Nasdaq Implements Immediate Changes to Options 7 Fee and Rebate Structure

On September 1, 2026 Nasdaq Stock Market LLC filed a proposed rule change, Release No. 34-106374, File No. SR-NASDAQ-2026-074, that immediately amends Options 7, Sections 1 and 2 of the Nasdaq Options Market (NOM) Rules. The amendment adds a defined term to Section 1(a) and revises the rebate and fee schedules that apply to liquidity provision and removal in both penny-symbol and non-penny-symbol contracts.

Under the revised rebate schedule for adding liquidity in penny symbols, Customers receive rebates of ($0.20) in Tier 1, ($0.25) in Tier 2, ($0.43) in Tier 3, ($0.44) in Tier 4, ($0.45) in Tier 5, and ($0.48) in Tier 6. Professionals receive the same amounts except ($0.47) in Tier 6. Broker-Dealers, Firms, and Non-NOM Market Makers receive a uniform ($0.10) rebate across all tiers, while NOM Market Makers receive ($0.20) in Tier 1, ($0.25) in Tier 2, ($0.30) in Tier 3, ($0.32) in Tier 4, ($0.45) in Tier 5, and ($0.47) in Tier 6.

For non-penny symbols, the rebate schedule remains at ($0.80) for Customers and Professionals, ($0.45) for Broker-Dealers, Firms, and Non-NOM Market Makers, and a tiered structure of ($0.35)/($0.00)/($0.30)/($0.40) for NOM Market Makers. Fees to remove liquidity are set at $0.49 per contract for Customers and Professionals in penny symbols and $0.85 in non-penny symbols; all other participants incur $0.50 and $1.25 respectively. An additional $0.48 per-contract fee applies when a participant adds 1.10% of total industry customer equity and ETF option ADV contracts and removes liquidity as both buyer and seller or under common ownership.

The Commission is publishing the notice to solicit comments, but the rule change is effective immediately upon filing, binding all current and future NOM participants to the updated pricing tiers.