2025-24139Notice

Nasdaq BX Pauses Fee Hike: Options Traders Get Breathing Room

Published Date: 1/2/2026

Notice

Summary

Nasdaq BX is hitting the pause button on its new Options Regulatory Fee plan, keeping the current fee of $0.0005 per contract side until July 1, 2026. This means traders and firms won’t see any fee changes for the first half of 2026 while the industry gets ready for the update. The delay also removes the previous deadline, giving everyone more time to adjust without extra costs.

Analyzed Economic Effects

3 provisions identified: 2 benefits, 1 costs, 0 mixed.

Temporary ORF Set at $0.0005 Per Contract

Effective January 2, 2026, BX will maintain its current ORF methodology and set the ORF at $0.0005 per contract side. The filing states this is a temporary increase from $0.0003 (effective October 1, 2025) while the industry transitions to the new model, until the new ORF is implemented on July 1, 2026.

Implementation Delayed to July 1, 2026

Nasdaq BX delayed the planned new Options Regulatory Fee (ORF) methodology that was to be effective January 2, 2026 and will now implement it on July 1, 2026. This delay gives market participants additional time to design, test, and implement changes needed for the new ORF model.

February 1, 2026 Sunset Removed

The Exchange removed the February 1, 2026 sunset date that would have allowed BX to revert to the prior ORF methodology and the prior rate of $0.0008 per contract side. That sunset removal is part of the delay and proposed changes.

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Key Dates

Published Date
1/2/2026

Department and Agencies

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Securities and Exchange Commission
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