Stock Exchange Tweaks Fee Structure, Traders Yawn Collectively
Published Date: 12/18/2025
Notice
Summary
Starting July 1, 2026, Cboe EDGX Exchange is changing how it charges the Options Regulatory Fee (ORF). Only options trades that clear as customer transactions will be charged this fee, which could affect traders and firms using the Exchange. This new method aims to make fee collection fairer and clearer, so get ready for a fresh way to handle ORF payments!
Analyzed Economic Effects
5 provisions identified: 0 benefits, 2 costs, 3 mixed.
ORF Charged Only on Trades Occurring On-Exchange
Starting July 1, 2026, EDGX will assess the Options Regulatory Fee (ORF) only on options trades that occur on the EDGX Exchange and would clear in the OCC customer range. Trades that occur on other exchanges would no longer be assessed an ORF by EDGX under this change.
Estimated Per-Contract ORF Increase Example
The Exchange estimates that if the On-Exchange ORF went into effect today, the EDGX ORF would increase from $0.0001 per contract side to an estimated $0.00274 per contract side based on 2026 estimates of regulatory revenue, regulatory costs, and customer volume.
CMTA Reporting Limited to Exchange-Reported Transfers
Under the proposal, the Exchange will account for CMTA transfers only if they are reported to the Exchange and will exclude CMTAs reported directly to OCC. The Exchange states that if CMTAs are excluded, it would collect ORF only from its Members and would no longer collect ORF from non-Members.
Planned ORF Change Effective January 1, 2026
The Exchange intends to file an ORF increase to $0.0002 per contract effective January 1, 2026.
Implementation Contingent on Industry Filings
EDGX will collect ORF under the current method until at least June 30, 2026 and is prepared to implement the On-Exchange ORF on July 1, 2026 only if by April 1, 2026 all U.S. options exchanges charging an ORF have filed to adopt similar on-exchange methodologies. If other exchanges have not filed by April 1, 2026, EDGX will delay implementation and adjust timing accordingly. The Exchange will provide at least 30 days' notice of the applicable On-Exchange ORF rate before assessing it.
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Key Dates
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Previous / Next Documents
Previous: 2025-23240 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt a New Methodology for Assessment and Collection of the Options Regulatory Fee (ORF)
Starting July 1, 2026, Cboe BZX Exchange is changing how it charges the Options Regulatory Fee (ORF). Only options trades that clear as customer transactions on the Exchange will be charged this fee. This update affects traders using the Exchange and aims to make fee collection clearer and fairer.
Next: 2025-23242 — Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Sapphire Options Exchange Fee Schedule To Regroup Options Exchanges Within the Routing Fee Table
MIAX Sapphire is updating its fee schedule to reorganize how options exchanges are grouped in the routing fee table. This change affects traders who route customer orders through MIAX Sapphire and aims to keep fees clear and fair. The update took effect immediately on December 1, 2025, with no new fees added—just a smarter way to show them.