Nasdaq Cracks Down on Sneaky Options Order Splits
Published Date: 12/22/2025
Notice
Summary
Nasdaq is making a new rule official that says splitting up options orders just to gain an unfair advantage isn’t allowed. This affects anyone trading options on Nasdaq, making sure trades stay fair and square. The rule kicks in right away with no extra fees, keeping the market honest and simple.
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Nasdaq bans options unbundling
If you trade options on Nasdaq, the Exchange filed a rule on December 11, 2025 (Nasdaq Options 9, Section 25) that makes it impermissible to split an order into multiple smaller orders for any purpose other than seeking the best execution of the entire order. The rule covers members, member organizations, and associated persons and is intended to stop “unbundling” or “trade shredding,” practices the filing says have been used to improperly maximize commissions, distort trade data, or circumvent maximum order size rules. The SEC invited comments through January 12, 2026.
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