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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.

The Securities and Exchange Commission has received a proposal from Nasdaq BX to change how they handle the Options Regulatory Fee (ORF) starting on January 1, 2025. The change will adjust how fees are collected from different kinds of option transactions to better match the costs of regulation. Specifically, the proposal distinguishes between local and away trades and sets different fees for these categories. Nasdaq BX aims to ensure that these fees do not exceed 88% of the actual regulatory costs, and plans to revert to the previous fee system by July 1, 2025, unless further changes are made.

The Securities and Exchange Commission has announced a rule change proposed by The Nasdaq Stock Market LLC. This change involves modifying the Options Regulatory Fee (ORF) by decreasing it from $0.0016 to $0.0014 per contract side, starting from November 1, 2024, until December 31, 2024, to ensure that the revenue from this fee does not exceed the costs associated with regulatory responsibilities. From January 1, 2025, Nasdaq plans to introduce a new method of assessing ORF, which will exclude proprietary product transactions and focus on clearing transactions across various participant types, while adopting different rates for trades executed on Nasdaq and non-Nasdaq exchanges. This new approach aims to cover a material portion of regulatory costs without generating excessive revenue and is set to conclude on July 1, 2025, when the original rates and structure will be reinstated unless further reviewed.

The NYSE American LLC has proposed a temporary change to its Options Regulatory Fee (ORF). From December 1 to December 31, 2024, the ORF will be waived to ensure that the fees collected do not exceed the Exchange's regulatory costs due to high trading volumes. The ORF will resume on January 1, 2025, at the rate of $0.0038 per contract. The proposal also includes cleaning up outdated language from past fee schedules to make them clearer. The Securities and Exchange Commission (SEC) is seeking public comments on this rule change.

Nasdaq PHLX LLC proposed changes to lower the Options Regulatory Fee (ORF) starting in 2025. From November 1, 2024, to December 31, 2024, they plan to reduce the ORF fee from $0.0034 to $0.0022 per contract. Beginning January 1, 2025, the methodology for assessing ORF will change to include different rates for options traded on different exchanges, with new rates applied to various transactions except those by market makers. The proposal aims to ensure that the fees collected cover regulatory costs without exceeding them.

Nasdaq GEMX, LLC has proposed changes to its Options Regulatory Fee (ORF) structure starting January 1, 2025. These changes will involve different fees for trades conducted on GEMX and those executed on non-GEMX exchanges. The new structure aims to better distribute regulatory costs among different market participants, ensuring that the collected fees do not surpass 88% of the total regulatory costs. This proposal temporarily changes how fees are assessed and will revert to previous rates on July 1, 2025, unless further action is taken.

Nasdaq MRX, LLC has introduced a new approach for calculating the Options Regulatory Fee (ORF) starting January 1, 2025, which differentiates fees based on where trades occur. The revised system will exclude Market Makers from the ORF and categorize trades under different rates depending on whether they occur on MRX or other exchanges. This update aims to refine the collection of ORF to more precisely cover regulatory costs and ensure no overlap with fees charged by other exchanges. The new method will expire on July 1, 2025, after which the previous fee structure will resume.

The Securities and Exchange Commission (SEC) has temporarily suspended a proposed rule change by NYSE Arca, Inc., which aimed to waive the Options Regulatory Fee (ORF) for December 2024 and resume it at the same rate in January 2025. The SEC will determine whether to approve or disapprove this proposal, asking for public comments to ensure that the changes meet legal requirements and are fair to all involved parties. The proposal is under scrutiny as it could potentially lead to unfair fee structures or competition discrepancies. The SEC invites comments and insights on this matter to aid in their decision-making process.

The NYSE Arca, Inc. has proposed a temporary waiver of the Options Regulatory Fee (ORF) for all transactions cleared in the Customer range at the Options Clearing Corporation from December 1, 2024, to December 31, 2024. This waiver is intended to ensure that the ORF collections do not exceed the exchange's regulatory costs, as high trading volumes have increased ORF collections beyond projections, despite a rate reduction. The ORF is set to resume at its current rate on January 1, 2025, and the exchange will monitor costs to decide if further adjustments are necessary. Additionally, the exchange aims to remove outdated fee schedule language for clarity.

The Securities and Exchange Commission (SEC) is reviewing a rule change proposed by NYSE American, LLC. The proposal suggests temporarily waiving the Options Regulatory Fee (ORF) for December 2024, aiming to prevent fee collections from exceeding regulatory costs. The fee would resume on January 1, 2025, at the same rate. The SEC temporarily suspended this proposal to allow more time for public feedback and further evaluation of its consistency with relevant laws and fairness in terms of fee allocation.