Nasdaq PHLX Refines Options Fee Calculation Starting 2026
Published Date: 8/6/2025
Notice
Summary
Starting January 2, 2026, Nasdaq PHLX will change how it charges the Options Regulatory Fee (ORF). Only options trades cleared in the Customer range at The Options Clearing Corporation will be charged this fee. This means some traders might pay less, while the fee collection method gets simpler and fairer.
Analyzed Economic Effects
5 provisions identified: 2 benefits, 1 costs, 2 mixed.
Who Gets Charged the ORF Changes
Starting January 2, 2026, Phlx will assess the Options Regulatory Fee (ORF) only for Customer options transactions that are executed on Phlx and cleared in the Customer range at The Options Clearing Corporation (OCC). If a Customer trade happens on another exchange, Phlx will not assess an ORF on that trade.
ORF Rate Jump to $0.0150
Phlx proposes increasing its ORF from $0.0024 per contract side (as of August 1, 2025) to $0.0150 per contract side effective January 2, 2026. If you are charged ORF for Customer contracts executed on Phlx, the per-contract fee will increase to $0.0150 starting that date.
Temporary Change — Sunset Feb 1, 2026
Phlx's proposed ORF methodology and higher rate will sunset on February 1, 2026, at which point the Exchange would revert to an ORF rate of $0.0024 per contract side. The Exchange may reconsider the sunset date in early 2026.
Who Pays Determined By Clearing Instruction
Under the proposal, Phlx will assess ORF based on the clearing instruction on the execution (trade date) and will not take into account CMTA changes or transfers that occur later at OCC (except same-day CMTA adjustments provided to Phlx). OCC will continue to collect ORF on Phlx's behalf from OCC clearing members per Phlx's instructions.
ORF Revenue Capped at 82% Of Costs
Phlx will endeavor to limit ORF Regulatory Revenue so it does not exceed 82% of Options Regulatory Cost beginning January 2, 2026, and will continue to ensure ORF revenue does not exceed total Options Regulatory Cost. The Exchange may amend ORF if revenue exceeds projections.
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