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.
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