Nasdaq Prices Upgrades for Traders' New Tech Toys
Published Date: 9/29/2025
Notice
Summary
Nasdaq PHLX is rolling out new tech features and setting prices for them starting November 1, 2025. Traders and firms using the Exchange will see these changes, which help cover the costs of the upgrade. The new fees kick in right away but officially start in November, so everyone has time to get ready.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 0 costs, 3 mixed.
Electronic FLEX Options per‑contract fees
If you trade electronic FLEX Options on Nasdaq PHLX, new per‑contract fees start on November 1, 2025. The Exchange will charge $0.10 per contract for FLEX Auctions (Market Makers, Lead Market Makers, Broker‑Dealers, Firms, Professionals), $0.07 per contract for FLEX PIXL and FLEX SOM for those same non‑customer categories, and $0.50 per contract for responses to FLEX PIXL and FLEX SOM for all participants; Customers are assessed $0.00 for the Auction and PIXL/SOM originating fees but $0.50 for response fees. Fees apply to both the originating and contra orders.
NDX/XND FLEX symbol fees and surcharges
For electronic FLEX trades in Nasdaq 100 products, specific symbol fees apply starting November 1, 2025. For FLEX NDX: Customers will be charged $0.25 per contract and Non‑Customers $0.75 per contract, with additional surcharges including a $0.25 per contract surcharge to Non‑Customers, a $1.50 per contract surcharge to electronic simple Non‑Customer orders that remove liquidity, a $0.50 per contract surcharge to Non‑Customer complex executions, and a $0.25 per contract surcharge for executions with premium $25.00 or greater. For FLEX XND: Customers will not be charged and Non‑Customers will be charged $0.10 per contract, plus a $0.10 per contract surcharge to Non‑Customers.
Crossing Orders fees, response charges, and break‑up rebates
Nasdaq PHLX will apply new per‑contract fees and rebates for Crossing Orders starting November 1, 2025. Non‑Customers pay $0.17 per contract for Crossing Orders (Customers pay $0.00); any response to a Crossing Order will be charged $0.50 per contract in Penny Symbols and $1.10 per contract in Non‑Penny Symbols for all participants. The Exchange will pay a facilitation/solicitation break‑up rebate of $0.20 per contract to all market participants except Market Makers and Lead Market Makers when certain originating contracts do not trade with their contra order.
Waivers for floor facilitation and volume threshold
Certain fee waivers start November 1, 2025: Floor FLEX transaction fees for a Firm will be waived when the member executes floor facilitation orders in its own proprietary account. Broker‑Dealer fees for BD‑Customer Facilitation will be waived if the member's BD‑Customer Facilitation average daily volume (including Floor FLEX and non‑Floor FLEX) exceeds 10,000 contracts per day in a given month.
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: 2025-18788 — Petition for Exemption; Summary of Petition Received; Wings of Mercy, Inc.
Wings of Mercy, Inc. is asking the FAA for a special exemption from some flight rules to help them serve people in need more easily. This change could speed up their missions without extra costs or delays. If approved, it’ll make their lifesaving flights smoother and more flexible.
Next: 2025-18790 — Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Decommission the Initial Public Offering Tracking System
The Depository Trust Company (DTC) is shutting down its Initial Public Offering (IPO) Tracking System, a tool that helped track IPO shares after they launched. This change affects brokers and firms using this optional service and means they won’t pay the related tracking fee anymore. The update is effective immediately, making IPO tracking simpler and cutting unnecessary costs.