Nasdaq Electrifies FLEX Options for Faster Trades
Published Date: 8/26/2025
Notice
Summary
Nasdaq PHLX is rolling out new rules to let people trade FLEX Options electronically, making it easier and faster for traders to customize their deals. This change affects anyone trading FLEX Options on Nasdaq PHLX and kicks in right away, with no extra fees announced. It’s a big step toward modernizing options trading and giving traders more control and flexibility.
Analyzed Economic Effects
6 provisions identified: 2 benefits, 1 costs, 3 mixed.
Phlx offers electronic FLEX trading
Nasdaq PHLX will adopt new Options 3A rules to let Members list and trade FLEX Options electronically. The Exchange intends to begin implementation on November 3, 2025 and will migrate to the new platform symbol-by-symbol over a five-week period.
Customizable FLEX contract terms
FLEX Options on Phlx will let you choose terms like exercise style (American or European), expiration date, settlement type, and exercise price. Expirations may be up to 15 years for FLEX Equity and Index Options and up to 3 years for FLEX Currency Options; exercise price increments may be no smaller than $0.01.
FLEX order entry and auction mechanisms only
FLEX Orders on Phlx may only be submitted through an electronic FLEX Auction, FLEX PIXL, or FLEX Solicited Order Mechanism (FLEX SOM). The Exchange's regular simple and complex order books will not be available for FLEX Options.
Public customer priority; Phlx allocation method
The System will give Public Customers priority over non-Public Customer interest at the same price, and Phlx will retain its allocation methodology that allocates to Market Makers before allocating to other non-Public Customer market participants.
Fungibility and closing-only intraday rules
If Phlx lists a non-FLEX Option series with identical terms to an existing FLEX series, open FLEX positions become fungible with the non-FLEX series and future trading will be as non-FLEX Options. If an identical non-FLEX series is added intraday, FLEX series may be restricted to closing-only trades for the remainder of that trading day.
Spot crypto ETPs excluded from FLEX
Options on specified Spot Crypto ETPs (for example, certain Bitcoin and Ethereum spot ETPs listed in the rule text) are not eligible to trade as FLEX Options on Phlx. The Exchange proposes this exclusion to continue limiting position limits for these products.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-10373 — Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222 — Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-11810 — Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe EDGX Exchange just rolled out a new Clock Service that helps users sync their time systems perfectly with the Exchange. Starting May 18, 2026, they’re charging fees for this service but also offering a free trial to get everyone on board. This affects both members and non-members who want precise timing for their trading activities.
2026-11812 — Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe EDGA Exchange just rolled out a new Clock Service to help traders sync their time systems perfectly. Starting May 18, 2026, users can try it for free, but after that, there will be fees for using this handy tool. This change affects anyone who wants precise timing for trading and keeps things running smoothly.
2026-11809 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe BZX Exchange just rolled out a new Clock Service that helps users sync their time systems with the Exchange’s for better accuracy. Starting May 18, 2026, they’re charging fees for this service but offering a free trial to get everyone started. This affects both members and non-members who want precise timing for their trading activities.
Previous / Next Documents
Previous: 2025-16289 — ISQ OpenInfra Income Fund, et al.
ISQ OpenInfra Income Fund and its partners want permission to team up and invest together in the same companies, which usually isn’t allowed. This change affects certain investment funds and could help them work smarter and share opportunities. If you want to speak up, you have until September 15, 2025, to ask for a hearing before the SEC decides.
Next: 2025-16291 — 2025 NTIA Spectrum Policy Symposium
The NTIA is throwing a big public event on September 10, 2025, to share new plans about how we use wireless airwaves. This affects everyone who uses phones, Wi-Fi, or any wireless tech, with changes that could speed up innovation and improve connections. Mark your calendars—this could mean smarter, faster wireless for all, with new rules rolling out soon after.