Nasdaq GEMX Tweaks Options Fees in an Immediate Rule Change
Published Date: 6/12/2026
Notice
Summary
Nasdaq GEMX is updating its pricing rules for Nasdaq-100 Index options, changing the surcharge fees traders pay per contract. This affects anyone trading these options on GEMX starting immediately, with the goal of keeping fees fair and clear. No big surprises on timing or costs—just a smooth update to how fees work.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
Higher fees for higher-premium NDX trades
If you are a Non-Priority Customer who removes liquidity in NDX options with premiums at or above $10.00, the surcharge increases to $2.00 per contract for premiums $10.00–$24.99, $2.50 for $25.00–$49.99, and $3.00 for premiums $50.00 or greater (replacing the prior flat $1.50 surcharge). These surcharges are in addition to the $0.75 Options Transaction Charge for Non-Priority Customer orders.
Lower fee for low-premium NDX trades
If you are a Non-Priority Customer who removes liquidity in Nasdaq-100 (NDX) electronic simple options with a premium less than $3.00, the surcharge is $1.00 per contract (reduced from $1.50). This surcharge is in addition to the existing $0.75 Options Transaction Charge for Non-Priority Customer orders.
Surcharge applies to all Non-Priority participants
The tiered surcharge applies uniformly to all electronic simple Non-Priority Customer orders that remove liquidity in NDX. "Non-Priority Customer" explicitly includes Market Makers, Non-Nasdaq GEMX Market Makers (FarMMs), Firm Proprietary/Broker-Dealers, and Professional Customers.
Priority (retail) customers not charged new surcharge
Priority Customer orders are not subject to the proposed NDX tiered surcharge; Priority Customers continue to pay the $0.50 per contract fee in NDX. The proposal therefore does not add this surcharge to Customer (Priority) orders.
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Key Dates
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