Options Fee Hike Hits Cboe BZX Exchange Briefly
Published Date: 12/22/2025
Notice
Summary
Starting January 2, 2026, through June 30, 2026, the Cboe BZX Exchange is doubling the Options Regulatory Fee from $0.0001 to $0.0002 per contract side. This change affects traders using the exchange’s options platform and means a small increase in fees for each options contract traded. The fee hike is temporary, so mark your calendars for when it ends mid-2026!
Analyzed Economic Effects
3 provisions identified: 0 benefits, 2 costs, 1 mixed.
Proposed New ORF Model (On-Exchange Only)
The Exchange filed a separate proposal to adopt a modified ORF model, intended to be effective July 1, 2026, that would assess ORF only on on‑Exchange transactions that clear in the customer range at OCC. The Exchange says it will switch to that model when a consistent framework is established and adopted by all options exchanges.
Temporary ORF Doubling for Options Trades
From January 2, 2026 through June 30, 2026, the Cboe BZX Exchange increases the Options Regulatory Fee (ORF) from $0.0001 to $0.0002 per contract side. This means each options contract you trade that is subject to ORF will cost an extra $0.0001 per contract side during that period.
ORF Applies to Customer-Range Cleared Trades
The Exchange charges ORF on customer-range options transactions cleared by a Member at the Options Clearing Corporation (OCC) regardless of where the trade occurred. That means customer trades cleared by a Member can incur ORF even if the transaction did not take place on the BZX Exchange.
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