Cboe proposes to raise Options Regulatory Fee to $0.01248 per contract side

On August 13, 2026, Cboe Exchange, Inc. filed a proposed rule change with the Securities and Exchange Commission (Release No. 34-106188; File No. SR-CBOE-2026-072). The Commission published the notice on August 31, 2026 to solicit comments from interested persons.

The proposal amends the Exchange's Fees Schedule for the Options Regulatory Fee (ORF). Under the new methodology adopted on December 12, 2025, ORF will be assessed only for options transactions that occur on the Exchange and clear in the customer range at the Options Clearing Corporation. Effective July 1, 2026, the fee will increase from $0.0023 per contract side to $0.01248 per contract side.

Collection of the ORF will continue to be performed by the OCC on behalf of the Exchange from the Clearing Trading Permit Holder (CTPH) that cleared the transaction. The Exchange seeks to delete outdated language describing the use of OCC reports and the reimbursement provision for routing brokers, noting that the Exchange now relies on its own reports for assessment and collection.

The Exchange states that ORF revenue, combined with other regulatory fees and fines, is intended to recover a material portion of its regulatory costs, which include direct expenses and indirect expenses estimated at approximately 43% of total regulatory costs for 2026. The Exchange's practice is that ORF revenue will not exceed 75% of total regulatory costs.

The Exchange will monitor regulatory revenues semi-annually and will submit additional fee change filings if revenues diverge materially from costs. The notice directs commenters to the Exchange's website, the SEC's rules page, and the principal office of the Exchange for access to Exhibit 5 and related materials.