Nasdaq Updates Options Trading Rebates for Makers
Published Date: 8/19/2025
Notice
Summary
Nasdaq is updating its options trading fees to reward Market Makers more when they add liquidity in non-penny stocks. These changes start right away and aim to encourage smoother trading with better rebates and adjusted fees. If you’re a Market Maker on Nasdaq, expect some fresh incentives that could impact your trading costs and earnings.
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Analyzed Economic Effects
3 provisions identified: 1 benefits, 1 costs, 1 mixed.
New $0.30 Non‑Penny Rebate
If you are a NOM Market Maker, Nasdaq will pay a $0.30 per‑contract rebate for adding liquidity in Non‑Penny Symbols when you add more than 0.07% up to 0.10% of total industry customer equity and ETF option average daily volume (ADV) per day in a month. Participants that add more than 0.10% will receive a $0.40 per‑contract rebate under the proposal filed August 1, 2025 and effective upon filing.
Higher Volume Thresholds To Get Rebates
Nasdaq raises the percentage thresholds in note 5 so that to pay no Non‑Penny fee or receive rebates you must add more NOM Market Maker liquidity in Non‑Penny Symbols: 0.03%–0.07% of industry ADV is assessed $0.00 per contract; above 0.07%–0.10% receives $0.30 per contract; above 0.10% receives $0.40 per contract. The proposal was filed August 1, 2025 and is effective upon filing.
Some Market Makers May Lose Or Receive Lower Rebates
The Exchange states some Participants that currently receive a $0.20 per‑contract Non‑Penny rebate may receive no rebate after the change, and some Participants that currently receive a $0.40 per‑contract rebate may receive the proposed $0.30 per‑contract rebate instead.
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