Nasdaq Texas Tweaks Options Auction Rules—Business as Usual
Published Date: 4/22/2026
Notice
Summary
Nasdaq Texas is updating its Options Price Improvement Auction rules to let Market Makers’ orders be invited to join auctions that help get better prices for traders. This change aims to boost competition and improve trade prices right away, with no extra fees or delays. Traders and Market Makers using Nasdaq Texas options will see these benefits starting immediately.
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Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Assigned Market Makers Can Be Solicited
If you trade options on Nasdaq Texas, the exchange now permits orders for the accounts of Market Makers assigned to an options class to be solicited as the contra-side in PRISM (price improvement) auctions. The Exchange filed this change on April 13, 2026 and it became effective upon filing; the Exchange plans to implement the change on or before Q3 2026. The Exchange says this may expand liquidity and increase execution and price-improvement opportunities for Public Customer orders, including retail and smaller Public Customer orders.
IOC Orders Will Be Rejected, Not Routed
The Exchange amends Options 5, Section 4(a) to state that Immediate-or-Cancel (IOC) orders "will be rejected and will not be routed." The Exchange says this clarifies that IOC orders cannot rest on the book or be routed; the Exchange proposes to implement rule changes on or before Q3 2026.
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