Nasdaq PHLX Tweaks Options Rebates and Fees
Published Date: 4/15/2026
Notice
Summary
Nasdaq PHLX is updating its pricing rules for options trading starting April 1, 2026. They’re changing how customers qualify for higher rebate tiers and removing a special fee exemption during certain auctions. Traders and firms using PHLX options should watch for these changes as they could affect trading costs and rebates.
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Analyzed Economic Effects
2 provisions identified: 0 benefits, 1 costs, 1 mixed.
Customer Rebate Tier Threshold Increase
If you are a Nasdaq PHLX member or member organization, the percentage thresholds to qualify for Customer Rebate Tiers change effective April 1, 2026. Tier 4’s upper bound is amended from above 2.00%–2.50% to above 2.00%–2.75%, and Tier 5’s threshold is amended from above 2.50% to above 2.75%.
Marketing Fee Exemption Discontinued
If you trade in Exposure Complex Auctions on PHLX, the contra side order that executes against the originating order will no longer be exempt from the Marketing Fee starting April 1, 2026. Both the originating order and the contra side order of an Exposure Complex Auction will be subject to applicable Marketing Fees.
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