Federal Register #SR-PHLX-2026-43

Nasdaq PHLX Proposed Rule Change on Multiply Listed Options Fees

This notice concerns a proposed rule change by Nasdaq PHLX LLC, published by the Securities and Exchange Commission (SEC): - The rule change amends the PHLX Pricing Schedule at Options 7, Section 4 - Specifically modifies the Monthly Market Maker Cap for multiply listed options fees - Excludes electronic Option Transaction Charges for PIXL Initiating Orders, SOM contra orders, and Facilitation contra orders from the cap - Aligns these exclusions with existing auction mechanism fee exclusions - The intent is to incentivize continuous electronic order book quoting by Lead Market Makers and Market Makers - Ensures equitable and non-discriminatory fee application among all market participants - No products, OEMs, vendors, or purchase quantities are involved, as this is a regulatory notice, not a procurement opportunity

Description

The Securities and Exchange Commission has filed a proposed rule change by Nasdaq PHLX LLC to amend the PHLX Pricing Schedule at Options 7, Section 4, regarding multiply listed options fees. The amendment specifically modifies the Monthly Market Maker Cap to exclude electronic Option Transaction Charges related to PIXL Initiating Orders, SOM contra orders, and Facilitation contra orders from the cap. This change aims to ensure the cap remains focused on incentivizing continuous electronic order book quoting, while treating these auction mechanism fees consistently with existing exclusions. The proposal is effective immediately upon filing and is intended to maintain equitable and non-discriminatory fee application among market participants.

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