Nasdaq PHLX raises Non-Customer NDX option fees to $1.25 per contract

On October 27, 2026, Nasdaq PHLX LLC filed a proposed rule change with the SEC under Section 19(b)(1) of the Securities Exchange Act of 1934. The filing is effective upon submission, and the Exchange has designated the amendments to become operative on November 1, 2026.

The Exchange proposes to increase the Non-Customer transaction fee for NDX and NDXP options from $0.75 to $1.25 per contract. Customer fees remain at $0.50 per contract. Existing surcharges - $0.25 per contract for Non-Customers (note 1), a premium-based surcharge ranging from $1.00 to $3.00 (note 3), $0.50 for Non-Customer complex executions (note 5), $0.25 for Customer complex executions (note 6), and $0.25 for premium-price trades of $25.00 or greater (note 7) - continue unchanged. For example, a Market Maker electronic simple order that adds liquidity to a NDXP option with a $5.00 premium would be assessed $1.50 per contract under the proposal, versus $1.00 today.

The rule change also adopts a new NDX Incentive Program for Market Makers. The program runs month-to-month, with rebates paid each calendar month. All Market Makers are eligible, and the program applies to P.M.-settled NDXP options that expire on the same trading day (0DTE) or the next trading day (1DTE). Measurement windows are 8:30 a.m. to 3:00 p.m. for 0DTE options and 8:30 a.m. to 3:15 p.m. for 1DTE options, Central Time. Two premium tiers are defined: Tier 1 with a bid premium range of $8.00 up to and including $80.00 and a maximum width of $2.00; Tier 2 with a bid premium range of $0.20 up to but not including $8.00 and a maximum width of $1.00.

The Commission is publishing this notice to solicit comments from interested persons. The full text of the proposed rule change is available on the Exchange's website and at its principal office.