Options Fee Hike Hits Cboe BZX Exchange Briefly
Published Date: 12/22/2025
Notice
Summary
Starting January 2, 2026, through June 30, 2026, the Cboe BZX Exchange is doubling the Options Regulatory Fee from $0.0001 to $0.0002 per contract side. This change affects traders using the exchange’s options platform and means a small increase in fees for each options contract traded. The fee hike is temporary, so mark your calendars for when it ends mid-2026!
Analyzed Economic Effects
3 provisions identified: 0 benefits, 2 costs, 1 mixed.
Proposed New ORF Model (On-Exchange Only)
The Exchange filed a separate proposal to adopt a modified ORF model, intended to be effective July 1, 2026, that would assess ORF only on on‑Exchange transactions that clear in the customer range at OCC. The Exchange says it will switch to that model when a consistent framework is established and adopted by all options exchanges.
Temporary ORF Doubling for Options Trades
From January 2, 2026 through June 30, 2026, the Cboe BZX Exchange increases the Options Regulatory Fee (ORF) from $0.0001 to $0.0002 per contract side. This means each options contract you trade that is subject to ORF will cost an extra $0.0001 per contract side during that period.
ORF Applies to Customer-Range Cleared Trades
The Exchange charges ORF on customer-range options transactions cleared by a Member at the Options Clearing Corporation (OCC) regardless of where the trade occurred. That means customer trades cleared by a Member can incur ORF even if the transaction did not take place on the BZX Exchange.
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Previous / Next Documents
Previous: 2025-23527, Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Temporarily Increase the Options Regulatory Fee (ORF) From January 2, 2026 Through June 30, 2026
Starting January 2, 2026, Cboe C2 Exchange is raising the Options Regulatory Fee from $0.0002 to $0.0003 per contract side. This temporary bump lasts until June 30, 2026, affecting traders who use the exchange for options trading. It’s a short-term change designed to help cover regulatory costs, so keep an eye on your trading fees during this six-month window!
Next: 2025-23529, Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend a Wide Market Protection Mechanism Designed To Reduce the Risk of Orders Executing at Extreme or Adverse Prices When the National Best Bid and Offer is Determined To Be Wide
Cboe Exchange is updating a safety rule that helps stop trades from happening at crazy high or low prices when the market’s best prices are very far apart. This change affects traders using Cboe Options and kicks in right away to keep trading fair and smooth. No big costs here, just smarter protections to avoid wild price swings during tricky market moments.