Self-Regulatory Organizations; MIAX PEARL, 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 Pearl is changing how it charges the Options Regulatory Fee (ORF) by only charging fees on customer trades done on their exchange. This means some trades won’t be charged the fee anymore, starting right away. Traders using MIAX Pearl should watch for these changes as they could affect their costs.
Analyzed Economic Effects
5 provisions identified: 3 benefits, 1 costs, 1 mixed.
ORF assessed on each side of on-exchange trades
Under the proposal, MIAX Pearl would assess ORF on each side of an options transaction that is executed on the Exchange and cleared in the OCC "customer" range. That means both counterparties to a customer trade executed on MIAX Pearl would be within the scope for ORF assessment under the new method.
ORF limited to trades on MIAX Pearl
MIAX Pearl will only assess the Options Regulatory Fee (ORF) for options transactions that occur on the MIAX Pearl exchange and would clear in the OCC "customer" range. Transactions that occur on other exchanges will no longer be assessed an ORF by MIAX Pearl under the proposed methodology.
Fee charged to clearing party on execution record
MIAX Pearl will bill ORF according to the clearing instruction recorded on the execution (trade date) and generally will not take into account CMTA transfers or changes that occur later at the OCC, except same-day adjustments provided to the Exchange. That means the party shown as the clearing member on the execution record will be assessed the ORF.
Implementation timing and condition
The Exchange will keep the current ORF methodology through at least June 30, 2026 and is prepared to implement On-Exchange ORF effective July 1, 2026 if, by April 1, 2026, all U.S. options exchanges charging an ORF have filed to adopt a similar on-exchange-only methodology. If other exchanges have not filed by April 1, the Exchange will delay implementation to match the time needed for others to adopt a similar method.
No ORF on outbound linkage trades
MIAX Pearl will not assess the ORF on outbound linkage trades, whether those trades are executed at MIAX Pearl or on an away exchange. The Exchange's system tags linkage trades so they are excluded from ORF assessment.
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