PHLX Market Makers Get New Monthly Fee Cap
Published Date: 7/17/2026
Notice
Summary
Nasdaq PHLX is changing its pricing rules for Market Makers who trade options. They’re updating the monthly fee cap from $650,000 to a new amount, which affects how much these traders pay each month. This change kicks in right away and could save or cost Market Makers more money depending on their trading volume.
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
Market-Maker Monthly Cap Exclusions
If you are a Lead Market Maker or Market Maker on Nasdaq PHLX, the Exchange proposes to stop counting PIXL Initiating Orders, SOM contra orders, and Facilitation contra orders toward the Monthly Market Maker Cap, which is currently $650,000. The change does not alter the dollar fees for those orders; it only changes whether those fees count toward the $650,000 monthly cap. The rule filing was made July 1, 2026 and became effective upon filing.
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Key Dates
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Previous / Next Documents
Previous: 2026-14407 — Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 100, Definitions, and Rule 204, Members and Persons Associated With a Member Who Are or Become Subject to a Statutory Disqualification
MIAX Sapphire is updating its rules to better handle members or their associates who face legal disqualifications. These changes clarify definitions and set clear guidelines to keep the exchange safe and fair. The new rules take effect immediately, helping the exchange stay in line with similar updates from other markets, with no extra costs for members.
Next: 2026-14409 — Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Options 7, Section 4
Nasdaq PHLX is changing the fees for certain options that are traded on multiple exchanges, like those tied to stocks, ETFs, and indexes (but not SPY or broad-based indexes). These fee updates take effect right away and could impact traders who deal with these options by adjusting their costs. The Exchange wants to keep things fair and clear while making sure the market runs smoothly.