Nasdaq ISE, LLC has proposed a change to how it collects the Options Regulatory Fee (ORF) starting January 1, 2025. The new approach will see ORF being applied to a broader range of transactions, excluding those by Market Makers, and at different rates for transactions happening on ISE versus other exchanges. These changes aim to better align the fees with regulatory costs and make the fee system fairer for different market participants. This proposal will automatically expire on July 1, 2025, returning to the previous ORF structure unless further action is taken.
Simple Explanation
Nasdaq ISE wants to change a small fee called the Options Regulatory Fee (ORF) starting in 2025 to make sure it matches the costs of policing the market. They will charge this fee differently depending on where trading happens, but won't charge it to certain big traders to keep things fair.