BOX Exchange Updates Options Regulatory Fee Calculation
Published Date: 7/15/2026
Notice
Summary
Starting July 2, 2026, BOX Exchange is changing how it charges the Options Regulatory Fee (ORF) for trades on its platform. Traders using BOX will see the ORF calculated with a new method, which could affect how much they pay. This update aims to keep fees fair and clear for everyone involved.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
ORF Assessment Method Changes
Under the new methodology (effective July 1, 2026), the Exchange will assess the ORF per contract side on each side of options transactions that clear in the "customer" range and will have OCC collect ORF on behalf of the Exchange. The Exchange will assess ORF based on the clearing instruction provided on the execution, will take into account same‑day CMTA adjustments provided to the Exchange, and will not consider CMTA changes or transfers that occur at OCC after execution.
New ORF Rate: $0.0220 Per Contract
The BOX Exchange proposes an Options Regulatory Fee (ORF) rate of $0.0220 per contract side under its new methodology, with the change tied to the On-Exchange ORF methodology that goes into effect July 1, 2026. The Exchange says it will notify Participants at least 30 calendar days before any future fee change.
Deletion of Outbound Linkage Exclusion
The Exchange will amend the Fee Schedule to delete the sentence that read, "The ORF is not assessed on outbound linkage trades," removing that text from the Fee Schedule to correct an inadvertent error and reduce investor confusion.
ORF Revenue Target: 70% Cap Goal
The Exchange states it will endeavor to ensure ORF revenue does not exceed 70% of options regulatory costs and will monitor regulatory costs and revenues at least semi‑annually; if revenues exceed or are insufficient to cover a material portion of regulatory costs, the Exchange may adjust the ORF and will provide a Regulatory Notice at least 30 days before changes take effect.
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