Nasdaq GEMX raises NDX options fee for non-priority customers to $1.25
Non-Priority Customers trading Nasdaq-100 index options on GEMX will pay $1.25 per contract starting November 1, 2026.
On October 27, 2026, Nasdaq GEMX, LLC filed a proposed rule change (Release No. 34-106862; File No. SR-GEMX-2026-39) with the SEC under Section 19(b)(1) of the Securities Exchange Act. The filing was published in the Federal Register on November 9, 2026 (FR Doc No: 2026-23107) and is effective immediately, with the fee amendment becoming operative on November 1, 2026.
The amendment increases the fee for regular NDX options orders submitted by Non-Priority Customers - from $0.75 to $1.25 per contract. Non-Priority Customers include Market Makers, Non-Nasdaq GEMX Market Makers, Firm Proprietary/Broker-Dealers, and Professional Customers. The fee for Priority Customers remains at $0.50 per contract, and all existing surcharges - $0.25 license surcharge, $0.25 premium surcharge for contracts priced $25.00 or greater, and the variable liquidity-removal surcharge ranging from $1.00 to $3.00 per contract - continue unchanged.
Under the proposed schedule, a Market Maker electronic simple order adding liquidity with a $5.00 premium would be assessed $1.50 per contract ($1.25 fee plus $0.25 surcharge), compared with $1.00 today. A similar order removing liquidity would cost $3.00 per contract versus $2.50 currently. A Professional Customer order adding liquidity with a $30.00 premium would be $1.75 per contract versus $1.25 today. The exchange notes that each NDX contract has a $100 multiplier; at an index level of 20,000, one contract represents roughly $2,000,000 in notional value, making the $1.25 fee about 0.00625 basis points of exposure.
GEMX argues the increase is modest relative to the contract's notional value and remains competitive. It cites that obtaining equivalent exposure through QQQ options would require about 41 contracts, incurring roughly $20.50 in fees, whereas a single NDX contract under the new fee structure costs $1.25. The exchange maintains that the change will not deter order flow and aligns with the Act's objectives for equitable fee allocation.
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