Nasdaq BX Boosts Rewards for Lead Options Market Makers
Published Date: 9/19/2025
Notice
Summary
Nasdaq BX is updating its pricing rules to offer new rewards for Lead Market Makers, the folks who help keep options trading smooth and steady. This change kicks in right away and aims to encourage more active and reliable market making, which could mean better trading for everyone. If you’re a trader or market maker, keep an eye on these fresh incentives starting now!
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
New rebates for Lead Market Makers
If you are a Lead Market Maker (LMM) and your firm’s LMM+MM liquidity-adding volume represents more than 0.45% of Customer Total Consolidated Volume (TCV) per day (measured monthly), you will receive additional maker rebates on contracts you execute as an LMM: +$0.05 per contract in Penny Symbols and +$0.24 per contract in Non-Penny Symbols. Qualifying LMMs would receive a total of $0.29 per contract in Penny Symbols and $0.69 per contract in Non-Penny Symbols on contracts executed as LMMs.
Market Makers lose prior note 2 incentives
The proposal removes the prior note 2 incentive from the Maker Rebates table for Market Makers, so Market Makers (non-LMMs) will no longer receive the note 2 additional maker rebates that were previously available. The new note 2 is limited to Lead Market Makers only and the additional rebates are paid only on contracts executed in the option classes where the participant is an LMM.
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: 2025-18140 — Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing of Proposed Rule Change, as Modified by Amendment No. 1, To Adopt Additional Initial Listing Criteria for Companies Primarily Operating in China
Nasdaq is adding new rules for companies mostly doing business in China, including Hong Kong and Macau, before they can list their stocks. These changes aim to make sure these companies meet higher standards, helping protect investors and keep the market strong. The new rules could affect when and how Chinese companies go public on Nasdaq, starting soon after the SEC reviews the proposal.
Next: 2025-18143 — Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing of Proposed Rule Change To Modify Certain Initial and Continued Listing Requirements
Nasdaq is raising the minimum public market value for companies listing under the net income rule to $15 million. If a company falls below key listing rules and its market value is under a certain level, Nasdaq will delist it immediately—no grace period. These changes affect companies on Nasdaq and aim to keep the market strong and trustworthy, starting as soon as the rules are approved.