Nasdaq Caps Rebates for Penny Option Traders Starting Now
Published Date: 10/2/2025
Notice
Summary
Nasdaq MRX is changing its pricing rules to put a limit on rebates for members who add trades in penny stocks. This update affects traders using Penny Symbols and starts on October 1, 2025. The goal is to keep things fair while still encouraging active trading.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Monthly Cap on Penny-Symbol Rebate
If you are a Nasdaq MRX Member that earns the $0.02 per-contract add-liquidity rebate in Penny Symbols, that additional rebate will be capped at $350,000 in a given month starting October 1, 2025. The cap applies uniformly to all Members eligible for the note 2 incentive.
Temporary $0.02 Penny Rebate Availability
Members that add liquidity in Penny Symbols and meet the requirement of adding liquidity on at least 50% of their Total Affiliated Member or Affiliated Entity Volume in a month may receive an additional $0.02 per contract rebate for that month. This note 2 incentive is available to Members through December 31, 2025, with the rule amendment operative October 1, 2025.
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