Nasdaq Shuffles SPY Options Fees for Alert Traders
Published Date: 2/19/2025
Notice
Summary
Nasdaq PHLX is updating its options pricing to give customers rebates and charge non-customers fees when trading SPY options with special order alerts. They’re also adding a new fee for handling the stock part of certain complex SPY trades. These changes kick in right away and mainly affect traders dealing with SPY options, possibly changing how much they pay or earn.
Analyzed Economic Effects
4 provisions identified: 0 benefits, 3 costs, 1 mixed.
Rebates for Customers; Fees for Non-Customers
If you trade SPY options, the exchange will pay a rebate to Customer accounts and charge a fee to Non-Customer accounts when an execution is against an order for which the Exchange broadcasts an order exposure alert in SPY. This rule was filed on February 10, 2025 and became effective immediately.
Stock-Handling Fee for SPY Complex Trades
The Exchange will assess a stock handling fee for the stock leg of stock-option orders executed against other stock-option orders in the Complex Order Book in SPY. This fee applies to such SPY complex trades starting with this rule filing on February 10, 2025.
Stock-Handling Fee for Multiply-Listed Complex Trades
The Exchange will assess a stock handling fee for the stock leg of stock-option orders executed against other stock-option orders in the Complex Order Book for multiply-listed options (this excludes SPY and certain broad-based index options). The change was filed February 10, 2025 and is effective immediately.
Higher Surcharge for Removing Liquidity in Penny Complex Orders
The Exchange will increase a surcharge assessed to electronic Complex Orders that remove liquidity from the Complex Order Book and auctions in Penny Symbols (excluding SPY and excluding PIXL). This surcharge increase was proposed in the February 10, 2025 filing and is effective immediately.
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