Nasdaq PHLX Tweaks Options Fees Once Again
Published Date: 7/17/2026
Notice
Summary
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.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
Higher floor fee for Lead Market Makers
If you are a Lead Market Maker or Market Maker trading Non-Penny multiply-listed options in open outcry on the Phlx trading floor, the per-contract floor transaction charge increases from $0.50 to $1.00. This change was filed on July 2, 2026 and became effective upon filing.
New $0.20 floor-broker rebate
Phlx will pay Floor Brokers a $0.20 per contract rebate for open outcry floor executions that trade contra a Lead Market Maker or Market Maker. The rebate is payable even if the transaction is subject to the Broker-Dealer Transaction Cap; this change was filed July 2, 2026 and became effective upon filing.
Tier 4 rebate reduced from $0.22 to $0.20
Phlx is decreasing the Tier 4 Floor Broker Incentive Program per-contract rebate for Non-Customer on both sides from $0.22 to $0.20. This amendment was filed on July 2, 2026 and became effective upon filing.
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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.
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