New York Stock Exchange

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Options market fee wars

Cutting fees in response to sustained high trading volumes

Options exchanges are locked in a chaotic race to recalibrate fees as their regulatory costs collide with record trading volumes. Cboe doubled its Options Regulatory Fee to $0.0002 per contract on January 2, 2026, while NYSE slashed its fee from $0.0038 to $0.0026. The whipsaw reflects a deeper crisis: exchanges collect fees based on all customer options trades cleared industrywide, not just trades on their own platforms, creating unpredictable revenue swings.

Updated May 19

ServiceNow’s 5-for-1 stock split hits its record date, setting up a lower-priced ‘reset’ for trading

Money Moves

Split-adjusted trading for ServiceNow began December 18, 2025, with elevated volume

ServiceNow's 5-for-1 stock split executed on schedule: shares distributed after market close December 17, split-adjusted trading began December 18. The mechanical transition was clean—one $850 share became five $170 shares—but the 'fresh start' narrative got drowned out almost immediately by deal noise and analyst skepticism.

Updated May 15