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<title>Federal Register, Volume 91 Issue 1 (Friday, January 2, 2026)</title>
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[Federal Register Volume 91, Number 1 (Friday, January 2, 2026)]
[Notices]
[Pages 174-176]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-24132]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104522; File No. SR-MRX-2025-33]
Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change Concerning the
Exchange's Options Regulatory Fee (ORF) Methodology Until July 1, 2026
December 29, 2025.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on December 19, 2025, Nasdaq MRX, LLC (``MRX'' or ``Exchange'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been prepared by the Exchange. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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[[Page 175]]
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend MRX's Pricing Schedule at Options 7,
Section 5, C, MRX Options Regulatory Fee, to delay the implementation
of the new Options Regulatory Fee (``ORF'') and methodology proposed in
SR-MRX-2025-11.\3\ Specifically, the Exchange proposes to delay MRX's
new ORF and methodology therein, which was to be implemented on January
2, 2026, until July 1, 2026 and remove the sunset provision.
Additionally, effective January 2, 2026, the Exchange proposes to
decrease its current ORF from $0.0010 to $0.0007 per contract side.
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\3\ See Securities Exchange Act Release No. 103103 (May 22,
2025), 90 FR 22797 (May 29, 2025) (SR-MRX-2025-11) (Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Amend the
Methodology for Its Options Regulatory Fee as of January 2, 2026).
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While the changes proposed herein are effective upon filing, the
Exchange has designated the proposed rule change to be operative on
January 2, 2026.
The text of the proposed rule change is available on the Exchange's
website at <a href="https://listingcenter.nasdaq.com/rulebook/mrx/rulefilings">https://listingcenter.nasdaq.com/rulebook/mrx/rulefilings</a>,
and at the principal office of the Exchange.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
MRX previously filed a proposed amendment to its ORF, effective as
of January 2, 2026,\4\ to amend its methodology of collection to
continue to assess ORF for options transactions cleared by OCC in the
Customer range, however ORF would be assessed to each MRX Member for
executions that occur on MRX. At this time, MRX proposes to: (1) delay
the implementation of SR-MRX-2025-11, with respect to the new ORF and
methodology therein to be effective on January 2, 2026, so that it
would now be implemented on July 1, 2026; and (2) decrease its current
ORF from $0.0010 to $0.0007 per contract side effective January 2,
2026.
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\4\ See id.
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Delay of Implementation
In light of industry feedback from Clearing Members regarding
readiness to implement changes to accommodate the new ORF model and its
methodology of collection, the Exchange proposes to delay the
implementation of SR-MRX-2025-11, with respect to the new ORF and
methodology therein, until July 1, 2026. This delay would provide
market participants additional time to implement the new ORF model and
to design, test and implement changes to the ORF. Additionally, the
Exchange proposes to remove the February 1, 2026 sunset date that would
have allowed the Exchange to revert back to the prior ORF methodology
and rate of $0.0004 per contract side. The Exchange has issued an
Options Trader Alert to notify Participants of the delay at least 30
calendar days prior to the anticipated change.\5\
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\5\ See Options Trader Alert #2025-03.
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Amended ORF
In light of the unanticipated delay of implementation of its
January 2, 2026 amendments to its ORF and methodology in SR-MRX-2025-11
to accommodate the industry's timeline, MRX proposes to decrease its
ORF from $0.0010 to $0.0007 per contract side effective January 2, 2026
to account for an increase in options volume. The Exchange has issued
an Options Trader Alert to notify Participants of the decrease in the
current ORF at least 30 calendar days prior to the anticipated
change.\6\ By lowering its ORF, MRX was able to ensure that revenue
collected from the ORF, in combination with its other regulatory fees
and fines, did not exceed Options Regulatory Costs.\7\
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\6\ See id.
\7\ The regulatory costs for options comprise a subset of the
Exchange's regulatory budget that is specifically related to options
regulatory expenses and encompasses the cost to regulate all
Participants' options activity (``Options Regulatory Cost'').
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MRX presumed it would be adopting its new ORF and methodology in
SR-MRX-2025-11 on January 2, 2026, which would have implemented a new
ORF rate. MRX notes that it announced its new ORF and methodology on
July 22, 2025 \8\ to provide the industry ample time to implement
changes to accommodate the new ORF and its methodology. Despite
announcing in July 2025, industry participants did not prepare for the
implementation. MRX is lowering its rate at this time to adjust its ORF
rate accordingly under the current methodology given options volume so
that it may continue under the current ORF methodology.
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\8\ See Options Trader Alert #2025-33.
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2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\9\ Specifically, the
Exchange believes the proposed rule change is consistent with Section
6(b)(4) of the Act,\10\ which provides that Exchange rules may provide
for the equitable allocation of reasonable dues, fees, and other
charges among its members, and other persons using its facilities.
Additionally, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5) \11\ requirement that the rules of
an exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(4).
\11\ 15 U.S.C. 78f(b)(5).
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Delay of Implementation
The Exchange's proposal to delay the implementation of SR-MRX-2025-
11, with respect to the new ORF and methodology, to be effective on
January 2, 2026, until July 1, 2026 and to remove the February 1, 2026
sunset date that would have allowed the Exchange to revert back to the
prior ORF methodology and rate is consistent with the Act because it
will provide market participants additional time to design, test and
implement the new ORF and its methodology. The proposal to remove the
sunset date is also consistent with the Act given the delay and
anticipated industry commitment to implement the changes.
Amended ORF
The Exchange's proposal to decrease its current ORF from $0.0010 to
$0.0007 per contract side effective January 2, 2026, is consistent with
the Act because it will allow MRX to account for an increase in options
volume. By lowering its ORF, MRX was able to ensure that revenue
collected from the ORF, in combination with its other regulatory fees
and fines, did not exceed Options Regulatory Costs.\12\ MRX presumed it
[[Page 176]]
would be adopting its new ORF and methodology in SR-MRX-2025-11 on
January 2, 2026 with a new ORF rate. MRX notes that it announced its
new ORF and methodology on July 22, 2025 \13\ to provide the industry
ample time to implement changes to accommodate the new ORF and its
methodology. Despite announcing in July 2025, industry participants did
not prepare for the implementation. MRX is lowering its rate at this
time to adjust its ORF rate accordingly under the current methodology
given options volume so that it may continue under the current ORF
methodology.
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\12\ The regulatory costs for options comprise a subset of the
Exchange's regulatory budget that is specifically related to options
regulatory expenses and encompasses the cost to regulate all
Participants' options activity (``Options Regulatory Cost'').
\13\ See Options Trader Alert #2025-33.
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on intra-market competition not necessary or
appropriate in furtherance of the purposes of the Act. The proposal to
decrease MRX's ORF in light of current options volumes until it is able
to implement the new ORF and methodology on July 1, 2026 does not
impose a burden on competition. No Participant would be subject to the
new ORF and methodology until July 1, 2026. The Exchange is not
substantively amending the proposed ORF by delaying its implementation.
The Exchange does not believe that the proposed modified rate will
impose any burden on intra-market competition not necessary or
appropriate in furtherance of the purposes of the Act as the decreased
ORF rate for January 2, 2026 accounts for options volume. The Exchange
does not believe that the proposed rate will impose any burden on
inter-market competition not necessary or appropriate in furtherance of
the purposes of the Act as other options markets may amend their
respective ORFs.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \14\ and paragraph (f) of Rule 19b-4 \15\
thereunder. At any time within 60 days of the filing of the proposed
rule change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
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\14\ 15 U.S.C. 78s(b)(3)(A).
\15\ 17 CFR 240.19b-4(f).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#4735322b226a24282a2a222933340734222469202831"><span class="__cf_email__" data-cfemail="1765627b723a74787a7a727963645764727439707861">[email protected]</span></a>. Please include
file number SR-MRX-2025-33 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-MRX-2025-33. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the filing will be available for inspection and
copying at the principal office of the Exchange. Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publication submitted material
that is obscene or subject to copyright protection. All submissions
should refer to file number SR-MRX-2025-33 and should be submitted on
or before January 23, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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\16\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-24132 Filed 12-31-25; 8:45 am]
BILLING CODE 8011-01-P
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Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Concerning the Exchange's Options Regulatory Fee (ORF) Methodology Until July 1, 2026
<html> <head> <title>Federal Register, Volume 91 Issue 1 (Friday, January 2, 2026)</title> </head> <body><pre> [Federal Register Volume 91, Number 1 (Friday, January 2, 2026)] [...
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Federal Register Citation
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91 FR 174
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“Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Concerning the Exchange's Options Regulatory Fee (ORF) Methodology Until July 1, 2026,” thefederalregister.org (January 2, 2026), https://thefederalregister.org/documents/2025-24132/self-regulatory-organizations-nasdaq-mrx-llc-notice-of-filing-and-immediate-effectiveness-of-a-proposed-rule-change-conc.