SEC Approves Tweak to Options Trading Data Fees – Yawn?
Published Date: 3/2/2026
Notice
Summary
The Options Price Reporting Authority (OPRA) just got a green light to change some fees for direct access connections used by traders and firms. These updates tweak prices for faster data ports and rename a key exchange, starting soon. If you’re in the options trading world, expect some fee updates that could affect your costs and tech setup.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
What “Direct Access” Now Means
The OPRA Fee Schedule now defines “direct access” as receiving OPRA Data through a connection to a port on the NMS Network in the Mahwah Data Center and states that access is provided through either a 10 Gb or 40 Gb access port. This change was approved by the SEC in the February 25, 2026 order and clarifies how consumers obtain direct access to OPRA Data.
Connectivity Fees Listed on OPRA Schedule
OPRA updated its Fee Schedule to include the Connectivity Fees associated with obtaining direct access to OPRA Data through 10 Gb and 40 Gb ports. OPRA states it is not changing the amounts of those Connectivity Fees and that OPRA does not collect or receive any portion of the Connectivity Fees collected by NYSE affiliates.
Removal of $100 Monthly Circuit Charge
OPRA proposes deleting a monthly $100 additional circuit connection charge from its Fee Schedule because OPRA says it does not currently and has never charged this fee. The SEC approved the Amendment as modified on February 25, 2026.
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