Cboe Shifts Options Fees to Hit Customers Harder
Published Date: 12/22/2025
Notice
Summary
Cboe Exchange is changing how it charges the Options Regulatory Fee (ORF) for trades made on its platform. Starting immediately, only options trades that clear in customer accounts will be charged this fee, which could affect traders’ costs. This update aims to make fee collection fairer and clearer for everyone involved.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
ORF Only on Trades Executed on Cboe
Cboe proposes to assess the Options Regulatory Fee (ORF) only on options trades that occur on the Cboe Exchange and would clear in the customer range at the Options Clearing Corporation (OCC). The Exchange would no longer assess an ORF for options transactions that occur on other exchanges; this change could take effect as soon as July 1, 2026 if all U.S. options exchanges adopt similar filings by April 1, 2026.
Estimated Per-Contract ORF Increase
Using 2026 estimates, if Cboe's On-Exchange ORF model applied today the ORF would increase from $0.0023 per contract side to an estimated $0.01331 per contract side. Separately, under a different filing the current $0.0023 rate will sunset the earlier of June 30, 2026 and revert to $0.0017 as of July 1, 2026.
ORF Revenue Limit and Monitoring
Cboe intends that revenue from the On-Exchange ORF, combined with other regulatory fees and fines, will not exceed 75% of the Exchange's total annual regulatory costs and will monitor regulatory costs and revenues at least semi-annually. If revenues exceed or are insufficient relative to regulatory costs, Cboe will file to adjust the On-Exchange ORF and will provide notice to Trading Permit Holders in advance of any change.
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