Cboe C2 tweaks options fee—yawn, business as usual
Published Date: 8/31/2026
Notice
Summary
No summary available.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
On‑Exchange ORF Rate Jump
Beginning July 1, 2026, the Exchange will change how it charges the Options Regulatory Fee (ORF). The ORF rate increases from $0.0003 per contract side to $0.01417 per contract side and will be charged only for customer‑range options trades that execute on the Exchange and clear in the customer range.
Clearing Firms Likely Pass Fee To Customers
The Exchange states it expects Clearing Trading Permit Holders (CTPHs) that are charged the On‑Exchange ORF to pass the fee through to their customers. If your broker clears through a CTPH, you may see the ORF reflected in fees charged to your account for trades that execute on the Exchange.
Industry Shift to On‑Exchange ORF Model
The Exchange states that beginning July 1, 2026, it understands all U.S. options exchanges will implement a similar on‑exchange ORF model. Under this model, the Exchange notes a single on‑exchange ORF may replace overlapping ORFs that could previously total as much as $0.023 per contract side.
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Previous / Next Documents
Previous: 2026-17662, Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Options Regulatory Fee (“ORF”)
Next: 2026-17664, Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Options Regulatory Fee (“ORF”)
Starting July 1, 2026, Cboe EDGX Exchange is changing how it charges the Options Regulatory Fee (ORF). Now, the fee only applies to options trades done on their exchange that clear in the customer range at the Options Clearing Corporation. This update affects traders using EDGX and could change the fees they pay for options trading.