Nasdaq MRX Tweaks Options Regulatory Fee from January 2026
Published Date: 5/29/2025
Notice
Summary
Starting January 2, 2026, Nasdaq MRX will change how it charges its Options Regulatory Fee (ORF). Only options trades done on MRX and cleared in the Customer range at the Options Clearing Corporation will be charged this fee. This means traders using other exchanges won’t pay the MRX ORF, making the fee fairer and clearer for everyone involved.
Analyzed Economic Effects
5 provisions identified: 3 benefits, 1 costs, 1 mixed.
ORF Rate Increase to $0.0139
Starting January 2, 2026, Nasdaq MRX will change its Options Regulatory Fee (ORF) from $0.0004 per contract side to $0.0139 per contract side. This new per-contract fee applies under the exchange’s new collection methodology.
ORF Applies Only to MRX Executions
Effective January 2, 2026, MRX will assess ORF only on options transactions that are executed on MRX and cleared in the OCC Customer ("C") range; transactions executed on other exchanges will not be subject to an MRX ORF. ORF assessment will follow the clearing instructions on the execution (trade date).
Market Makers and Certain Participants Exempt
The proposal excludes Market Maker transactions and transactions by Firm Proprietary and Broker-Dealer market participants from ORF assessment; Market Makers (including their orders used to sweep the book) will not be assessed ORF under the proposal.
ORF Collections Limited to 82% of Regulatory Cost
MRX states it will endeavor to ensure ORF Regulatory Revenue does not exceed 82% of Options Regulatory Cost, and will continue to ensure that combined regulatory fees and fines do not exceed Options Regulatory Cost.
Temporary Change; 30-Day Member Notice
The proposed rule change is designated to be operative on January 2, 2026 and will sunset on February 1, 2026, at which point MRX would revert to the prior ORF methodology and rate of $0.0004 per contract side. The Exchange will notify Members via an Options Trader Alert at least 30 calendar days before January 2, 2026.
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