Nasdaq MRX Doles Out Rebates for Penny Option Trades
Published Date: 9/30/2025
Notice
Summary
Nasdaq MRX is updating its pricing to give money back (a rebate) to members who add trades in Penny Symbols, which are low-priced options. This change helps encourage more trading activity and takes effect right away. If you’re a trader on MRX, this means you could save some cash starting now!
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Tier‑4 Penny‑Symbol $0.02 Rebate
If you are a Nasdaq MRX Member that reaches Tier 4 and at least 50% of your monthly Total Affiliated Member or Affiliated Entity Volume adds liquidity in Penny Symbols, you will be paid a $0.02 per contract rebate on all your Penny Symbol transactions for that month. This note 2 incentive is available through December 31, 2025. (Tier 4 volume is based on executing more than 0.70% of Total Customer ADV.)
Net Penny‑Symbol Maker Fee Changes
Under the proposal, a qualifying Tier 4 Non‑Priority Customer example would pay $0.48 per contract (currently $0.50 maker fee minus the $0.02 note 2 rebate) for Penny Symbol maker transactions, while a qualifying Priority Customer example would receive $0.49 per contract (currently $0.47 maker rebate plus the $0.02 note 2 rebate). These example net rates apply for months in which the Member meets the Tier 4 and 50% add‑liquidity conditions.
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