Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt a New Methodology for Assessment and Collection of the Options Regulatory Fee (ORF)
Published Date: 2/2/2026
Notice
Summary
Miami International Securities Exchange (MIAX) is changing how it charges the Options Regulatory Fee (ORF). Starting soon, only options trades that clear as 'customer' transactions will be charged this fee, which could affect traders and firms using MIAX. This new way aims to make fee collection fairer and more straightforward, with the change already in effect as of early 2026.
Analyzed Economic Effects
4 provisions identified: 0 benefits, 2 costs, 2 mixed.
ORF Limited to MIAX On‑Exchange Customer Trades
MIAX will assess the Options Regulatory Fee (ORF) only for options trades that execute on MIAX and clear in the OCC "customer" range. MIAX will no longer assess ORF on transactions that occur on other exchanges. The Exchange intends to keep the current method until at least June 30, 2026 and may implement the On‑Exchange ORF on July 1, 2026 if by April 1, 2026 other U.S. options exchanges file similar changes.
ORF Assessed On Each Side; Who Gets Billed
For customer trades executed on MIAX, ORF will be assessed on each side of the transaction and billed to the clearing member on record on the execution. If the clearing member on record is a different Member or a non‑Member, the ORF will be assessed to that clearing member on record. MIAX will not assess ORF on customer transactions that execute off the Exchange, and MIAX will not assess ORF on outbound linkage trades.
Exchange Expects Fee Pass‑Through; Revenue Monitoring
MIAX expects that Clearing Members from whom On‑Exchange ORF is collected will pass the fee through to their customers. The Exchange will monitor ORF revenue at least semi‑annually and will file to adjust the On‑Exchange ORF if regulatory revenues are materially over or under regulatory costs; Members will be notified at least 30 calendar days before any change.
Billing Based on Execution Clearing Instructions
MIAX will assess ORF based on the clearing instruction provided on the execution on the trade date and will not take into account CMTA transfers or changes that occur at OCC. Adjustments to CMTA that are provided to the Exchange the same day as the trade will be taken into account, but CMTA adjustments made at OCC will not.
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