Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Exchange's Fee Schedule To Adopt a New Methodology for Assessment and Collection of the Options Regulatory Fee (ORF)
Published Date: 2/3/2026
Notice
Summary
MEMX is changing how it charges a fee called the Options Regulatory Fee (ORF) for options trades. From now on, they’ll only charge this fee on trades that happen directly on their exchange, not on other exchanges. This update starts right away and could affect traders’ costs depending on where their trades happen.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 1 costs, 2 mixed.
ORF Charged Only on MEMX Trades
MEMX will assess the Options Regulatory Fee (ORF) only on options transactions that occur on MEMX and would clear in the OCC "customer" range. Under the proposal, transactions that clear in the customer range but occur on other exchanges would no longer be subject to an ORF assessed by MEMX. The current ORF rate of $0.0015 will sunset as of June 30, 2026 and MEMX will file a separate rule to set the On-Exchange ORF rate in advance of collecting it under the new method.
Who Gets Assessed and Who Pays
Under the proposed method, the On-Exchange ORF would be assessed to the executing clearing firm for a MEMX trade, but if the trade is given up to a clearing give-up firm the fee would remain the executing clearing firm's obligation while collection would occur from the clearing give-up firm. MEMX will only consider CMTA transfers reported to MEMX (not CMTAs reported directly to OCC) when determining collection, and MEMX will not assess ORF on outbound linkage trades.
Implementation Timeline and Conditions
MEMX will keep using its current ORF assessment and collection method until at least June 30, 2026. MEMX is prepared to implement the On-Exchange ORF on July 1, 2026 if by April 1, 2026 all U.S. options exchanges charging an ORF have filed to adopt a similar methodology; otherwise MEMX will delay implementation and will file the On-Exchange ORF amount before collecting it. MEMX will notify Members of the applicable On-Exchange ORF rate at least 30 calendar days before any change.
Revenue Use and Monitoring Limits
MEMX states that revenue from On-Exchange ORF, combined with its other regulatory fees and fines, is intended to help recover a material portion of regulatory costs and that ORF revenue will not exceed 75% of total annual regulatory costs. MEMX will monitor regulatory costs and revenues at least semi-annually and will file a fee change with the Commission if regulatory revenues would exceed or be insufficient to cover a material portion of regulatory costs.
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