PHLX Nixes Order-Splitting Games Unless It Saves Bucks
Published Date: 12/22/2025
Notice
Summary
Nasdaq PHLX is making a new rule to stop traders from splitting up orders just to game the system, unless it’s to get the best deal for customers. This change affects all members and traders on the exchange and kicks in right away, keeping trading fair and square. No extra fees or delays—just cleaner, smarter trading rules starting now!
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
PHLX Bans Order Unbundling
If you are a Nasdaq PHLX member, member organization, or person associated with them, you may not split ("unbundle") a single options order into multiple smaller orders for any purpose other than seeking the best execution of the entire order. The Exchange filed this rule change on December 11, 2025 (effective upon filing) and explicitly cites that splitting orders to gain Lead Market Maker allocation for orders of 5 contracts or fewer or to gain a higher allocation in price-improvement auctions is impermissible.
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