Cboe BZX Raises Options Regulatory Fee by One Cent
Published Date: 7/17/2026
Notice
Summary
Starting July 1, 2026, Cboe BZX Exchange is changing how it charges the Options Regulatory Fee (ORF). The fee will go up from $0.0002 to $0.0003 per options contract that clears in the customer range. This affects traders using the Exchange and means a small increase in their trading costs right away.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
On-Exchange ORF Rate Increase
If you trade options that execute on Cboe BZX and clear in the customer range, the Options Regulatory Fee (ORF) the Exchange assesses will change from $0.0002 per contract side to $0.00476 per contract side beginning July 1, 2026. The Exchange expects the clearing firms that pay the ORF (collected by OCC) will pass the fee on to their customers, so your per-contract trading cost for on-Exchange customer-range trades will rise on that date.
Avoiding Overlapping ORF Charges
Beginning July 1, 2026, the Exchange will assess ORF only on customer-range transactions that execute on the Exchange, so customer transactions executed on other exchanges will no longer be charged an ORF by Cboe BZX. The Exchange notes that today a customer transaction could be charged ORF by multiple exchanges totaling as much as $0.023 per transaction per side (as of June 1, 2026), and the move to an on-exchange model may reduce overlapping ORF charges on some trades.
No ORF on Outbound Linkage Trades
The Exchange states that the ORF will not be assessed on outbound linkage trades beginning July 1, 2026. If you execute outbound linkage trades, those specific trades will not carry an ORF charge from Cboe BZX.
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Previous / Next Documents
Previous: 2026-14399, Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Options Regulatory Fee (“ORF”)
Cboe C2 Exchange is changing how it charges the Options Regulatory Fee (ORF) starting July 1, 2026. The fee will go up from $0.0003 to $0.0005 per options contract that clears in the customer range. This affects traders using the Exchange and means a slightly higher cost for each options trade.
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Starting July 1, 2026, the New York Stock Exchange (NYSE) is giving its members a break by waiving the Gross FOCUS fee until the end of the year. This means member organizations won’t have to pay this fee for six months, saving them some money while the Exchange keeps things running smoothly. The change kicks in immediately and lasts through December 31, 2026.