Nasdaq Lowers Options Fees and Dumps June Model Plan
Published Date: 5/14/2025
Notice
Summary
Starting May 1, 2025, Nasdaq is lowering the Options Regulatory Fee (ORF) for traders using its options market and scrapping the new ORF model that was planned for June 2025. This means options traders will pay less in fees, and the complicated new fee system won’t happen. If you trade options on Nasdaq, get ready for simpler and cheaper fees soon!
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Options Regulatory Fee Cut per Contract
Starting May 1, 2025, Nasdaq is lowering its Options Regulatory Fee (ORF) from $0.0016 to $0.0014 per contract side. If you trade options on Nasdaq (or clear customer options through a Nasdaq participant), each cleared contract side will be charged the lower ORF rate beginning on that date.
Planned June 2025 ORF Model Discontinued
Nasdaq is discontinuing the new ORF model that had been scheduled for implementation in June 2025, so the planned June 2025 changes will not take effect. Nasdaq says it will continue assessing ORF under current procedures while it re-evaluates and may file a future proposal for a revised ORF approach.
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The SEC is taking extra time to decide if Nasdaq can list and trade shares of the 21Shares Polkadot Trust, a new crypto-based investment. This means investors and traders waiting for this product will have to be patient until June 24, 2025, when the SEC will make its final call. No money changes yet, just a longer review to make sure everything’s in order.
Next: 2025-08457 — Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Increase the Options Regulatory Fee (ORF) on a Temporary Basis and Discontinue the ORF Model Scheduled To Be Implemented in June 2025
Starting May 1, 2025, Nasdaq BX is temporarily raising the Options Regulatory Fee (ORF) for options traders and stopping a new fee model planned for June 2025. This fee hike lasts until December 31, 2025, after which the ORF will drop back to its original rate of $0.0005 per contract side. If you trade options on Nasdaq BX, expect to pay a bit more for now!