Nasdaq PHLX Joins Fee-Cutting Parade Sans Fanfare
Published Date: 9/22/2025
Notice
Summary
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.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Big Cut to Options Regulatory Fee
Starting October 1, 2025, Nasdaq PHLX is lowering its Options Regulatory Fee (ORF) from $0.0024 to $0.0003 per contract side. If you trade or clear customer options on Phlx (or clear through a Phlx member organization at OCC in the Customer range), the fee charged per contract side will be much lower beginning that date.
Which Firms Get Charged the ORF
Phlx will assess and collect the ORF on Customer option transactions that are either executed by a Phlx member organization on Phlx or cleared by a Phlx member organization at OCC in the Customer range. The filing explains which clearing or executing member organization will be assessed and collected from in different scenarios (for example, if the OCC clearing member is a Phlx member organization, ORF is assessed on all ultimately cleared Customer contracts).
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-17058, Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Connectivity Schedule and Discontinue a Previously Proposed Offering
Previous / Next Documents
Previous: 2025-18252, Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Lower the Options Regulatory Fee (ORF)
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!
Next: 2025-18254, Certain Oil Vaporizing Devices, Components Thereof, and Products Containing the Same; Notice of a Commission Determination To Review and, on Review, To Affirm a Remand Initial Determination Finding That Complainant Has Satisfied the Economic Prong of the Domestic Industry Requirement; Request for Briefing on Remedy, the Public Interest, and Bonding
The U.S. International Trade Commission has decided to stick with its earlier finding that PAX Labs, Inc. meets the economic requirements to protect its oil vaporizing devices and related products. Now, the Commission is asking for input on what kind of penalties or fixes should happen next, how the public might be affected, and what kind of financial guarantees should be set. This means companies involved should get ready to share their thoughts soon, as this could impact sales and imports.