MIAX Slashes Options Fee Temporarily for Trader Relief
Published Date: 9/29/2025
Notice
Summary
MIAX is shaking things up by lowering the Options Regulatory Fee (ORF) from $0.0019 to $0.0015 per contract for the last four months of 2025, giving traders a little breather. Then, starting January 1, 2026, the fee will rise to $0.0017 per contract. This change affects anyone trading options on MIAX and aims to keep fees fair and balanced.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 2 costs, 1 mixed.
Temporary ORF Cut for Late 2025
If you trade options whose contracts clear in the OCC "customer" range, the Options Regulatory Fee (ORF) is temporarily reduced from $0.0019 per contract to $0.0015 per contract between September 1, 2025 and December 31, 2025.
ORF Increase Starting Jan 1, 2026
Starting January 1, 2026, the Options Regulatory Fee (ORF) will be $0.0017 per contract (up from $0.0015 during late 2025) for options contracts that clear in the OCC "customer" range.
ORF Applies to Cleared "Customer" Contracts Everywhere
The Exchange assesses the ORF on each Member for options transactions that are cleared or ultimately cleared in the OCC "customer" range, regardless of the exchange where the trade was executed. That means transactions executed away from MIAX can still be subject to the ORF if cleared in the customer range.
Clearing Firms May Pass ORF to Customers; Exchange May Readjust
The filing states OCC-collected ORF may be passed through by clearing firms to their customers (they may pass all, part, or none of it). The Exchange also monitors ORF revenue and may file future fee changes if ORF collections could exceed a material portion of regulatory costs.
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