The companies, products and regulatory developments shaping the broker industry.
The approved reform ties eligible cash interest to IORB less a charge, broadens potential Federal Reserve custody and excludes cross-margin cash. The clearing member is the recipient named in the rules.
ICE Clear Credit offers qualifying clients a $3m paid-fee cap in 2027. OCC’s separate December 2026 holiday covers its $200 monthly minimum and $0.025 per-contract clearing fee; neither dictates a broker’s full customer bill.
The filing identifies payment for order flow as a major expense component but does not disclose the amount paid for retail equity orders
The filing would suspend the $0.025-per-contract charge for December. Regulatory steps, a separately conditional monthly minimum and the clearing broker’s own tariff still affect implementation.