Federal Register #SR-MRX-2026-27

SEC Notice: Nasdaq MRX Options Regulatory Fee Reduction and MIAX PEARL Data Fee Changes

This notice summarizes proposed rule changes affecting options trading fees and data access: - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets - OEMs and Vendors: - Nasdaq MRX, LLC (options exchange and fee originator) - MIAX PEARL, LLC (options exchange and data provider) - The Options Clearing Corporation (OCC) (clearinghouse for options transactions) - Products/Services Requested: - Options Regulatory Fee (ORF) on Nasdaq MRX: - Fee rate reduced from $0.0116 to $0.0080 per contract side - Applies to options transactions cleared by OCC in the customer range - Collected from both members and non-members for all customer transactions executed on MRX - MIAX PEARL Trade-by-Trade Report: - Monthly subscription fee established for access to the report - Ad-hoc historical request fees introduced - Discounts available for qualifying academic users and prior purchasers of related reports - Unique or Notable Requirements: - ORF revenue on Nasdaq MRX is capped at 82% of the Exchange's options regulatory costs - The rule change clarifies the methodology for ORF collection - MIAX PEARL introduces a tiered fee structure for data access, including academic discounts - No physical products or traditional procurement; these are regulatory fee and data access changes impacting market participants

Description

The Securities and Exchange Commission (SEC) has filed a proposed rule change to amend the Options Regulatory Fee (ORF) for Nasdaq MRX, LLC. The proposal includes decreasing the ORF rate from $0.0116 to $0.0080 per contract side effective July 1, 2026, and a non-substantive amendment to the rule text describing the ORF collection methodology. The ORF is assessed on options transactions cleared by The Options Clearing Corporation in the customer range and collected by OCC on behalf of MRX from members and non-members for all customer transactions executed on MRX. The rule change aims to ensure that ORF revenue does not exceed a material portion of the Exchange's options regulatory costs and is filed for immediate effectiveness.

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