The U.S. Securities and Exchange Commission’s Director of the Division of Trading and Markets delivered opening remarks for an SEC roundtable on listed options market structure, positioning the event as a forum to re-engage market participants and reassess policy questions around competition, transparency, fairness and market fragmentation in a more automated and interconnected market. The remarks pointed to the SEC’s last broad review in this area, a 2004 concept release, and argued that many issues remain relevant despite significant growth in retail participation, exchange competition, options classes and series, and quote traffic. They highlighted ongoing concentration of liquidity in the most active symbols, wide spreads in less liquid symbols, a large share of specialist appointments held by large market makers, and consolidators controlling most retail flow, alongside newer topics such as short-term options series and the Options Regulatory Fee (ORF). The speech also noted that every exchange has amended its rules under an industry-led ORF reform that will move to a more equitable regulatory funding model on 1 July 2026. The roundtable program includes a presentation of an Office of Analytics and Research paper released the prior week and three panels covering liquidity-provider competition, the customer experience in listed options, and challenges and opportunities associated with options-market growth, with SEC Chairman Atkins scheduled to deliver remarks after lunch.
U.S. Securities & Exchange Commission 2026-04-16
U.S. Securities and Exchange Commission convenes options market structure roundtable and notes Options Regulatory Fee reform taking effect 1 July 2026
The SEC’s Trading and Markets Director opened a roundtable on listed options market structure as a forum to reassess competition, transparency, fairness, and fragmentation in an increasingly automated, interconnected market. The remarks cited persistent issues including liquidity concentration, wide spreads in less liquid symbols, and specialist and retail-flow consolidation, as well as newer topics such as short-term options series and the Options Regulatory Fee, which will shift to a revised regulatory funding model on 1 July 2026. The roundtable includes an Office of Analytics and Research paper and three panels on liquidity-provider competition, customer experience, and the implications of options-market growth.