Options Regulatory Fee (ORF)
The ORF is an exchange fee which OCC 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). The fee was initiated by the CBOE in mid-2009, by each of the BOX, ISE and PHLX in January 2010, by AMEX and ARCA in May 2011, by Nasdaq in January 2012, by C2 in August 2012, by Miami in January 2013, by ISE GEMINI in August 2013, by BATS in February 2015, by Nasdaq BX in February 2016, by BATS EDGX in February 2017, by PEARL in February 2017, by MERCURY and EMERALD in February 2019, MEMX in September 2023, and by MIAX Sapphire in September 2024.
As of March 3, 2025, it is assessed to client orders at a rate of $0.02815 per U.S. exchange listed option contract as follows:
| Exchange | ORF |
|---|---|
| AMEX | 0.0038 |
| ARCA | 0.0038 |
| BATS | 0.0001 |
| BOX | 0.00295 |
| CBOE | 0.0017 |
| C2 | 0.0002 |
| EDGX | 0.0001 |
| EMERALD | 0.0006 |
| ISE | 0.0013 |
| GEMINI | 0.0012 |
| MERCURY | 0.0004 |
| MIAX | 0.0019 |
| MEMX | 0.0015 |
| NOM | 0.0016 |
| NASDAQBX | 0.0005 |
| PEARL | 0.0018 |
| PHLX | 0.0034 |
| SAPPHIRE | 0.0013 |
| Total | 0.02815 |
The ORF is assessed 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.