Nasdaq Makes Rule Change So Boring Nobody Will Notice
Published Date: 12/11/2025
Notice
Summary
Nasdaq PHLX is updating its rules for options trading fees and incentives starting December 1, 2025. This change affects broker-dealers who trade multiply listed options, tweaking transaction caps and floor broker rewards. The goal? To keep trading fair and fees clear, with no surprise costs for traders.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 0 costs, 1 mixed.
Capped Trades Count But No Rebates
Broker-Dealer Floor Options Transactions that are capped under the $15,000 per-transaction cap will still count as qualifying volume for the Floor Transaction (Open Outcry) Floor Broker Incentive Program, but those capped transactions will not receive rebates under that program. This change is operative December 1, 2025 and applies to how qualifying volume and rebate payments are treated under the program.
Defines $15,000 Cap Per Transaction
If you are a broker-dealer, the Exchange’s $15,000 per-transaction floor options charge cap will explicitly apply to simple orders and, for complex orders, to all legs of the same complex order that are Floor Options Transaction Charges. This clarified rule text becomes operative on December 1, 2025 and makes how the $15,000 cap is applied more transparent to members.
Updated Rebate Examples and Calculations
The Exchange replaces Examples 1–4 in the Floor Broker Incentive Program so they reflect current qualifying volume rules and per-contract rebate rates. The revised examples show sample monthly rebate totals (for example, $208,000; $270,000; $835,000; and $1,870,000 in the provided illustrations) and are meant to give members clearer, up-to-date illustrations of how rebates are calculated.
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