NASDAQ Files Mystery Rule Change With Zero Details
Published Date: 12/11/2025
Notice
Summary
Nasdaq is updating its options trading fees starting February 2, 2026. This change mainly affects traders who remove liquidity in penny-priced options, adjusting the fees they pay. The goal? To keep trading fair and clear while making sure the fee system stays up-to-date and easy to understand.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Baseline Penny and Non-Penny Removal Fees
Today, NOM assesses per-contract Fees to Remove Liquidity of $0.49 for Customers and Professionals in penny symbols and $0.85 for Customers and Professionals in non-penny symbols; Broker-Dealers, Firms, Non-NOM Market Makers, and NOM Market Makers are assessed $0.50 per contract in penny symbols and $1.25 per contract in non-penny symbols. These fee levels appear in the Options 7, Section 2 pricing schedule discussed in the filing.
Removal of $0.38 Penny-Fee Incentive
If you are a market participant who trades options on NOM, Nasdaq is removing one incentive in note 2 that currently gives a $0.38 per contract Penny Symbols Fee for Removing Liquidity when a Participant both (i) adds 1.30% of specified liquidity and (ii) meets or exceeds the cap for The Nasdaq Stock Market Opening Cross, for executions less than 10,000 contracts. That incentive will be removed as part of the proposed rule change that becomes operative February 2, 2026.
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