Cboe BZX proposes same old options fee shuffle
Published Date: 8/31/2026
Notice
Summary
No summary available.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 1 costs, 1 mixed.
ORF Rate Jump to $0.00476
If you trade options, starting July 1, 2026 the Exchange will charge an Options Regulatory Fee (ORF) of $0.00476 per contract side for trades that occur on the Cboe BZX Exchange and clear in the OCC customer range. This replaces the prior BZX charge of $0.0002 per contract side and the Exchange expects clearing firms to pass the fee through to customers.
On-Exchange ORF Stops Overlapping Fees
Beginning July 1, 2026, the Exchange will assess ORF only on transactions that execute on the Exchange (and clear in the OCC customer range), so BZX will no longer assess ORF on customer transactions that occur on other exchanges. The filing notes that avoiding overlapping ORFs could reduce the total per-side ORF a customer faces (industry-wide overlapping ORFs could total as much as $0.023 per side as of June 1, 2026).
Revenue Cap and Semiannual Monitoring
The Exchange will monitor ORF revenue at least semi-annually and intends that revenue from ORF, combined with other regulatory fees and fines, not exceed 75% of its total regulatory costs. If the Exchange determines revenues would exceed its regulatory costs in a year, it will file with the SEC to reduce the ORF; any excess ORF revenue already collected will not be used for nonregulatory purposes.
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Previous / Next Documents
Previous: 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.
Next: 2026-17666, Self-Regulatory Organizations; CME Securities Clearing Inc.; Notice of Filing of Proposed Rule Change To Adopt Standards for Establishing Cross-Margin Arrangements and Adopt a Cross-Margin Arrangement With Chicago Mercantile Exchange Inc.