Nasdaq Stock Market Quietly Cuts Options Regulatory Fees
Published Date: 9/22/2025
Notice
Summary
Starting October 1, 2025, Nasdaq is slashing its Options Regulatory Fee (ORF) from $0.0005 to just $0.00005 per contract. This means traders and firms using Nasdaq’s options market will pay way less in fees, making options trading cheaper and more attractive. The change kicks in right after the filing, so get ready for some serious savings!
Analyzed Economic Effects
3 provisions identified: 1 benefits, 1 costs, 1 mixed.
Nasdaq Cuts Options Regulatory Fee
Nasdaq will reduce its Options Regulatory Fee (ORF) from $0.0005 to $0.00005 per contract side effective October 1, 2025. If you trade or clear customer options on Nasdaq, each contract will be charged the lower rate starting on that date.
Who Pays ORF Explained
The ORF is assessed for each Customer option transaction that is either executed by a Nasdaq Participant on NOM or cleared by a NOM Participant at OCC in the Customer range, even if the trade executed on another exchange. Whether the OCC clearing member is a NOM Participant determines from which clearing account the ORF is assessed and collected.
Future ORF Adjustments Possible With Notice
Nasdaq will monitor ORF revenue and may adjust the ORF if combined regulatory revenue would exceed its Options Regulatory Costs; any future ORF change will be filed with the SEC and participants will receive at least 30 calendar days' notice before the change's effective date. This means the ORF could rise again in the future if revenue projections change.
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Previous / Next Documents
Previous: 2025-18251, Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Lower the Options Regulatory Fee (ORF)
Starting October 1, 2025, Nasdaq BX is cutting its Options Regulatory Fee from $0.0008 to $0.0003 per contract. This means traders and firms using BX for options trading will pay less in fees, making it cheaper to trade options. The change is already approved and kicks in soon, so get ready for some savings!
Next: 2025-18253, Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Lower the Options Regulatory Fee (ORF)
Starting October 1, 2025, Nasdaq PHLX is slashing its Options Regulatory Fee from $0.0024 to just $0.0003 per contract side. This means traders and firms using Phlx will pay way less on their options trades, saving money right away. The change is already official and aims to make trading on Phlx more affordable and attractive.