ADGM’s Financial Services Regulatory Authority opened a consultation on 9 October to reprice market-infrastructure supervision and licensing. It completes a review deferred from the regulator’s earlier fee exercise, with responses due by 6 November.[2]
The largest percentage increase concerns multilateral and organised trading facilities outside the virtual-asset, fiat-referenced-token and spot-commodity categories. Their application fee would rise tenfold and annual supervision fourfold.[1]
Selected proposed venue fees, in US dollars
| Permission or venue | Application: current → proposed | Annual supervision: current → proposed |
|---|---|---|
| Ordinary MTF or OTF | $10,000 → $100,000 | $10,000 → $40,000 |
| MTF/OTF handling virtual assets, fiat-referenced tokens or spot commodities | $125,000 → $125,000 | $60,000 → $60,000 |
| Recognised exchange or clearing house | $125,000 → $150,000 | $60,000 → $100,000 |
For the specialist MTF/OTF categories, revised add-ons preserve the total. Comparing only the new base charge with the old specialist tariff would misstate the change.[1]
The FSRA links its review to the growing size and maturity of the market. The wider package also addresses late regulatory filings, permission variations and certain changes of control. That scope makes the consultation relevant to existing authorised businesses as well as prospective venue operators.[2]
An incumbent ordinary MTF would face an additional $30,000 annually under the proposal. That recurring cost would accrue regardless of whether trading revenue increased.[1]
The proposed start is 1 January 2027, subject to consultation and approvals. Revised annual fees would cover the 2027 fee year and be invoiced in December 2026.[1]
For brokers comparing execution partners, these are costs paid by venue operators to the regulator. Whether operators absorb them, spread them across growing activity or revise member charges will depend on their commercial decisions. The schedule alone does not specify a new charge on a broker’s individual trade.
Sources & further reading
- Consultation Paper No. 6 of 2026: Proposed revisions to the Fees and General Rulebooks ADGM Financial Services Regulatory Authority · 9 Oct 2026 · Accessed 20 Oct 2026
- ADGM FSRA launches consultation on revisions to its Fees and General Rulebooks ADGM Financial Services Regulatory Authority · 9 Oct 2026 · Accessed 20 Oct 2026