Emerald Raises Options Regulatory Fee to 2.2 Cents
Published Date: 7/16/2026
Notice
Summary
Starting July 1, 2026, MIAX Emerald is updating its Options Regulatory Fee (ORF) to 2.2 cents per contract side. This change affects traders using the MIAX Emerald options exchange and makes the fee rules clearer and easier to understand. If you trade options here, expect a small fee tweak that’s already in effect!
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
2.2¢ Options Regulatory Fee
Starting July 1, 2026, MIAX Emerald will charge an Options Regulatory Fee (ORF) of $0.0220 (2.2 cents) per contract side for applicable options transactions. If you trade options on MIAX Emerald, each customer-cleared contract executed on the Exchange will incur this 2.2¢ per-contract charge.
Applies Only to Customer-Cleared Trades
The ORF will be assessed only for options transactions that clear in the "customer" range at the Options Clearing Corporation and will be collected for all customer transactions executed on MIAX Emerald. The Exchange will bill ORF based on the clearing instruction shown on the execution trade date and will take into account same-day CMTA adjustments made on the Exchange.
Fee Likely Passed Through to Customers
The Exchange states it expects Clearing Members from whom the ORF is collected to pass the fee through to their customers. That means if your broker clears your MIAX Emerald customer trades, you may see the 2.2¢ per-contract ORF included on your trade fees.
Rule Text Clarified on Linkage Trades
The Exchange proposes deleting the rule sentence that said "The ORF is not assessed on outbound linkage trades" to provide greater clarity about how the ORF is collected. The change updates the Fee Schedule text and removes obsolete rate language.
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Key Dates
Department and Agencies
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