Self-Regulatory Organizations; MIAX PEARL, LLC; 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)
Published Date: 2/2/2026
Notice
Summary
MIAX Pearl is changing how it charges the Options Regulatory Fee (ORF) by only charging fees on customer trades done on their exchange. This means some trades won’t be charged the fee anymore, starting right away. Traders using MIAX Pearl should watch for these changes as they could affect their costs.
Analyzed Economic Effects
5 provisions identified: 3 benefits, 1 costs, 1 mixed.
ORF assessed on each side of on-exchange trades
Under the proposal, MIAX Pearl would assess ORF on each side of an options transaction that is executed on the Exchange and cleared in the OCC "customer" range. That means both counterparties to a customer trade executed on MIAX Pearl would be within the scope for ORF assessment under the new method.
ORF limited to trades on MIAX Pearl
MIAX Pearl will only assess the Options Regulatory Fee (ORF) for options transactions that occur on the MIAX Pearl exchange and would clear in the OCC "customer" range. Transactions that occur on other exchanges will no longer be assessed an ORF by MIAX Pearl under the proposed methodology.
Fee charged to clearing party on execution record
MIAX Pearl will bill ORF according to the clearing instruction recorded on the execution (trade date) and generally will not take into account CMTA transfers or changes that occur later at the OCC, except same-day adjustments provided to the Exchange. That means the party shown as the clearing member on the execution record will be assessed the ORF.
Implementation timing and condition
The Exchange will keep the current ORF methodology through at least June 30, 2026 and is prepared to implement On-Exchange ORF effective July 1, 2026 if, by April 1, 2026, all U.S. options exchanges charging an ORF have filed to adopt a similar on-exchange-only methodology. If other exchanges have not filed by April 1, the Exchange will delay implementation to match the time needed for others to adopt a similar method.
No ORF on outbound linkage trades
MIAX Pearl will not assess the ORF on outbound linkage trades, whether those trades are executed at MIAX Pearl or on an away exchange. The Exchange's system tags linkage trades so they are excluded from ORF assessment.
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
2026-12163, 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!
2026-16853, Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Price List
The New York Stock Exchange is changing its price rules starting August 11, 2026. They’re tweaking the share amount needed to get free late D Orders at the market close and cleaning up some wording. This affects traders using these order types and could save or cost them money depending on their order size.
2026-16855, Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Equity 4, Rule 3100 Regarding Trading Halts
Previous / Next Documents
Previous: 2026-01978, Self-Regulatory Organizations; MIAX Emerald, LLC; 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)
MIAX Emerald is changing how it charges the Options Regulatory Fee (ORF). From now on, only options trades made directly on their exchange and cleared as 'customer' transactions will be charged this fee. This update starts immediately and affects traders using MIAX Emerald, potentially changing how much they pay in fees.
Next: 2026-01980, Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing of Proposed Rule Change To Remove Existing Listing Rules and Establish New Listing Standards
Nasdaq BX is shaking things up by scrapping its old listing rules and rolling out tougher new standards, matching those of the Nasdaq Global Market. This change affects companies listed on Nasdaq BX, aiming to boost quality and trust. The new rules kick in soon after SEC approval, potentially impacting which companies can stay listed and how they prepare financially.