The Options Regulatory Fee (ORF) is an exchange fee which OCC (Options Clearing Corporation) collects from its clearing members, including us. Its stated purpose is to assist in offsetting exchange costs relating to the supervision and regulation of the options market (e.g., routine surveillance, investigations, and policy, rule-making, interpretive and enforcement activities).
As of July 1, 2026, the ORF shifted from a collective rate to an 'On-Exchange' rate. The 'On-Exchange' rate is based on the specific exchange the order is executed on.
As of November 1st, 2026, the 'On-Exchange' ORF rate will be assessed to client orders as shown in the table below:
| Exchange | ORF |
| AMEX | 0.005 |
| BATS | 0.00476 |
| BOX | 0.022 |
| CBOE | 0.01248 |
| CBOE2 | 0.01417 |
| EDGX | 0.00286 |
| EMERALD | 0.022 |
| GEMINI | 0.011 |
| IEX | 0.00 |
| ISE | 0.007 |
| MEMX | 0.02 |
| MERCURY | 0.011 |
| MIAX | 0.017 |
| MX2 | 0.02 |
| NASDAQBX/ Texas | 0.024 |
| NASDAQOM | 0.02 |
| PEARL | 0.024 |
| PHLX | 0.009 |
| PSE | 0.008 |
| SAPPHIRE | 0.022 |
The ORF is assessed per contract on all trades, both buys and sells, in addition to our commission charge as well as any existing exchange fees (e.g., liquidity removal) and will be reflected on the Activity Statement as a Regulatory Fee.