Nasdaq PHLX Cuts Options Regulatory Fee Slightly
Published Date: 6/18/2026
Notice
Summary
Starting July 1, 2026, Nasdaq PHLX is lowering its Options Regulatory Fee (ORF), which means traders will pay less when they trade options on this exchange. This change affects anyone using Nasdaq PHLX for options trading and aims to make fees fairer without changing how the fee is collected. The new lower fee kicks in right at the start of July, so get ready for some savings!
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
ORF limited to 82% of regulatory costs
Commencing July 1, 2026, Phlx will endeavor to ensure that ORF Regulatory Revenue does not exceed 82% of its Options Regulatory Costs. The Exchange says it will monitor ORF revenue and amend the ORF if revenue is projected to exceed that cap.
Options fee cut to $0.0080 per contract
If you trade options on Nasdaq PHLX, the Options Regulatory Fee (ORF) will drop from $0.0150 to $0.0080 per contract side starting July 1, 2026. This means each contract you trade on Phlx will carry $0.0070 less in ORF charges beginning on that date.
Clarified ORF collection process
Starting July 1, 2026, the rule text clarifies that the OCC will collect ORF on behalf of Phlx from either (1) the member organization that was the clearing firm for the transaction or (2) a non-member clearing firm when a member executed the trade. The rule also confirms ORF is assessed on ultimately cleared customer contracts and that same-day CMTA adjustments made on Phlx will be taken into account, but CMTA changes at OCC will not.
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Previous / Next Documents
Previous: 2026-12257 — Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Exchange's Options Regulatory Fee (ORF)
Starting July 1, 2026, Nasdaq is raising its Options Regulatory Fee (ORF), which affects traders who use Nasdaq’s options market. This means those trading options will pay a bit more in fees. The change is official now but kicks in next summer, so get ready for the new rates!
Next: 2026-12259 — Self-Regulatory Organizations; Nasdaq Texas, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Exchange's Options Regulatory Fee (ORF)
Starting July 1, 2026, Nasdaq Texas is raising the fee traders pay when they trade options, called the Options Regulatory Fee (ORF). This change affects anyone trading options on Nasdaq Texas and updates how the fee is described to match other Nasdaq exchanges. The new fee kicks in right after the filing, so traders should get ready for a slightly higher cost soon!