Nasdaq PHLX Adjusts Options Rebates and Trading Fees
Published Date: 4/15/2026
Notice
Summary
Nasdaq PHLX is updating its pricing rules for options trading starting April 1, 2026. They’re changing how customers qualify for top rebate levels and removing a special fee exemption during certain auctions. Traders and firms using PHLX options should watch these changes as they could affect their fees and rebates.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Higher Hurdle for Top Customer Rebates
PHLX changed the Customer Rebate Program thresholds effective April 1, 2026. Tier 4 now applies to monthly national customer volume above 2.00% up to 2.75% (previously up to 2.50%), and Tier 5 now requires monthly national customer volume above 2.75% (previously above 2.50%). This means fewer members or member organizations may qualify for the highest rebate tier.
Marketing Fee Applied to Contra Side Auctions
PHLX will stop exempting the contra side order from the Marketing Fee in an Exposure Complex Auction starting April 1, 2026. After that date, the contra side order that executes against the originating order in an Exposure Complex Auction will be subject to the same Marketing Fees as other Complex orders. Firms that previously benefited from the exemption may face higher fees on those executions.
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Key Dates
Department and Agencies
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