Nasdaq PHLX seeks options fee changes to lift floor trading competition

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Nasdaq PHLX fee changes

Highlights

Nasdaq PHLX filed proposed amendments on May 26, 2026, to its Non-Penny Symbol Floor Options Transaction Charges and Floor Broker Incentive Program.
The proposal seeks to raise the Non-Penny Symbol Floor Options Transaction Charge for Lead Market Makers and Market Makers to $1.00 per contract from $0.50 per contract.
Nasdaq PHLX introduces a new $0.20 per contract rebate for open outcry floor executions when the contra party is a Lead Market Maker or Market Maker.

Proposed fee revisions and incentive plan

U.S. Securities and Exchange Commission says in a notice that Nasdaq PHLX LLC has proposed amendments to its Non-Penny Symbol Floor Options Transaction Charges and its Floor Broker Incentive Program. The exchange filed the proposed rule change on May 26, 2026, as part of an effort to encourage greater participation in open outcry trading on the floor.

Under the proposal, the Non-Penny Symbol Floor Options Transaction Charge for Lead Market Makers and Market Makers would increase to $1.00 per contract from $0.50 per contract. Nasdaq PHLX also proposes a new rebate of $0.20 per contract for open outcry floor executions when the contra party is a Lead Market Maker or Market Maker.

Competition and market participation focus

The exchange argues the revisions are designed to support more activity in floor-based options trading while improving competitive conditions. Although some participants would face higher transaction charges, Nasdaq PHLX says the overall structure should expand opportunities for market participants through added incentives tied to open outcry executions.

The proposal is presented as consistent with the Securities Exchange Act's goals on equitable fee allocation and competition in the marketplace. The notice centers on how the revised pricing framework could reshape participation on the trading floor within the U.S. options sector.

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