Nasdaq Adds Fees for Certain Nasdaq 100 Options Traders
Published Date: 6/20/2025
Notice
Summary
Starting now, Nasdaq ISE is adding a $1.50 fee for certain traders who take liquidity when trading Nasdaq 100 Index options. This change mainly affects Non-Priority Customers, while Priority Customers keep their current lower fees. The goal? To encourage smarter trading and keep the market balanced, with the new fees kicking in immediately.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
New $1.50 Surcharge for Liquidity Takers
If you trade Nasdaq 100 Index (NDX) options as a Non-Priority Customer and you remove liquidity, the Exchange will charge a $1.50 surcharge per contract on top of existing fees. The filing states Non-Priority Customer transaction fees are $0.75 per contract today, and the $1.50 surcharge applies immediately to regular Non-Priority Customer orders that remove liquidity.
Exchange Says Surcharge May Boost Liquidity
The Exchange says the $1.50 surcharge is meant to encourage Non-Priority Customers to add liquidity rather than remove it. The filing states that, if successful, the change could lead to more liquidity, tighter spreads, and added price discovery that would benefit market participants.
Priority Customers Keep Lower Fees
If you are a Priority Customer trading NDX options, your fee remains $0.25 per contract and will not be subject to the new $1.50 surcharge. The filing states Priority Customer NDX fees will remain unchanged under this proposal.
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Key Dates
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Nasdaq GEMX is changing the fees for trading Nasdaq 100 Index options by adding a new charge when traders remove liquidity from the market. This update affects anyone trading these options and starts right away, meaning some trades might cost a bit more. It’s a smart move to keep the market fair and balanced while helping the Exchange cover costs.