Nasdaq Tweaks Options Fees: Traders Yawn Collectively
Published Date: 8/13/2026
Notice
Summary
Nasdaq PHLX is updating its pricing rules for options trading, changing how customer rebates and fees for multiply listed options work. These changes affect traders using the PHLX platform and start on August 3, 2026. The goal is to tweak rebates and fees to keep things fair and competitive, possibly impacting trading costs and rewards.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Broker-Dealer $15,000 Cap Removed
If you are a broker-dealer using the PHLX trading floor, the Exchange is discontinuing the Broker-Dealer Transaction Cap that capped Floor Options Transaction Charges at $15,000 per transaction (including FLEX and Cabinet), effective August 3, 2026. Going forward, Broker-Dealer Floor Options Transaction Charges will be assessed according to the standard Floor Options Transaction Charges in Options 7, Section 4.
Small Cut to Customer PIXL Rebates
If you submit Customer PIXL Orders on Nasdaq PHLX, the per-contract rebate for those Customer PIXL Orders that execute against a PIXL Initiating Order is reduced from $0.13 to $0.125 for members qualifying for Tier 4 and from $0.14 to $0.135 for members qualifying for Tier 5, effective August 3, 2026. Simple PIXL Orders remain capped at 4,000 contracts per order.
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