Nasdaq Cuts Rebates for Big Traders: Options Perk Vanishes Overnight
Published Date: 3/16/2026
Notice
Summary
Nasdaq MRX is changing its rules to stop giving a special rebate to big customers who trade certain non-penny options. This means some traders will no longer get extra money back when they make big trades on these options. The change started right away on March 3, 2026, so affected traders should take note now!
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Tier 4 Rebate Removed for Priority Customers
If you are a Priority Customer (a person or entity that is not a broker-dealer and that on average places no more than 390 orders per day in a calendar month), you used to receive a $1.00 per-contract Maker Rebate when in Tier 4 for trades in Non-Penny Symbols. Effective March 3, 2026, that $1.00 per-contract Maker Rebate for Priority Customers in Tier 4 is discontinued and those orders will be assessed $0.00 per contract (the same treatment as Tiers 1–3).
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Key Dates
Department and Agencies
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