Nasdaq Tweaks Fees for Index Options: Yawn-Worthy Market Maintenance
Published Date: 6/20/2025
Notice
Summary
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.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
New $1.50 Surcharge for NDX Takers
Nasdaq GEMX will assess a $1.50 per contract surcharge on all regular Non-Priority Customer orders in NDX (Nasdaq 100 Index options) that remove liquidity. This surcharge is added on top of existing transaction fees and is intended to discourage removing liquidity from the order book.
Priority Customer Fee Left Unchanged
Priority Customer NDX transaction fees remain $0.25 per contract and will not be subject to the new $1.50 per contract surcharge. Priority Customers continue to be assessed the lowest transaction fee under the proposal.
Immediate Effect with 60-Day Review
The proposed fee change became effective upon filing on June 2, 2025 and is in effect immediately; the Commission may summarily suspend the change at any time within 60 days of the filing. As a result, the surcharge could start affecting eligible trades right away but may be temporarily suspended pending Commission action.
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Key Dates
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Previous / Next Documents
Previous: 2025-11293, Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Fees for Nasdaq 100 Index Options in Options 7, Section 5.A
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.
Next: 2025-11295, Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Filing of Proposed Rule Change Relating to ICC's Clearing Participant Default Management Procedures & ICC Clearing Rules
ICE Clear Credit is updating its rules on how it handles members who can’t meet their financial obligations. These changes aim to make the process smoother and clearer for everyone involved, especially the clearing participants who use ICC’s services. The new rules could affect how defaults are managed starting soon, helping protect the market and possibly impacting money flow during defaults.