Nasdaq PHLX Tweaks Fees for Multiply Listed Options
Published Date: 9/29/2025
Notice
Summary
Nasdaq PHLX is changing some fees for trading certain options like stocks, ETFs, and indexes (but not SPY or broad-based indexes). These new fees kick in right away and could affect traders’ costs starting now. If you trade these options, keep an eye on the updated prices to know how it impacts your wallet.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 0 costs, 1 mixed.
Broker-Dealer Cap Replaces Waiver
Nasdaq PHLX will stop the BD-Customer Facilitation waiver that applied when a member's BD-Customer Facilitation average daily volume exceeded 10,000 contracts per day in a month. Instead, each Broker-Dealer Floor Options Transaction Charge will be capped at $15,000 per transaction (this cap includes FLEX and Cabinet transaction charges). This change was filed September 18, 2025 and became effective immediately upon filing.
Floor Broker Rebate Program Changes
Phlx will let electronic QCC Orders count toward the Floor Broker Incentive Program qualifying volume, but electronic QCC Orders will continue to receive the QCC rebate rather than the tiered floor-broker rebate schedule. Also, for Tier 2 qualifying volume (500,001–5,000,000 contracts) when Non-Customers are on both sides, the per-contract rebate increases from $0.12 to $0.16.
Strategy Caps Converted to $0.01 Rebates
Phlx will remove existing daily/monthly strategy caps and instead pay a $0.01 rebate per contract on qualifying strategy executions (dividend, merger, short stock interest, reversal and conversion, jelly roll, and box spread strategies) for Lead Market Makers, Market Makers, Professionals, Firms and Broker-Dealers. Customers will continue to pay no fees on strategy transactions and will not receive the $0.01 rebate.
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MIAX is shaking things up by lowering the Options Regulatory Fee (ORF) from $0.0019 to $0.0015 per contract for the last four months of 2025, giving traders a little breather. Then, starting January 1, 2026, the fee will rise to $0.0017 per contract. This change affects anyone trading options on MIAX and aims to keep fees fair and balanced.