025. The change is intended to reduce ORF collections for 2025 so total regulatory fee revenue does not exceed regulatory costs.
ORF set at $0.0016 on Jan 1, 2026
Starting January 1, 2026, MIAX Pearl will set the ORF at $0.0016 per contract (an increase from $0.0014 during the temporary period). This new rate applies to options transactions that clear in the OCC 'customer' range and will be collected from the ultimate clearing firm.
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