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Friday, July 29, 2022

Options Trader Alert #2022 - 24
Nasdaq ISE and Nasdaq PHLX Updated Pricing Effective August 1, 2022

Category:

  • Pricing

Markets Impacted:

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Effective Monday, August 1, 2022, pending filing with the SEC, Nasdaq ISE LLC (ISE) and Nasdaq Phlx LLC (PHLX) will amend their Pricing Schedules as described below:

Nasdaq ISE (ISE)

ISE will adjust the volume requirements for ISE Priority Customer Complex Tier 7 and Tier 8 in Options 7, Section 4 as follows:

Priority Customer Rebates

Priority Customer Complex Tier (7) (13) (16) Total Affiliated Member or Affiliated Entity Complex Order Volume (Excluding Crossing Orders and Responses to Crossing Orders) Calculated as a Percentage of Customer Total Consolidated Volume  Rebate for Select Symbols (1)  Rebate for Non-Select Symbols (1) (4)
 Tier 7  Above 1.350% - 2.000%1.750%  ($0.48) ($0.80)
 Tier 8  Above 1.750%2.000% - 2.750%  ($0.52) ($0.85)

 

ISE will add a PIM Break-up Rebate of $0.25 per contract for Select Symbols and $0.60 per contract for Non-Select Symbols (excluding index options) for Members executing more than 0.75% of PIM Priority Customer volume in Regular Orders calculated as a percentage of TCV for orders under 100 contracts to Options 7, Section 3 per below:

Section 3. Regular Order Fees and Rebates

Select Symbols

Market Participant Fee for PIM Orders (1) (2) (13) Fee for Responses to PIM Orders PIM Break-up Rebate (19)
Market Maker (8)  $0.10 $0.50 N/A
Non-Nasdaq ISE Market Maker (FarMM)  $0.10 $0.50 N/A
Firm Proprietary / Broker-Dealer  $0.10 $0.50
 N/A
Professional Customer  $0.10 $0.50
 N/A
Priority Customer  $0.00 $0.50 ($0.00)

 

Non-Select Symbols (Excluding Index Options) (7)

Market Participant Fee for PIM Orders (1) (2) (13) Fee for Responses to PIM Orders PIM Break-up Rebate (19)
Market Maker (8)  $0.10 $0.50 N/A
Non-Nasdaq ISE Market Maker (FarMM)  $0.10 $0.50 N/A
Firm Proprietary / Broker-Dealer  $0.10 $0.50
 N/A
Professional Customer  $0.10 $0.50
 N/A
Priority Customer  $0.00 $0.50 ($0.00)
19. Members that execute more than 0.75% of PIM Priority Customer volume in Regular PIM Orders calculated as a percentage of Customer Total Consolidated Volume (“TCV”) per day in a given month will receive a PIM Break-Up Rebate of $0.25 in Select Symbols and $0.60 in Non-Select symbols (excluding index options) for orders under 100 contracts.


Additionally, ISE will introduce a rebate to Options 7 Section 6 of $0.11 per contract for Priority Customer Regular PIM Orders of less than 100 contracts:

Section 6. Other Options Fees and Rebates

B. PIM and Facilitation Rebate

Members that execute more than 0.75% of Priority Customer volume in Regular PIM Orders, calculated as a percentage of Customer Total Consolidated Volume (“TCV”) per day in a given month, will receive an $0.11 per contract rebate for Priority Customer Regular PIM Orders of less than 100 contracts (excluding index options). Eligible volume from Affiliated Members will be aggregated in calculating the percentage. Provided this rebate is higher than other rebates within Options 7, Section 6B, this rebate will be paid in lieu of other rebates within this section B.

Nasdaq Phlx LLC (PHLX)

PHLX will remove the cap for QCC Rebates in Options 7, Section 4:

Section 4. Multiply Listed Options Fees

QCC Rebate Schedule

Tier Threshold Rebate per Contract
Tier 1  0 to 99,999 contracts in a month $0.00
Tier 2  100,000 to 299,999 contracts in a month $0.05
Tier 3  300,000 to 499,999 contracts in a month $0.07
Tier 4  500,000 to 699,999 contracts in a month $0.08
Tier 5  700,000 to 999,999 contracts in a month $0.09
Tier 6  Over 1,000,000 contracts in a month $0.11
The maximum QCC Rebate to be paid in a given month will not exceed $750,000.

 

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