Nasdaq Updates Options Crossing Fee Cap for Traders
Published Date: 12/23/2025
Notice
Summary
Nasdaq GEMX is changing its rules to update the crossing fee cap, which limits how much members pay in fees for certain big options trades each month. This affects traders who use crossing orders like block trades or price improvement mechanisms. The new fee cap kicks in right away and helps keep trading costs predictable and fair.
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Crossing Fee Cap Removed ($85,000)
If you are a Nasdaq GEMX Member that uses Crossing Orders (Facilitation, Solicited Order Mechanism, Price Improvement Mechanism, Block Order Mechanism, or Qualified Contingent Cross), the Exchange removed the $85,000 per month, per Member Crossing Fee Cap. The change became effective when GEMX filed the rule change on December 15, 2025, so Members no longer have the $85,000 monthly cap on Firm Proprietary Crossing Order fees.
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