Nasdaq Options Rules Get New Terms for Tech Upgrade
Published Date: 5/15/2026
Notice
Summary
Nasdaq is updating its options trading rules to add two new terms, “Exposed Order” and “Lead Market Maker,” as part of a tech upgrade launching July 27, 2026. This change affects traders and market makers using Nasdaq’s options platform and aims to keep things clear and smooth during the upgrade. No new fees are mentioned, but everyone should be ready for the switch on that date!
Analyzed Economic Effects
2 provisions identified: 0 benefits, 0 costs, 2 mixed.
New “Exposed Order” Fee Rules
If you trade on Nasdaq Options (NOM), the rules now define an “Exposed Order.” An Exposed Order that executes will be charged the applicable “Taker” Fee, while any order or quote that executes against that Exposed Order during the Route Timer will receive or be charged the applicable “Maker” Rebate/Fee. The Route Timer referenced for exposure will not exceed one second, and these changes become operative on July 27, 2026.
Defined “Lead Market Maker” Role
Nasdaq now defines the term “Lead Market Maker” (LMM) to mean a registered NOM Market Maker approved under Options 2, Section 3 to be the LMM in an options class. The LMM label is being added to distinguish a Lead Market Maker from other Market Makers for pricing purposes in future rule proposals, and this definition becomes operative on July 27, 2026.
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