Nasdaq PHLX raises entry-tier floor broker rebates, effective immediately

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

A fee-schedule filing from Nasdaq PHLX LLC, effective on filing under Section 19(b)(3)(A)(ii), raises the entry-level rebates paid to Floor Brokers under its Floor Broker Incentive Program and corrects a stale example left over from an earlier amendment. The SEC is soliciting comments through November 9, 2026, though the change is already in force.

• Tier 1 per-contract rebate with a Customer on one side rises from $0.04 to $0.07, matching the existing Tier 2 rate.
• Tier 1 per-contract rebate with Non-Customers on both sides rises from $0.10 to $0.18, matching Tier 2 and Tier 3 rates.
• Example 4 is corrected to reflect the Tier 4 Non-Customer rebate of $0.20 per contract, fixing an oversight from a prior filing.
• The rule change became effective on filing under Section 19(b)(3)(A)(ii) of the Exchange Act, with no written comments solicited or received.
• The SEC is accepting public comment on file number SR-PHLX-2026-61 through November 9, 2026, and retains a 60-day suspension power.

Executive summary

Nasdaq PHLX LLC filed a proposed rule change with the SEC on October 1, 2026, to amend its Pricing Schedule at Options 7, Section 4, which governs Multiply Listed Options Fees and the exchange's Floor Broker Incentive Program. The filing…

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