Nasdaq Tweaks Fees to Play Nice with SEC's New Rules
Published Date: 2/12/2026
Notice
Summary
Nasdaq is updating its fees and incentives starting February 2, 2026, to follow a new SEC rule called Reg NMS Rule 610(d). This change affects traders and firms using Nasdaq by adjusting how much they pay or earn on stock transactions. The updates kick in right away but officially start on February 2, making sure Nasdaq plays by the new rules and keeps things fair.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
Opening Cross $35,000 Cap Becomes Soft Threshold
Effective February 2, 2026, Nasdaq will replace the hard $35,000 monthly cap on fees for orders executed in the Nasdaq Opening Cross (for securities priced at or above $1) with a soft monthly threshold: a firm pays fees through the trading day on which it meets or surpasses $35,000, and thereafter incurs no further fees for that type of execution for the rest of the month. That monthly threshold only applies if the firm added at least one million shares of liquidity, on average per day, in the prior month.
Tiered Fees Based on Prior Month
Starting February 2, 2026, Nasdaq will calculate all tiered transaction fees and incentive qualifications using quoting or trading volume from the prior month so the fee or rebate applicable to a trade can be known at execution. New members will receive the base rates in their first month of trading.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Take It Personal
Get Your Personalized Policy View
Start a Free Government Policy Watch to see how policy affects your household, then upgrade to PRIA Full Coverage for year-round monitoring.
Already have an account? Sign in