Cboe Boosts Options Fee for Market Watchdogs
Published Date: 4/23/2025
Notice
Summary
Starting April 1, 2025, Cboe Exchange is raising the Options Regulatory Fee from $0.0017 to $0.0023 per contract side. This change affects anyone trading options on Cboe and will last until December 31, 2025. The fee increase helps cover regulatory costs and keeps the market running smoothly.
Analyzed Economic Effects
3 provisions identified: 0 benefits, 2 costs, 1 mixed.
Planned future ORF model change
Cboe plans to propose a future change to assess ORF only on transactions that occur on an exchange (on-exchange transactions) and expects to continue charging ORF to on-exchange transactions that clear in the customer range at OCC until any new model is adopted. Cboe says it will pursue a unified model across options exchanges and may file changes before December 31, 2025.
Options fee rises per contract side
Starting April 1, 2025, the Cboe Options Regulatory Fee (ORF) increases from $0.0017 to $0.0023 per contract side. The higher fee is temporary and is scheduled to sunset on December 31, 2025. This change applies to trading options tied to Cboe's ORF collection.
Who is charged the ORF
The ORF is assessed to Trading Permit Holders (TPHs) for options transactions that clear in the customer range at the Options Clearing Corporation (OCC), even if the trades occurred on another exchange or during Global Trading Hours. OCC collects the ORF on behalf of Cboe from the clearing TPH or non-CTPH.
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