# 2025-04342: Nasdaq PHLX Cuts Rewards for Market Helpers

2025-04342, Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule Equity 7, Section 3, is a Federal Register notice from Securities and Exchange Commission published 2025-03-18, effective 2025-03-03 (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-04342
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-04342
- Title: Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule Equity 7, Section 3
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 12588
- Published: 2025-03-18
- Effective: 2025-03-03
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

Nasdaq PHLX Cuts Rewards for Market Helpers

## Summary

Nasdaq PHLX is changing its rules to stop giving a credit to members who add liquidity to the market. This affects traders who get paid for helping the market run smoothly. The change is effective immediately, so members should adjust fast to avoid surprises in their fees or earnings.

## Effects PRIA read

- Exchange removes liquidity-providing credit: cost, medium. Nasdaq PHLX filed a rule change on March 3, 2025 to remove a credit that was paid to member organizations for providing liquidity through the Exchange. The change was designated immediately effective upon filing, so member firms that earned that credit should adjust right away to avoid surprises in…

## Related documents

- [2026-20466](https://policyrisk.com/federal-register/2026-20466): Adviser and Regulated Fund Custody Rules; Crypto Custody Rules, 2026-10-06
- [2026-19260](https://policyrisk.com/federal-register/2026-19260): Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4, 2026-09-21
- [2026-18424](https://policyrisk.com/federal-register/2026-18424): Political Contributions by Certain Investment Advisers, 2026-09-10
- [2026-18190](https://policyrisk.com/federal-register/2026-18190): Transfer Agent Rules, 2026-09-04
- [2026-17183](https://policyrisk.com/federal-register/2026-17183): Regulation Crypto Assets, 2026-08-21
- [2026-12163](https://policyrisk.com/federal-register/2026-12163): The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS, 2026-06-17

## Sources
- [2025-04342 on federalregister.gov](https://www.federalregister.gov/documents/2025/03/18/2025-04342/self-regulatory-organizations-nasdaq-phlx-llc-notice-of-filing-and-immediate-effectiveness-of)
- [2025-04342 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-03-18/pdf/2025-04342.pdf)

## Related
- [Previous: 2025-04341, Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing an…](https://policyrisk.com/federal-register/2025-04341)
- [Next: 2025-04343, Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing of…](https://policyrisk.com/federal-register/2025-04343)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-04342 (as of 2026-06-08).