Nasdaq Caps Rebates: Take the Best One, Skip the Rest
Published Date: 4/16/2025
Notice
Summary
Nasdaq PHLX is changing its rules so that if a member qualifies for two different rebates in the same month, they’ll only get the bigger rebate, not both. This update affects traders and firms using the Exchange’s options platform and starts right away, helping the Exchange manage rebate payments more clearly and fairly. No extra costs for members, just a simpler way to get rewarded!
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Only the Higher Options Rebate Paid
If you are a Nasdaq PHLX member or member organization that qualifies for both rebate incentives listed in notes "*" and "#" in the same month, the Exchange will pay only the higher of the two rebates for that month. Note "*" currently adds $0.02 per contract for Category A/B and $0.03 per contract for Category C/D in certain circumstances, and note "#" currently adds $0.04 per contract for Category C and $0.02 per contract for Category D in certain circumstances. This rule change was filed April 1, 2025 and became effective upon filing.
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Key Dates
Department and Agencies
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