Nasdaq BX Outlaws Sneaky Options Order Unbundling Tricks
Published Date: 12/22/2025
Notice
Summary
Nasdaq BX is making a new rule official that says splitting up options orders just to game the system isn’t fair play. This affects all traders and firms using BX options, making sure everyone plays by the same honest rules. The change is effective immediately, keeping the market clean without adding extra costs or delays.
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Exchange bans options 'unbundling' practice
Nasdaq BX adopted BX Options 9, Section 25 on December 11, 2025 to make it a rule that members may not split an order into multiple smaller orders for any purpose other than seeking the best execution of the entire order. The rule codifies longstanding guidance to deter "unbundling" (also called "trade shredding") and became effective immediately upon filing.
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!
2026-16853, Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Price List
The New York Stock Exchange is changing its price rules starting August 11, 2026. They’re tweaking the share amount needed to get free late D Orders at the market close and cleaning up some wording. This affects traders using these order types and could save or cost them money depending on their order size.
2026-16855, Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Equity 4, Rule 3100 Regarding Trading Halts
Previous / Next Documents
Previous: 2025-23519, Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Temporarily Increase the Options Regulatory Fee (ORF) From January 2, 2026 Through June 30, 2026
Starting January 2, 2026, Cboe EDGX Exchange is doubling its Options Regulatory Fee from $0.0001 to $0.0002 per contract side. This temporary fee hike will last until June 30, 2026, affecting traders who use the exchange for options trading. If you trade options on EDGX, expect a slight increase in fees during this six-month period.
Next: 2025-23521, Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt Nasdaq Options 9, Section 25 To Codify an Options Unbundling Rule
Nasdaq is making a new rule official that says splitting up options orders just to gain an unfair advantage isn’t allowed. This affects anyone trading options on Nasdaq, making sure trades stay fair and square. The rule kicks in right away with no extra fees, keeping the market honest and simple.