Nasdaq PHLX Updates Rebates for Qualified Contingent Cross Options Trades
Published Date: 7/10/2025
Notice
Summary
Nasdaq PHLX is changing some fees and rebates for certain options trades called Qualified Contingent Crosses (QCCs). This update affects traders using multiply listed options like stocks, ETFs, and indexes (but not SPY or broad-based indexes). The new rules kicked in right away on July 1, 2025, and could impact how much money traders save or pay when making these special trades.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 1 costs, 1 mixed.
Higher QCC rebate for very high volume
Starting July 1, 2025, Nasdaq PHLX will pay a higher Qualified Contingent Cross (QCC) rebate of $0.30 per contract instead of $0.27 per contract when a member or member organization (1) executes more than 750,000 qualifying QCC contracts in a month, (2) executes Floor Originated Strategy Executions in excess of 1,250,000 contracts in that month, and (3) at least 40% of that member's QCC executed contracts are comprised of a Lead Market Maker, Market Maker, Broker-Dealer, or Firm on both sides.
QCC transaction fee applies to firms and dealers
The Exchange assesses a QCC Transaction Fee of $0.20 per contract to Lead Market Makers, Market Makers, Firms, and Broker-Dealers; Customers and Professionals are not assessed this $0.20 per contract fee. This fee structure remains part of the Pricing Schedule described in the filing.
Applies to multiply-listed options, excludes SPY/indexes
The fee and rebate changes described in the filing apply to multiply listed options (options overlying equities, ETFs, ETNs, and indexes) and explicitly exclude SPY and broad-based index option symbols listed in Options 7, Section 5.A. The change therefore targets participants trading those multiply listed option products.
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