MIAX Pearl Slashes Options Fees for a Temporary Relief
Published Date: 3/19/2026
Notice
Summary
MIAX Pearl is temporarily lowering the Options Regulatory Fee from $0.0016 to $0.0013 per contract from March 1 to June 30, 2026. This change helps traders save a bit on fees while the industry considers a new fee model. If the new model doesn’t happen by July 1, the fee will go back up to $0.0016.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Proposed ORF reform: on-exchange only
MIAX Pearl filed a proposed modified ORF model to take effect July 1, 2026 that would assess ORF only on transactions that occur on an exchange and clear in the customer range at the OCC. That proposed change is conditional on a consistent framework being established with the Commission and adopted by all options exchanges.
Temporary ORF cut to $0.0013
If you trade options or clear options contracts, MIAX Pearl temporarily lowered the Options Regulatory Fee (ORF) from $0.0016 to $0.0013 per contract between March 1, 2026 and June 30, 2026. That is a $0.0003 reduction per contract during this period. If the industry does not adopt a new ORF model by July 1, 2026, the fee will revert to $0.0016 per contract.
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