Nasdaq PHLX Adds Fees and Rebates for Options Floor Traders
Published Date: 3/17/2026
Notice
Summary
Nasdaq PHLX is updating its options trading rules to add a small fee for certain market makers on the trading floor and give a rebate to floor brokers for those trades. These changes kick in on March 2, 2026, and affect traders handling penny and non-penny options. The goal? To keep trading fair and smooth while rewarding floor brokers for their role.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Floor Market Makers Face $0.20 Surcharge
If you are a Floor Lead Market Maker or Floor Market Maker, the Exchange will charge a $0.20 per option contract surcharge when you are the counterparty to a Customer complex floor transaction executed by a Floor Broker in open outcry in multiply‑listed Penny and non‑Penny Symbols. This surcharge becomes operative on March 2, 2026, and does not apply to index options, singly listed options, strategy transactions, Floor Qualified Contingent Cross (QCC) orders, or Customer Cross Orders.
Floor Brokers Receive $0.20 Per-Contract Rebate
If you are a Floor Broker, the Exchange will pay a $0.20 per option contract rebate for the Floor Broker side of a Customer complex floor transaction executed in open outcry when the counterparty is a Floor Lead Market Maker or Floor Market Maker in multiply‑listed Penny and non‑Penny Symbols. This rebate is effective March 2, 2026, and is not available for index options, singly listed options, strategy transactions, Floor QCC orders, or Customer Cross Orders.
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