Options Regulatory Fee (ORF)

The ORF is an exchange fee which OCC collects from its clearing members, including IB.  Its stated purpose is to assist in offsetting exchange costs relating to the supervision and regulation of the options market (e.g., routine surveillance, investigations, and policy, rule-making, interpretive and enforcement activities). The fee was initiated by the CBOE in mid-2009, by each of the BOX, ISE and PHLX in January 2010, by AMEX and ARCA in May 2011, by Nasdaq in January 2012, by C2 in August 2012, by Miami in January 2013, by ISE GEMINI in August 2013, by BATS in February 2015, by Nasdaq BX in February 2016, by BATS EDGX in February 2017, by PEARL in February 2017 and by MERCURY and EMERALD in February 2019. It is currently assessed to customer orders at a rate of $0.0388 per U.S. exchange listed option contract with the rate per exchange as follows: 

EXCHANGE ORF
AMEX $0.0055
ARCA $0.0055
BATS $0.0002
BOX $0.0038
CBOE $0.0045
C2 $0.0012
EDGX $0.0001
EMERALD $0.0006

ISE

$0.0020

GEMINI $0.0018
MERCURY $0.0004
MIAX $0.0029

NOM

$0.0020
NASDAQBX $0.0005
PEARL $0.0028
PHLX

$0.0050

Total $0.0388


Note that the ORF  is assessed on all trades, both buys and sells, in addition the IB commission charge as well as any existing exchange fees (e.g., liquidity removal) and will be reflected on the Activity Statement as a Regulatory Fee.