Self-Regulatory Organizations; MIAX Emerald, 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
MIAX Emerald is changing how it charges the Options Regulatory Fee (ORF). From now on, only options trades made directly on their exchange and cleared as 'customer' transactions will be charged this fee. This update starts immediately and affects traders using MIAX Emerald, potentially changing how much they pay in fees.
Analyzed Economic Effects
3 provisions identified: 0 benefits, 0 costs, 3 mixed.
ORF Charged Only on MIAX Emerald Trades
MIAX Emerald will assess its Options Regulatory Fee (ORF) only on options transactions that are executed on MIAX Emerald and that clear in the OCC "customer" range. The Exchange will no longer assess ORF on options transactions that occur on other exchanges.
Fee Charged Based on Clearing Instruction At Execution
MIAX Emerald will assess ORF based on the clearing instruction recorded on the execution trade date and will not consider CMTA transfers or CMTA changes that occur at OCC (except same‑day adjustments made on the Exchange). That means the clearing party on the execution record will be billed, not a later OCC CMTA change.
Timing and Conditional Implementation Dates
The Exchange will keep its current ORF methodology at least through June 30, 2026 and is prepared to implement the On‑Exchange ORF on July 1, 2026 if, by April 1, 2026, all U.S. options exchanges charging an ORF file to adopt a similar methodology. The Exchange will publish the On‑Exchange ORF rate in a later filing and will notify Members at least 30 calendar days before any effective change.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Take It Personal
Get Your Personalized Policy View
Start a Free Government Policy Watch to see how policy affects your household, then upgrade to PRIA Full Coverage for year-round monitoring.
Already have an account? Sign in