PHLX Ditches Planned Options Fee, Keeping Wallets Happy
Published Date: 5/8/2025
Notice
Summary
Nasdaq PHLX is canceling a new fee plan for options trading that was set to start in June 2025. This change means traders won’t have to pay the updated Options Regulatory Fee, keeping costs steady for now. If you trade options on Nasdaq PHLX, this is good news—no surprise fees coming your way next summer!
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
June 2025 ORF Implementation Canceled
Nasdaq PHLX canceled the new Options Regulatory Fee (ORF) model that had been scheduled to take effect on June 1, 2025. If you trade options on Nasdaq PHLX, the Exchange says it will continue assessing ORF under its current rules rather than implementing the June 2025 changes.
Exchange Plans ORF Reform — On-Exchange Only
Nasdaq PHLX says it is exploring a revised ORF model that would assess the ORF only on trades executed on the Exchange (on-exchange transactions) and would continue to assess ORF only to customers. The Exchange says such a model would remove duplicative ORF billing and would be described in a future rule filing.
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