Nasdaq Adjusts Options Pricing: Traders Barely Notice
Published Date: 12/5/2025
Notice
Summary
Nasdaq MRX is updating its pricing rules to add a new Tier 4 rebate for Priority Customer orders, helping certain traders save more money. This change affects anyone placing regular or crossing orders on the MRX options market and took effect on November 13, 2025. It’s all about making trading fees fairer and more rewarding for top customers, starting right away!
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
New $1.00 Tier 4 Maker Rebate
Starting November 13, 2025, Nasdaq MRX will pay a Tier 4 Priority Customer Maker rebate of $1.00 per contract for Non-Penny Symbols (this replaces the prior $0.00 Tier 4 Maker fee). The change applies to Priority Customer orders that qualify for Tier 4 under the Exchange's tier thresholds.
No Rebates When Priority Customers Trade Each Other
The Exchange amended note 7 so that when a Priority Customer trade is executed against another Priority Customer, those Priority Customer orders will not receive Maker Rebates in Penny or Non-Penny Symbols or Taker Rebates in Penny or Non-Penny Symbols; instead the Priority Customer order will be assessed $0.00 per contract. This amendment prevents paying the new Tier 4 Priority Customer Non-Penny Maker Rebate when both sides of the trade are Priority Customers.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
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!
2026-16936, Eagle Point Credit Management LLC and Eagle Point Trinity Senior Secured Lending Company
2026-16951, Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule Regarding Certain Free Trials
Cboe C2 Exchange is changing its free trial offer for certain market data. Instead of letting users pick any six months of past data, everyone will get the same fixed six-month period from July to December 2022. This update starts right away and helps keep things simple for traders and data users.
Previous / Next Documents
Previous: 2025-21984, Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend BOX Rule 5030 (Withdrawal of Approval of Underlying Securities) To Adopt an Exception for Opening Transactions by Market Makers To Accommodate Closing Transactions of Other Market Participants
The BOX Exchange is updating its rules to let Market Makers open trades that help other traders close theirs, even when certain securities are being withdrawn. This change makes trading smoother and keeps the market fair for everyone involved. It’s effective immediately, so Market Makers and other traders can start benefiting right away without extra costs.
Next: 2025-21986, Joint Industry Plan; Notice of Filing of Amendment No. 2 to the National Market System Plan Governing the Consolidated Audit Trail, as Modified by Amendment No. 1, Regarding the Customer and Account Information System
Big stock market players are updating how they handle customer info in the Consolidated Audit Trail system to keep things simpler and safer. This change means less personal data is stored, helping protect investors while still tracking trades accurately. The update kicks in soon and won’t cost extra, making the system smarter without extra hassle.