# 2025-04331: Nasdaq GEMX Shuffles Fees: Traders Brace for Pricing Pivot

2025-04331, Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Pricing Schedule at Options 7, Section 3, is a Federal Register notice from Securities and Exchange Commission published 2025-03-18, effective 2025-03-11; PRIA reads it as touching household money (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-04331
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-04331
- Title: Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Pricing Schedule at Options 7, Section 3
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 12619
- Published: 2025-03-18
- Effective: 2025-03-11
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

Nasdaq GEMX Shuffles Fees: Traders Brace for Pricing Pivot

## Summary

Nasdaq GEMX is shaking up its options pricing starting now! They’re removing some old fee tiers, tweaking rebates and fees for different traders, and raising the bar for special discounts. If you trade options on GEMX, expect some changes to how much you pay or earn, effective immediately.

## Effects PRIA read

- Tier 2 Maker Rebates and Taker Fees Removed: mixed, medium. GEMX is removing the Penny Symbol and Non-Penny Symbol Tier 2 maker rebates and Tier 2 taker fees, effective March 11, 2025. If you trade on GEMX and currently benefit from or pay Tier 2 pricing, this change alters those rebates or fees you receive or pay.
- Maker Rebates Increased for Some Traders: benefit, medium. GEMX will increase certain Penny and Non-Penny Symbol market maker and Priority Customer maker rebates, effective March 11, 2025. If you act as a market maker or a Priority Customer placing maker orders on GEMX, you may receive higher rebates.
- Non-Priority Customer Taker Fees Decreased: benefit, medium. GEMX will decrease certain Penny and Non-Penny Symbol taker fees for Non-Priority Customers, effective March 11, 2025. If you are a Non-Priority Customer taking liquidity on GEMX, you may pay lower taker fees.
- Priority Customer Penny Taker Fees Raised: cost, medium. GEMX will increase Priority Customer Penny Symbol taker fees, effective March 11, 2025. If you are a Priority Customer taking penny-symbol liquidity on GEMX, you may pay higher taker fees.
- Qualifying Tier Thresholds Raised; Tier 2 Criteria Removed: mixed, medium. GEMX will increase the qualifying criteria for its Qualifying Tier thresholds and remove the Tier 2 qualifying criteria, effective March 11, 2025. If you relied on prior tier thresholds to qualify for discounts or rebates, your eligibility could change.

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## Sources
- [2025-04331 on federalregister.gov](https://www.federalregister.gov/documents/2025/03/18/2025-04331/self-regulatory-organizations-nasdaq-gemx-llc-notice-of-filing-and-immediate-effectiveness-of)
- [2025-04331 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-03-18/pdf/2025-04331.pdf)

## Related
- [Previous: 2025-04330, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of a P…](https://policyrisk.com/federal-register/2025-04330)
- [Next: 2025-04332, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of a P…](https://policyrisk.com/federal-register/2025-04332)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-04331 (as of 2026-06-08).