Nasdaq PHLX Fees Flex: Aligning with New Reg NMS Trading Rules
Published Date: 2/12/2026
Notice
Summary
Nasdaq PHLX is updating its fees and rebates starting February 2, 2026, to follow a new rule called Reg NMS Rule 610(d). This change affects traders using the exchange by adjusting how much they pay or earn on transactions. The update kicks in right away to keep everything fair and square with the latest regulations.
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
Tiered Fees Use Prior-Month Volume
If you trade on Nasdaq PHLX, tiers used to set transaction fees and rebates will be calculated from quoting and trading volumes in the prior month rather than the current month. This change is operative on February 2, 2026 and means the tier qualification for a trade will be based on last month’s activity.
New Members Get Base Rates First Month
New members of the Exchange will receive the base transaction rates in their first month of trading. This rule takes effect February 2, 2026 and is intended to ensure new members' fees and rebates are determinable at execution.
Applies to Executions Across All Three Tapes
The Exchange states the proposed changes to fees and rebates apply to execution of securities across all three Tapes. The amendments are set to be operative on February 2, 2026.
No Change to Fee Amounts — Timing Only
The Exchange states that all existing fees and rebates remain otherwise unchanged; the amendment modifies only the criteria so tiering is based on prior-month volumes. This change becomes operative on February 2, 2026.
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