Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt a New Methodology for Assessment and Collection of the Options Regulatory Fee (ORF)
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
NYSE American proposes to change how it collects the Options Regulatory Fee (ORF) starting July 1, 2026. Currently, ORF is charged on all Customer-range options transactions cleared at OCC by ATP Holders, regardless of which exchange the trade occurred on. Under the new methodology, ORF will only be assessed on Customer options transactions that are executed directly on the NYSE American exchange. The fee will still apply to all Customer cleared contracts executed on the Exchange, collected by OCC from both ATP Holders and non-ATP Holders based on the clearing member of record on trade date. The Exchange will continue collecting under the old method until at least June 30, 2026, or later if other options exchanges have not filed similar changes by April 1, 2026. The ORF rate itself will be set in a separate future filing.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- ORF will only be assessed on Customer options transactions executed on NYSE American exchange effective July 1, 2026
- Current methodology (assessing on all Customer transactions cleared by ATP Holders regardless of venue) continues until at least June 30, 2026
- Implementation of new methodology conditioned on all U.S. options exchanges filing similar changes by April 1, 2026
+ 3 more changes with Pro
Obligations
What this law requires
NYSE American must implement the new ORF methodology effective July 1, 2026, assessing ORF only on Customer options transactions executed directly on the NYSE American exchange and cleared at OCC
NYSE American must continue collecting ORF under the current methodology until at least June 30, 2026, or delay implementation if other U.S. options exchanges have not filed similar methodology changes by April 1, 2026
NYSE American must file a separate rule filing with the ORF rate to take effect on July 1, 2026, in advance of implementing the new ORF assessment methodology
NYSE American must provide at least 30 days' notice of any applicable ORF rate change via Trader Update prior to the effective date
NYSE American must monitor ORF collection to ensure the amount collected does not exceed a material portion of ORF Costs and adjust the ORF rate accordingly by submitting a fee change filing to the SEC if necessary