Nasdaq Updates Fees for Dividend and Merger Trading Strategies
Published Date: 1/5/2026
Notice
Summary
Nasdaq PHLX is updating its fees for certain options trading strategies done on the trading floor. This change affects traders using special strategies like dividend or merger strategies and aims to adjust how much they pay when executing these trades. The new fee rules take effect immediately, so traders should check the updated costs to stay ahead.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 1 costs, 1 mixed.
Floor Strategy Rebate Removed; No Fee Imposed
Nasdaq PHLX removed the $0.01 per-contract rebate that it previously paid for qualifying Floor Originated Strategy Executions and will instead assess no transaction charge for those qualifying strategy executions. This applies to dividend, merger, short stock interest, reversal and conversion, jelly roll, and box spread strategies executed on the trading floor or as a Floor Qualified Contingent Cross Order.
Retail Customers: No Change in Fees or Rebates
The rule confirms that Customers continue to not be assessed a fee and do not receive a rebate for strategy transactions. As stated, this remains the case under the proposed pricing.
NDX/NDXP/XND Options Excluded
The filing explicitly notes that NDX, NDXP, and XND options transactions are excluded from strategy cap pricing. That exclusion applies to the strategy pricing rules described in Options 7, Section 4.
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