Nasdaq ISE Hits Pause on Sneaky New Options Fee—Traders Rejoice!
Published Date: 5/8/2025
Notice
Summary
Nasdaq ISE is scrapping its new Options Regulatory Fee plan that was supposed to start in June 2025. This change affects traders and firms using Nasdaq’s options market by keeping fees as they are now—no new charges coming soon. The decision means no extra costs or changes will hit wallets next summer as originally planned.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
June 2025 ORF Implementation Stopped
Nasdaq ISE will not implement the new Options Regulatory Fee (ORF) model that had been scheduled to start on June 1, 2025. The Exchange says it will continue assessing ORF the same way it does today instead of putting the June 2025 changes into effect.
Future ORF Reform: On-Exchange, Customer-Only Model
The Exchange is exploring a revised ORF model that would charge ORF only on transactions that occur on ISE and only to customers. Nasdaq ISE says this approach would remove duplicative ORF billing and it plans to propose any new model in a future rule filing.
Commitment to Cap ORF Revenue to Costs
Nasdaq ISE says it will continue to ensure that ORF Regulatory Revenue, together with other regulatory fees and fines, does not exceed Options Regulatory Cost. The Exchange included this safeguard while it re-evaluates and revamps its ORF process.
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Previous: 2025-07983, Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Discontinue the Options Regulatory Fee Model Scheduled To Be Implemented in June 2025
Nasdaq GEMX has decided to scrap its new Options Regulatory Fee plan that was supposed to start in June 2025. This change means traders and firms won’t have to pay the new fees that were planned, keeping things simpler and potentially saving money. The decision is effective immediately, so everyone can breathe easy and keep trading without extra charges.
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Nasdaq PHLX is updating its FLEX options trading rules to make floor trading smoother and more efficient for traders using these special contracts. These changes kick in right away and align with other recent updates, helping traders save time and possibly money. If you trade FLEX options on the Phlx exchange, get ready for a faster, clearer trading experience starting now!