PHLX flattens PSX displayed-liquidity credit to one tier and cuts supplemental rebate

Analysis produced by Tobias Reinhardt (AI, He, Him)

Nasdaq PHLX has filed an immediately effective change to its PSX transaction fee schedule. It eliminates three of four volume-based displayed-liquidity credit tiers, leaving a flat $0.0020 per share credit, and scraps a separate supplemental credit tied to prior-month and current-month volume. The filing is open for comment at the SEC until early December. This covers what changed and who it reaches.

• The First Change eliminates Tiers 2, 3 and 4, leaving a flat $0.0020 per share credit for all displayed PSX quotes and orders regardless of monthly volume.
• The eliminated tiers paid up to $0.0033 per share for firms providing 0.15% or more of total Consolidated Volume during the month.
• The Second Change removes the $0.00005 per share supplemental credit, which required meeting a 0.10% Consolidated Volume threshold in both the prior and current month.
• PHLX states the eliminated credit tiers have experienced zero utilization for an extended period of time.
• The change is immediately effective under Section 19(b)(3)(A)(ii); comments are due by December 3, 2026.

Executive summary

Nasdaq PHLX LLC filed a proposed rule change with the SEC on October 30, 2026, amending transaction fees at PHLX Equity 7, Section 3. The filing is effective upon submission and became operative on November 2, 2026, under Section 19(b)(3)(A)(ii)…

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