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2025-04977 — Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To (i) Introduce a New Fee Credit Under Equity 7, Section 118(a)(1) (Fees for Execution and Routing of Orders) and Amend the Fee Schedule; (ii) Introduce New Fees and Credits Under Equity 7, Section 118(b), (iii) Amend Equity 7, Section 118(e) (Opening Cross) and Introduce a New Fee Credit; and (iv) Eliminate the Excess Order Fee Credits at Equity 7, Section 118(m) and Remove Related Language in Equity 7, Section 114(d)(1)
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March 25, 2025
Type:Notice
Citation:90 FR 13643
Reading Time:about 23 minutes
The Nasdaq Stock Market LLC has proposed changes to its fee structure, aiming to incentivize increased market activity. These proposals include introducing new fee credits for members who add liquidity, changing existing fees and credits for orders during pre-market sessions, and amending the opening cross fees. Additionally, Nasdaq plans to eliminate the Excess Order Fee Program due to its limited impact, thereby reallocating resources to more effective incentives. The Securities and Exchange Commission is seeking public comments on these proposed changes.
Simple Explanation
Nasdaq wants to change how they charge and give money back to people who trade stocks, hoping to make them trade more. They also want to stop one specific fee because it wasn't very useful and make new rules easier to follow, like giving out new rewards.
2025-01775 — Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees for Its Expanded Co-Location Services
January 28, 2025
Type:Notice
Citation:90 FR 8312
Reading Time:about 3 minutes
The Securities and Exchange Commission (SEC) announced that Nasdaq ISE, LLC (ISE) has submitted a proposed rule change on January 10, 2025. This rule change aims to set new fees for its expanded co-location services, allowing traders to place their trading equipment near ISE's servers for faster access. The SEC is inviting public comments on this proposal, and interested parties can submit their thoughts electronically through the SEC's website or by mail until February 18, 2025. This proposal has been designated for immediate effectiveness under U.S. securities law, although the SEC can delay its implementation if needed to protect investor interests.
Simple Explanation
Nasdaq wants to charge new fees so people's computers can be really close to their servers, making trading super fast. The SEC is letting people write in with their thoughts on this until mid-February, but they might pause the new fees if they think it's needed.
2021-02005 — Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating To Amend the Definition of “Current Market Value” for Purposes of Calculating Margin Requirements for Certain Options
February 01, 2021
Type:Notice
Citation:86 FR 7760
Reading Time:about 18 minutes
Cboe Exchange, Inc. has proposed a rule change to amend how it calculates the "current market value" for certain options, specifically Exchange-Traded Fund (ETF) options, to determine the necessary margin requirements. Currently, the closing trade prices for these options are used at 4:15 p.m. Eastern time. The proposal suggests using quotes from 15 minutes before the close of trading, aligning the valuation time with related index options for better consistency in market evaluations. This change aims to reduce potential risks and price distortions for market participants involved in both ETF and related index options trading.
Simple Explanation
Cboe Exchange wants to change how they figure out how much money must be set aside, called "margin," for trading certain options. Instead of using the final price when the market closes, they want to use a price from a little earlier to make things fairer and safer.
2020-29019 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Withdrawal of a Proposed Rule Change To Accommodate Exchange Listing and Trading of Options-Linked Securities
January 04, 2021
Type:Notice
Citation:86 FR 163
Reading Time:about a minute or two
The Cboe BZX Exchange, Inc. had proposed a rule change to allow the listing and trading of Options-Linked Securities. This proposal was initially filed with the Securities and Exchange Commission (SEC) in May 2020 and published for public comment in June 2020. The SEC extended the period for decision-making on several occasions throughout 2020, but ultimately, the Exchange decided to withdraw the proposed rule change in December 2020. The Commission did not receive any comment letters regarding this proposal.
Simple Explanation
The Cboe BZX Exchange wanted to create a new rule to buy and sell special kinds of stocks called Options-Linked Securities, but after thinking about it and asking for people's thoughts, they decided not to make this rule. Nobody sent them any comments or letters about it, and they didn't say why they changed their mind.
2021-01584 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish a Monthly Fee Assessed on Members' MPIDs
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January 26, 2021
Type:Notice
Citation:86 FR 7127
Reading Time:about 15 minutes
Cboe BZX Exchange, Inc. has proposed a new rule to amend its fee schedule by introducing a monthly fee of $350 for each additional Market Participant Identifier (MPID) a member uses, while the first MPID remains free. This change aims to align fees with the benefits received by members using multiple MPIDs and is designed to promote efficient use of these identifiers. The proposal emphasizes competition among exchanges and states that many options are available for trading, meaning the fee is not overly burdensome. The Securities and Exchange Commission is soliciting public comments on this proposed rule change.
Simple Explanation
The Cboe BZX Exchange wants to charge $350 each month for extra "name tags" businesses use to trade, after giving them the first one for free. They believe this will make trading better, but some people think they should better explain why this fee is fair and how it helps everyone.

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