Nasdaq PHLX Adds Option Fees: More Costs for Market Liquidity Lovers
Published Date: 6/20/2025
Notice
Summary
Nasdaq PHLX is changing the fees for trading Nasdaq 100 Index options by adding a new charge for taking liquidity away from the market. This affects traders who buy or sell these options and starts right away, meaning some trades might cost a bit more. The goal is to keep the market fair and balanced while updating how fees work.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
New $1.50 Taker Surcharge for NDX/NDXP
Nasdaq PHLX will charge a $1.50 per contract surcharge on all electronic simple Non-Customer orders that remove liquidity in NDX and NDXP options. This change applies to Non-Customers (Lead Market Makers, Market Makers, Firms, Professionals, Broker-Dealers, and JBOs) and became effective upon filing on June 2, 2025.
Customer NDX/NDXP Fee Remains $0.25
The Exchange will keep Customer transaction fees for NDX and NDXP at $0.25 per contract; those customer fees remain unchanged under the proposal and the filing that became effective on June 2, 2025. This means identified Customer orders will continue to be charged $0.25 per contract.
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