BOX Exchange Shifts Fee Game: Options Traders Watch Closely
Published Date: 3/17/2026
Notice
Summary
BOX Exchange is changing how it charges the Options Regulatory Fee (ORF) by only charging fees for trades made directly on its platform. This new way won’t start until at least July 1, 2026, and only if other U.S. options exchanges agree to do the same by April 1. Traders using BOX and other options exchanges should watch for these updates, as it could affect their fees soon.
Analyzed Economic Effects
5 provisions identified: 2 benefits, 2 costs, 1 mixed.
ORF Charged Only for BOX Trades
BOX will assess the Options Regulatory Fee (ORF) only on customer options contracts that are executed on BOX. The Exchange intends to collect ORF under its current methodology until at least June 30, 2026 and is prepared to implement the On-Exchange ORF effective July 1, 2026 if other U.S. options exchanges file to adopt a similar method by April 1, 2026.
Off-Exchange Customer Trades No Longer Billed
Under the proposal, customer options transactions that occur on other exchanges would no longer be subject to an ORF assessed by BOX. BOX will only implement this change after conditions are met (other exchanges file by April 1, 2026, and BOX could implement as early as July 1, 2026).
Fee Monitoring and Possible Future Adjustments
BOX will monitor ORF revenue at least semiannually and may adjust the On-Exchange ORF (by filing a fee change with the SEC) if revenues are materially more or less than regulatory costs; Participants will be notified in advance (at least 30 calendar days before an effective change).
Billing Based on Execution Clearing Instructions
BOX will bill ORF using the clearing instruction provided on the execution (trade date) and generally will not reassign ORF based on CMTA transfers that occur at OCC, though same‑day CMTA adjustments provided to BOX on the trade date will be taken into account. OCC will still collect ORF on BOX's instructions.
Market Makers and Certain Trades Excluded
BOX will continue to assess ORF only on transactions that clear in the 'customer' range; transactions clearing in the 'firm' or 'market maker' ranges are not subject to ORF. The Exchange also will not assess ORF on outbound linkage trades or when neither the executing nor the ultimate clearing firm is a BOX Participant.
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