Options Clearing Corp Boosts Loss Fee Ceiling Quietly
Published Date: 12/31/2025
Notice
Summary
The Options Clearing Corporation (OCC) just updated the maximum fee it can charge for unexpected operational losses. This change affects traders and firms using OCC’s services by adjusting the fee limits to better manage risks. The new fee schedule took effect immediately on December 19, 2025, helping OCC keep its financial safety net strong without surprise costs.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
Maximum Operational Loss Fee Raised to $219M
OCC updated the maximum aggregate Operational Loss Fee in its fee schedule from $211,000,000 to $219,000,000 (less any previously charged and not refunded). If that fee were charged across 106 Clearing Members (the number as of November 20, 2025), the maximum per-Clearing Member amount would be about $2.07 million.
Trigger Thresholds Based on $323M Target
OCC's 2026 Board-approved Target Capital Requirement is $323,000,000. A Trigger Event occurs if OCC's LNAFBE falls below $290,700,000 (90% of $323,000,000) at any time or stays below $323,000,000 for 90 consecutive days; if triggered, OCC would seek to raise LNAFBE to 110% of the Target (about $355,300,000).
Fees Allocated Equally Across Clearing Members
If OCC charges an Operational Loss Fee, it would be allocated in equal shares to all Clearing Members (not based on usage or size). OCC says this equal-share approach is similar to certain Clearing Fund contingent obligations.
Filing Effective Dec 19, 2025; Implementation Delayed
OCC filed the fee change and it became effective upon filing on December 19, 2025, but OCC will not make the fee operative until the change is certified under CFTC Regulation 40.6. That means the new maximum is set now, but OCC cannot charge it until the CFTC process completes.
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
2026-20466, Adviser and Regulated Fund Custody Rules; Crypto Custody Rules
The SEC is updating rules for how investment advisers and funds handle crypto assets, making sure they keep these digital investments safe and properly reported. These changes affect advisers, funds, and anyone managing crypto securities, aiming to modernize rules and improve transparency. Comments on the proposal are open until December 7, 2026, so get ready to weigh in!
2026-19260, Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4
The SEC wants to stop its federal rule that controls how shareholders can make proposals at company meetings, letting state laws and company rules take over instead. They’re also changing rules so companies can sometimes vote on proposals not in their official materials—but shareholders can opt out if they want. This affects investors and companies, with comments open until November 20, 2026, and could shake up how shareholder voices are heard and counted.
2026-18424, Political Contributions by Certain Investment Advisers
The Securities and Exchange Commission (the "Commission" or the "SEC") is proposing to rescind the political contribution rule under the Investment Advisers Act of 1940 (the "Advisers Act"), which prohibits investment advisers from providing investment advisory services for compensation to a government client for two years after an adviser or any covered associate of the adviser makes a contribution to certain categories of elected officials or candidates, among other prohibitions. In the more than fifteen years since the rule was adopted, implementation challenges associated with the political contribution rule have resulted in a range of significant unintended consequences, including compliance practices among some investment advisers that may have had the effect of restricting all political contributions by the investment advisers and their employees. Market participants also have stated that the political contribution rule is burdensome, complex, and both lacks clarity and creates a de facto strict liability standard. The Commission is of the view that other existing requirements of the Advisers Act and its associated rules, including prohibitions on fraud, fiduciary duty requirements, the compliance rule, and the code of ethics rule (defined below), are likely sufficient to address pay-to-play practices while allowing an adviser the flexibility to implement an approach that is more appropriately tailored to its particular risks, rendering the political contribution rule unnecessary. The Commission also is proposing to amend the rule under the Advisers Act pertaining to books and records consistent with the proposed rescission.
2026-18190, Transfer Agent Rules
The U.S. Securities and Exchange Commission ("SEC" or "Commission") is proposing to adopt new rules, amend existing rules, amend the existing form for registration with the Commission as a transfer agent (Form TA-1) and the existing form for reporting activities of transfer agents (Form TA-2), and rescind an existing rule governing registered transfer agents. The proposals are designed to modernize the rules governing registered transfer agents.
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!
Previous / Next Documents
Previous: 2025-24055, Self-Regulatory Organizations; Cboe Exchange, Inc.; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Allow for Extended Trading of Multi-Listed Equity Options
Cboe Exchange wants to let people trade certain multi-listed stock options for longer hours, beyond the usual trading times. The SEC is now deciding if this rule change is a good idea, which could affect traders and investors by giving them more chances to buy or sell options. The decision will come by January 1, 2026, and could change how and when money moves in the options market.
Next: 2025-24057, Self-Regulatory Organizations; Boston Stock Exchange Clearing Corporation; Stock Clearing Corporation of Philadelphia; Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of Proposed Rule Change, as Modified by Amendment No. 1, by Boston Stock Exchange Clearing Corporation and Stock Clearing Corporation of Philadelphia To Amend the Amended and Restated Certificate of Incorporation and By-Laws of Parent Corporation, Nasdaq, Inc.
The Boston Stock Exchange Clearing Corporation and the Stock Clearing Corporation of Philadelphia teamed up to update Nasdaq, Inc.’s rules and bylaws to match new Delaware laws and modern best practices. These changes affect how Nasdaq operates but won’t cost anyone extra or cause delays. The SEC quickly approved these updates in December 2025, keeping everything running smoothly and legally sound.