Cboe BZX raises Options Regulatory Fee to $0.00476 per contract side

On August 13, 2026, Cboe BZX Exchange, Inc. filed a proposed rule change (File No. SR-CboeBZX-2026-066; Release No. 34-106191) with the Securities and Exchange Commission under Section 19(b)(1) of the Securities Exchange Act and Rule 19b-4. The notice, published August 26, 2026, invites comment on the amendment to the Exchange's Fees Schedule relating to the Options Regulatory Fee (ORF).

The amendment would increase the ORF from $0.0002 per contract side to $0.00476 per contract side, but only for options transactions that execute on the BZX Exchange and clear in the customer range at the Options Clearing Corporation. The fee continues to be collected by OCC on behalf of the Exchange from the clearing member that cleared the transaction.

In addition to the rate change, the Exchange proposes nonsubstantive revisions to clarify the description of ORF, delete outdated language about the use of OCC reports, and remove the requirement that members furnish a list of their OCC clearing numbers, noting that the Exchange now receives this information daily from OCC.

The Exchange states that ORF revenue, combined with other regulatory fees and fines, is intended to recover a material portion of its regulatory costs. Indirect expenses are estimated at approximately 29% of total regulatory costs for 2026, with direct expenses comprising roughly 71%. The Exchange's practice is that ORF revenue not exceed 75% of total regulatory costs, and it will adjust the fee in future filings if revenues diverge materially from costs.

The proposed rule change is effective July 1, 2026, and the Exchange will notify members of the adjustment through Exchange Notice C2026052000, dated May 20, 2026. The SEC will consider the filing immediately upon approval, and comments are being solicited from interested parties.