Nasdaq Tweaks Auctions: Market Makers Get More Playtime
Published Date: 4/22/2026
Notice
Summary
Nasdaq ISE is updating its auction rules to let Market Makers join in more types of order auctions, like the Solicited Order Mechanism and Price Improvement Mechanism. This change helps trades happen faster and could save money by improving prices. The new rules took effect right after filing on April 13, 2026, so traders and Market Makers should get ready to use these improved auctions ASAP!
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Market Makers Can Be Solicited in Auctions
The exchange now permits Market Makers assigned to an options class to be solicited as the contra-side in paired electronic auctions (PIM, SOM, FLEX PIM, FLEX SOM) and in the Facilitation Mechanism. SOMs are for larger-sized orders (500 or more contracts) and the Facilitation Mechanism may be used for block-sized orders of 50 or more contracts; facilitating members may receive up to 40% participation at the final execution price. The change became effective upon filing on April 13, 2026 and the Exchange plans implementation on or before Q3 2026.
IOC Orders Revised to Be Rejected
The Exchange amends Options 5, Section 4(a) to state that Immediate-or-Cancel (IOC) orders will be rejected and will not be routed (rather than saying they will be cancelled and not routed). This language change is intended to clarify order-handling and is included in the filing effective April 13, 2026, with implementation on or before Q3 2026.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026, because changes could affect how audits are done and funded.
2026-09742 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule To Adopt a New Fee Code for Market-Maker Complex Orders Executed on the Complex Order Book That Add Liquidity in Penny Program Securities and To Amend Its Orders Submitted With a Designated Give Up Program
Starting May 1, 2026, Cboe BZX Exchange is updating its fees to add a new code for Market-Maker Complex orders that add liquidity in penny stocks. They’re also tweaking rules for orders using a special Give Up program. These changes mainly affect market makers and traders using complex orders, aiming to make fees clearer and trading smoother.
2026-09745 — Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish Fees for Industry Members Related to Reasonably Budgeted CAT Costs of the National Market System Plan Governing the Consolidated Audit Trail for May 1, 2026 Through December 31, 2026
Starting May 1, 2026, MEMX is charging industry members a tiny fee of $0.000001 per share to help cover the costs of the Consolidated Audit Trail (CAT) system through the end of the year. This fee supports tracking stock trades better and will show up on invoices starting June 2026. If you’re a broker or part of the trading world, get ready to chip in for smoother market oversight!
2026-09728 — Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish Fees for Industry Members Related to Certain Historical Costs of the National Market System Plan Concerning the Consolidated Audit Trail
MEMX is setting new fees for industry members to cover leftover historical costs from the National Market System’s Consolidated Audit Trail, which tracks stock trades. These fees, called Historical CAT Assessment 1A, will collect about $39 million that wasn’t billed before. The change is effective immediately, so affected members should get ready to pay soon!
2026-09736 — Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees Related to Certain Historical Costs of the National Market System Plan Governing the Consolidated Audit Trail
Nasdaq PHLX is setting new fees for industry members to cover leftover historical costs from the National Market System Plan for the Consolidated Audit Trail. These fees, called Historical CAT Assessment 1A, will collect about $39 million for costs before 2022 that weren’t billed before. The fees start right away and will be charged per share traded, helping keep the audit trail running smoothly.
2026-09734 — Self-Regulatory Organizations; Nasdaq Texas, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees Related to Certain Historical Costs of the National Market System Plan Governing the Consolidated Audit Trail
Nasdaq Texas is setting new fees to cover leftover historical costs from the National Market System Plan for the Consolidated Audit Trail. Industry members who trade on the exchange will pay these fees starting soon to help cover about $39 million in past expenses not yet billed. This update keeps the system fair and funded without surprises!
Previous / Next Documents
Previous: 2026-07784 — Certain Electric Aircraft, Power Systems for Electric Aircraft, and Components Thereof; Notice of Investigation; Correction
The U.S. International Trade Commission fixed a small but important detail in their investigation about electric aircraft and their parts. They clarified how the judge will consider public interest during the case, but this change doesn’t delay anything or cost extra money. Companies involved in electric aircraft should keep an eye on this updated process as the investigation moves forward.
Next: 2026-07786 — Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Various Auction Mechanisms
Nasdaq PHLX is updating its auction rules to let Market Makers join in more types of trading auctions, like the Price Improvement Auction and Solicited Order Mechanism. This change helps speed up trades and could lead to better prices for investors. The new rules took effect right away on April 10, 2026, making trading smoother and potentially saving money for everyone involved.