PHLX Delays ORF Overhaul: Traders Dodge Fee Bullet for Now
Published Date: 1/2/2026
Notice
Summary
Nasdaq PHLX is hitting the pause button on its new Options Regulatory Fee (ORF) plan originally set for January 2, 2026. Instead, they’ll keep charging the current fee of $0.0022 per contract side until July 1, 2026, giving everyone more time to adjust. This means traders and firms using the exchange won’t see fee changes for the first half of 2026.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Temporary ORF Set at $0.0022
If you trade on Nasdaq PHLX, the Options Regulatory Fee (ORF) will be set at $0.0022 per contract side effective January 2, 2026 and will remain at that rate until July 1, 2026. This is a temporary increase from the $0.0003 per contract side rate in effect as of October 1, 2025.
Implementation Delayed to July 1, 2026
Nasdaq PHLX delayed the planned ORF methodology change that was to take effect January 2, 2026; the Exchange will implement the new ORF and methodology on July 1, 2026 and removed the February 1, 2026 sunset date. Market participants therefore will not be subject to the new ORF methodology prior to July 1, 2026.
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