MIAX Slashes Options Fees: Traders Catch a Quarterly Break
Published Date: 3/12/2026
Notice
Summary
Starting March 1, 2026, MIAX is lowering the Options Regulatory Fee from $0.0017 to $0.0014 per contract to save traders some cash. This discount lasts until June 30, 2026, and if a new fee plan doesn’t kick in by July, the fee goes back up. Traders using MIAX options will feel the difference in their fees during this time!
Analyzed Economic Effects
3 provisions identified: 1 benefits, 1 costs, 1 mixed.
Planned ORF Reform Proposal
MIAX has a separate proposed ORF model, committed to be effective July 1, 2026, that would assess ORF only on on-exchange transactions that clear in the OCC customer range, provided a consistent framework is adopted by all options exchanges. This change is contingent on industry-wide adoption and required regulatory filings.
Temporary Options Fee Cut
MIAX is lowering the Options Regulatory Fee (ORF) from $0.0017 to $0.0014 per contract for transactions cleared in the OCC customer range between March 1, 2026 and June 30, 2026. Traders and clearing firms using MIAX options will pay the lower per-contract fee during this time.
July Fee Reversion Risk
If the industry does not adopt MIAX's new ORF model effective July 1, 2026, MIAX will revert the ORF back to $0.0017 per contract starting in July 2026. That means the temporary savings end on June 30, 2026 unless the new model is adopted by the industry.
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