Nasdaq Texas Updates Options Auction Rules for Better Competition
Published Date: 4/22/2026
Notice
Summary
Nasdaq Texas is updating its Options Price Improvement Auction rules to let Market Makers’ orders be invited to join auctions that help get better prices for traders. This change aims to boost competition and improve trade prices without extra costs or delays. It’s effective immediately, so traders and Market Makers can start benefiting right away!
Analyzed Economic Effects
3 provisions identified: 2 benefits, 0 costs, 1 mixed.
More Price Improvement for Retail Orders
The exchange will allow assigned Market Makers to be solicited as contra-parties in NTX PRISM Options Price Improvement Auctions. The change is intended to expand liquidity and may increase price improvement opportunities, particularly for retail and smaller Public Customer orders, once implemented on or before Q3 2026.
Assigned Market Makers Gain Auction Access
Assigned Market Makers in an options class may now be solicited to provide the initiating (contra) order in PRISM Auctions across all options. This gives those Market Makers additional ways to participate and may increase their execution opportunities when the change is implemented on or before Q3 2026.
IOC Orders Will Be Rejected, Not Routed
The Exchange will change Options 5, Section 4(a) to state that Immediate-or-Cancel (IOC) Orders will be rejected and will not be routed. This clarifies routing behavior and will take effect when the Exchange implements the proposed changes on or before Q3 2026.
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