Nasdaq BX Boosts Rewards for Lead Options Market Makers
Published Date: 9/19/2025
Notice
Summary
Nasdaq BX is updating its pricing rules to offer new rewards for Lead Market Makers, the folks who help keep options trading smooth and steady. This change kicks in right away and aims to encourage more active and reliable market making, which could mean better trading for everyone. If you’re a trader or market maker, keep an eye on these fresh incentives starting now!
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
New rebates for Lead Market Makers
If you are a Lead Market Maker (LMM) and your firm’s LMM+MM liquidity-adding volume represents more than 0.45% of Customer Total Consolidated Volume (TCV) per day (measured monthly), you will receive additional maker rebates on contracts you execute as an LMM: +$0.05 per contract in Penny Symbols and +$0.24 per contract in Non-Penny Symbols. Qualifying LMMs would receive a total of $0.29 per contract in Penny Symbols and $0.69 per contract in Non-Penny Symbols on contracts executed as LMMs.
Market Makers lose prior note 2 incentives
The proposal removes the prior note 2 incentive from the Maker Rebates table for Market Makers, so Market Makers (non-LMMs) will no longer receive the note 2 additional maker rebates that were previously available. The new note 2 is limited to Lead Market Makers only and the additional rebates are paid only on contracts executed in the option classes where the participant is an LMM.
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