SEC 公告纳斯达克期权市场(NOM)将做市商 Penny 类合约挂单返佣每档统一下调 0.01 美元，属常规费率微调，已即时生效并征求意见

8011-01-P
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-106665; File No. SR-NASDAQ-2026-087]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and
Immediate Effectiveness of Proposed Rule Change to Amend the Exchange’s Rules at
Options 7, Section 2
October 14, 2026.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”)1, and Rule
19b-4 thereunder,2 notice is hereby given that on October 1, 2026, The Nasdaq Stock Market
LLC (“Nasdaq” or “Exchange”) filed with the Securities and Exchange Commission (“SEC” or
“Commission”) the proposed rule change as described in Items I, II, and III, below, which Items
have been prepared by the Exchange. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
I.

Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed
Rule Change
The Exchange proposes to amend The Nasdaq Options Market LLC (“NOM”) Rules at

Options 7, Section 2 (Nasdaq Options Market - Fees and Rebates).
The text of the proposed rule change is available on the Exchange’s website at
https://listingcenter.nasdaq.com/rulebook/nasdaq/rulefilings, and at the principal office of the
Exchange.
II.

Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the
Proposed Rule Change
In its filing with the Commission, the Exchange included statements concerning the

purpose of and basis for the proposed rule change and discussed any comments it received on the
proposed rule change. The text of these statements may be examined at the places specified in

15 U.S.C. 78s(b)(1).

17 CFR 240.19b-4.

Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below,
of the most significant aspects of such statements.
A.

Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis
for, the Proposed Rule Change
1.

Purpose

The Exchange proposes to make a change to NOM’s Pricing Schedule at Options 7,
Section 2(1).
Under Options 7, Section 2(1), the Exchange currently pays Customers,3 Professionals,4
Broker-Dealers,5 Firms,6 Non-NOM Market Makers,7 and NOM Market Makers8 a rebate to add
liquidity in Penny Symbols, on a per contract basis. This rebate is paid according to the
following schedule:
Tier 1
Customer
($0.20)
Professional
($0.20)
Broker-Dealer
($0.10)
Firm
($0.10)
Non-NOM Market Maker ($0.10)
NOM Market Maker
($0.20)

Tier 2
($0.25)
($0.25)
($0.10)
($0.10)
($0.10)
($0.25)

Tier 3
($0.43)
($0.43)
($0.10)
($0.10)
($0.10)
($0.30)

Tier 4
($0.44)
($0.44)
($0.10)
($0.10)
($0.10)
($0.32)

Tier 5
($0.45)
($0.45)
($0.10)
($0.10)
($0.10)
($0.45)

Tier 6
($0.49)
($0.47)
($0.10)
($0.10)
($0.10)
($0.45)

The term “Customer” applies to any transaction that is identified by a Participant for clearing in the
Customer range at The Options Clearing Corporation (“OCC”) which is not for the account of broker or
dealer or for the account of a “Professional” (as that term is defined in Options 1, Section 1(a)(48)). See
Options 7, Section 1(a).

The term “Professional” means any person or entity that (i) is not a broker or dealer in securities, and (ii)
places more than 390 orders in listed options per day on average during a calendar month for its own
beneficial account(s) pursuant to Options 1, Section 1(a)(48). All Professional orders shall be appropriately
marked by Participants. See Options 7, Section 1(a).

The term “Broker-Dealer” applies to any transaction which is not subject to any of the other transaction
fees applicable within a particular category. See Options 7, Section 1(a).

The term “Firm” applies to any transaction that is identified by a Participant for clearing in the Firm range
at OCC. See Options 7, Section 1(a).

The term “Non-NOM Market Maker” is a registered market maker on another options exchange that is not
a NOM Market Maker. A Non-NOM Market Maker must append the proper Non-NOM Market Maker
designation to orders routed to NOM. See Options 7, Section 1(a).

The term “NOM Market Maker” is a Participant that has registered as a Market Maker on NOM pursuant to
Options 2, Section 1, and must also remain in good standing pursuant to Options 2, Section 9. In order to
receive NOM Market Maker pricing in all securities, the Participant must be registered as a NOM Market
Maker in at least one security. See Options 7, Section 1(a). The term “Options Participant” or “Participant”
means a firm, or organization that is registered with the Exchange pursuant to Options 2A of the NOM
Rules for purposes of participating in options trading on NOM as a “Nasdaq Options Order Entry Firm” or
“Nasdaq Options Market Maker”. See Options 1, Section 1(a)(40).

Currently, the NOM Market Maker rebate to add liquidity in Penny Symbols is paid per
the highest tier achieved below:
Tier 1

Participant adds NOM Market Maker liquidity in Penny Symbols and/or
Non-Penny Symbols of up to 0.10% of total industry customer equity and
ETF option average daily volume (“ADV”) contracts per day in a month

Tier 2

Participant adds NOM Market Maker liquidity in Penny Symbols and/or
Non-Penny Symbols above 0.10% of total industry customer equity and ETF
option ADV contracts per day in a month

Tier 3

Participant: (a) adds NOM Market Maker liquidity in Penny Symbols and/or
Non-Penny Symbols above 0.20% of total industry customer equity and ETF
option ADV contracts per day in a month; or (b)(1) adds NOM Market
Maker liquidity in Penny Symbols and/or Non-Penny Symbols above 0.15%
of total industry customer equity and ETF option ADV contracts per day in a
month, (2) transacts in all securities through one or more of its Nasdaq
Market Center MPIDs that represent (i) 0.50% or more of Consolidated
Volume (“CV”) which adds liquidity in the same month on The Nasdaq
Stock Market or (ii) 50 million shares or more ADV which adds liquidity in
the same month on The Nasdaq Stock Market, and (3) executes 1.5 million
shares or more ADV in the same month utilizing the M-ELO order type on
The Nasdaq Stock Market

Tier 4

Participant adds NOM Market Maker liquidity in Penny Symbols and/or
Non-Penny Symbols of above 0.60% of total industry customer equity and
ETF option ADV contracts per day in a month

Tier 5

Participant: (a) adds NOM Market Maker liquidity in Penny Symbols and/or
Non-Penny Symbols above 0.85% of total industry customer equity and ETF
option ADV contracts per day in a month; or (b) adds NOM Market Maker
liquidity in Penny Symbols and/or Non-Penny Symbols of above 0.40% of
total industry customer equity and ETF option ADV contracts per day in a
month and transacts in all securities through one or more of its Nasdaq
Market Center MPIDs that represent 0.40% or more of Consolidated
Volume (“CV”) which adds liquidity in the same month on The Nasdaq
Stock Market

Tier 6

Participant: (a)(1) adds NOM Market Maker liquidity in Penny Symbols
and/or Non-Penny Symbols above 0.95% of total industry customer equity
and ETF option ADV contracts per day in a month, (2) executes Total
Volume of 250,000 or more contracts per day in a month, of which 30,000
or more contracts per day in a month must be removing liquidity, and (3)
adds Firm, Broker-Dealer and Non-NOM Market Maker liquidity in NonPenny Symbols of 10,000 or more contracts per day in a month; or (b)(1)
adds NOM Market Maker liquidity in Penny Symbols and/or Non-Penny
Symbols above 1.40% of total industry customer equity and ETF option
ADV contracts per day in a month, and (2) executes Total Volume of

250,000 or more contracts per day in a month, of which 15,000 or more
contracts per day in a month must be removing liquidity
The Exchange proposes to lower by $0.01, across all six tiers, the rebate it pays to NOM
Market Makers to add liquidity in Penny Symbols. Therefore, as it pertains to NOM Market
Makers, the schedule of these rebates will be as follows:

NOM Market Maker
2.

Tier 1
($0.19)

Tier 2
($0.24)

Tier 3
($0.29)

Tier 4
($0.31)

Tier 5
($0.44)

Tier 6
($0.44)

Statutory Basis

The Exchange believes that its proposal is consistent with Section 6(b) of the Act,9 in
general, and furthers the objectives of Sections 6(b)(4) and 6(b)(5) of the Act,10 in particular, in
that it provides for the equitable allocation of reasonable dues, fees and other charges among
members and issuers and other persons using any facility, and is not designed to permit unfair
discrimination between customers, issuers, brokers, or dealers.
The Commission and the courts have repeatedly expressed their preference for
competition over regulatory intervention in determining prices, products, and services in the
securities markets. In Regulation NMS, while adopting a series of steps to improve the current
market model, the Commission highlighted the importance of market forces in determining
prices and SRO revenues and, also, recognized that current regulation of the market system “has
been remarkably successful in promoting market competition in its broader forms that are most
important to investors and listed companies.”11
Likewise, in NetCoalition v. Securities and Exchange Commission12 (“NetCoalition”) the
D.C. Circuit upheld the Commission’s use of a market-based approach in evaluating the fairness
of market data fees against a challenge claiming that Congress mandated a cost-based

15 U.S.C. 78f(b).

15 U.S.C. 78f(b)(4) and (5).

Securities Exchange Act Release No. 51808 (June 9, 2005), 70 FR 37496, 37499 (June 29, 2005).

NetCoalition v. SEC, 615 F.3d 525 (D.C. Cir. 2010).

approach.13 As the court emphasized, the Commission “intended in Regulation NMS that
‘market forces, rather than regulatory requirements’ play a role in determining the market data . .
. to be made available to investors and at what cost.”14
Further, “[n]o one disputes that competition for order flow is ‘fierce.’ … As the SEC
explained, ‘[i]n the U.S. national market system, buyers and sellers of securities, and the brokerdealers that act as their order-routing agents, have a wide range of choices of where to route
orders for execution’; [and] ‘no exchange can afford to take its market share percentages for
granted’ because ‘no exchange possesses a monopoly, regulatory or otherwise, in the execution
of order flow from broker dealers’….”15 Although the court and the SEC were discussing the
cash equities markets, the Exchange believes that these views apply with equal force to the
options markets.
The Exchange’s proposed change to Options 7 is reasonable in several respects. As a
threshold matter, the Exchange is subject to significant competitive forces in the market for
options transaction services that constrain its pricing determinations in that market. Within this
environment, the Exchange must continually adjust the fees and rebates set forth in its Pricing
Schedule to remain competitive with the other national securities exchanges to which market
participants may direct their options order flow.
The Exchange’s proposal to reduce the rebate paid to NOM Market Makers to add
liquidity in Penny Symbols by $0.01 per contract across each of the six existing tiers is
reasonable because it represents a modest recalibration of the Exchange’s Pricing Schedule that
reflects the Exchange’s ongoing efforts to balance the incentives it offers to NOM Market
Makers against the costs and business considerations attendant to operating an options exchange
in a highly competitive market. Even after the proposed reduction, NOM Market Makers will

See NetCoalition, at 534-535.

Id. at 537.

Id. at 539 (quoting Securities Exchange Act Release No. 59039 (Dec. 2, 2008), 73 FR 74770, 74782-83
(Dec. 9, 2008) (File No. SR-NYSEArca-2006-21)).

continue to receive meaningful rebates for adding liquidity in Penny Symbols, ranging from
($0.19) per contract at Tier 1 to ($0.44) per contract at Tier 6, and NOM Market Makers will
retain the ability to increase the rebate they receive by adding greater volumes of qualifying
liquidity in Penny Symbols on the Exchange. The Exchange believes that the amended rebates
will remain competitive with rebates offered on other options exchanges for adding market
maker liquidity in penny-quoted classes, and will continue to incentivize NOM Market Makers
to direct liquidity-providing order flow to the Exchange.
The proposed amended rebates to add liquidity in Penny Symbols are equitable and not
unfairly discriminatory because the Exchange would uniformly apply the amended schedule of
rebates to any NOM Market Maker that meets the criteria for these rebates. The proposal does
not create any new distinction between NOM Market Makers and other market participants, nor
between one NOM Market Maker and another; it merely reduces, by a uniform $0.01 per
contract, the rebate paid at each of the six tiers. The criteria that a NOM Market Maker must
satisfy to qualify for each tier remain unchanged, so a NOM Market Maker that qualifies for a
particular tier today will continue to qualify for the same tier under the amended schedule.
Furthermore, the amended schedule of rebates is equitable and not unfairly discriminatory
because it remains designed to attract order flow to the Exchange by rewarding NOM Market
Makers that contribute liquidity in Penny Symbols. All members and member organizations
would benefit from the opportunity to interact with the liquidity that these rebates continue to
incentivize.
B.

Self-Regulatory Organization’s Statement on Burden on Competition

The Exchange does not believe that the proposed rule change will impose any burden on
competition not necessary or appropriate in furtherance of the purposes of the Act.
Inter-market Competition
The proposal does not impose an undue burden on inter-market competition that is not
necessary or appropriate in furtherance of the purposes of the Act. The Exchange believes its

proposal remains competitive with other options markets and will offer market participants with
another choice of where to transact options. The Exchange notes that it operates in a highly
competitive market in which market participants can readily favor competing venues if they
deem fee levels at a particular venue to be excessive, or rebate opportunities available at other
venues to be more favorable. In such an environment, the Exchange must continually adjust its
fees to remain competitive with other exchanges. Because competitors are free to modify their
own fees in response, and because market participants may readily adjust their order routing
practices, the Exchange believes that the degree to which fee changes in this market may impose
any burden on competition is extremely limited.
Intra-market Competition
The Exchange’s proposed amendments to the rebates paid to NOM Market Makers for
adding liquidity in Penny Symbols would not impose an undue burden on intra-market
competition that is not necessary or appropriate in furtherance of the purposes of the Act,
because the Exchange would uniformly apply the new schedule of rebates to all NOM Market
Makers. Every NOM Market Maker will continue to be eligible to earn the amended rebates on
identical terms at each of the six tiers, and each NOM Market Maker’s tier assignment will
continue to be determined solely by its own level of qualifying activity on the Exchange. The
proposal does not modify the qualifying criteria for any tier, nor does it alter the rebates paid to
Customers, Professionals, Broker-Dealers, Firms, or Non-NOM Market Makers. Also, the
revised schedule of rebates paid to NOM Market Makers for adding liquidity in Penny Symbols
is part of the Exchange’s overall effort to remain competitive with other options venues and to
continue to attract order flow to the Exchange. All members and member organizations would
benefit from the opportunity to interact with the liquidity that these rebates continue to
incentivize.
C.

Self-Regulatory Organization’s Statement on Comments on the Proposed Rule
Change Received from Members, Participants, or Others

No written comments were either solicited or received.

III.

Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action
The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the

Act.16
At any time within 60 days of the filing of the proposed rule change, the Commission
summarily may temporarily suspend such rule change if it appears to the Commission that such
action is: (i) necessary or appropriate in the public interest; (ii) for the protection of investors; or
(iii) otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the
Commission shall institute proceedings to determine whether the proposed rule should be
approved or disapproved.
IV.

Solicitation of Comments
Interested persons are invited to submit written data, views and arguments concerning the

foregoing, including whether the proposed rule change is consistent with the Act. Comments
may be submitted by any of the following methods:
Electronic Comments:
•

Use the Commission’s internet comment form
(https://www.sec.gov/rules/sro.shtml); or

•

Send an email to rule-comments@sec.gov. Please include file number
SR-NASDAQ-2026-087 on the subject line.

Paper Comments:
•

Send paper comments in triplicate to Secretary, Securities and Exchange
Commission, 100 F Street NE, Washington, DC 20549-1090.

All submissions should refer to file number SR-NASDAQ-2026-087. This file number
should be included on the subject line if email is used. To help the Commission process and
review your comments more efficiently, please use only one method. The Commission will post

15 U.S.C. 78s(b)(3)(A)(ii).

all comments on the Commission’s internet website (https://www.sec.gov/rules/sro.shtml).
Copies of the filing will be available for inspection and copying at the principal office of the
Exchange. Do not include personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may redact in part or withhold
entirely from publication submitted material that is obscene or subject to copyright protection.
All submissions should refer to file number SR-NASDAQ-2026-087 and should be submitted on
or before [INSERT DATE 21 DAYS AFTER DATE OF PUBLICATION IN THE FEDERAL
REGISTER].
For the Commission, by the Division of Trading and Markets, pursuant to delegated
authority.17

Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-21246 Filed: 10/16/2026 8:45 am; Publication Date: 10/19/2026]

17 CFR 200.30-3(a)(12).