Nasdaq GEMX Lowers Market Maker Rebates
Published Date: 8/27/2025
Notice
Summary
Nasdaq GEMX is changing its pricing rules to lower some rebates paid to Market Makers who help keep the options market active. This means Market Makers might earn a bit less when they add orders to the market. The new rules took effect right away on August 12, 2025, so everyone trading options on GEMX should take note!
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
Tier 3–4 Maker Rebates Lowered
If you are a Market Maker on GEMX, the exchange reduced its Tier 3 Maker Rebate from $0.39 to $0.37 per contract and its Tier 4 Maker Rebate from $0.41 to $0.38 per contract. These changes took effect on August 12, 2025.
SPY/QQQ/IWM Maker Rebates Changed
For the option symbols SPY, QQQ, and IWM, GEMX lowered Market Maker Penny Symbol Maker Rebates for Tier 1 through Tier 4 from $0.41 to $0.38 per contract. This amendment to note 15 became effective on August 12, 2025.
Priority Customer SPY/QQQ/IWM Fee Drop
If you trade as a Priority Customer in SPY, QQQ, or IWM on GEMX, your Tier 1–2 Penny Symbol Taker Fee was reduced from $0.45 to $0.44 per contract. This change took effect on August 12, 2025.
Affiliated Taker Fee Raised to $0.43
GEMX raised the Tier 3 and Tier 4 Penny Symbol Taker Fee for Market Makers and Non‑Nasdaq GEMX Market Makers (FarMM) from $0.42 to $0.43 per contract when the Member is both the buyer and seller or removes liquidity from an affiliated member/entity. This amendment to note 18 took effect on August 12, 2025.
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