Nasdaq PHLX Adjusts Options Rebates and Fees
Published Date: 6/12/2026
Notice
Summary
Nasdaq PHLX is updating its options pricing rules to change how customer rebates, index options fees, and port fees work. These changes affect traders using the exchange by adjusting rebate tiers and fees, aiming to keep things fair and clear. The new rules took effect right after filing on May 27, 2026, so traders should check how these updates might impact their costs.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
Lower Customer Rebate Tier Thresholds
The exchange lowered the monthly national customer volume thresholds needed to reach its top rebate tiers. Tier 4 changed from above 2.00%–2.75% to above 2.00%–2.50%, and Tier 5 changed from above 2.75% to above 2.50%. These changes took effect on May 27, 2026 and mean members may qualify for higher customer rebates at lower volume.
NDX/NDXP Premium-Based Surcharge
The exchange replaced a flat $1.50 per-contract surcharge for certain Nasdaq-100 (NDX/NDXP) electronic non-customer orders that remove liquidity with a premium-based tiered surcharge. The new schedule is $1.00 for premiums less than $3.00; $1.50 for $3.00–less than $10.00; $2.00 for $10.00–less than $25.00; $2.50 for $25.00–less than $50.00; and $3.00 for premiums $50.00 or greater. This change took effect on May 27, 2026 and lowers fees for low-premium trades while increasing fees for higher-premium trades.
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Nasdaq PHLX LLC is making a quick change to its options trading rules to keep things running smoothly. This update affects traders using the exchange by tweaking how certain options are handled, with the change taking effect immediately and no new fees involved. It’s all about making trading clearer and more efficient for everyone involved.