Effective Friday, December 1, 2017, pending filing with the SEC, the following changes will apply to Nasdaq ISE, Nasdaq PHLX, Nasdaq GEMX and The Nasdaq Options Market (NOM), respectively.

Nasdaq ISE

• Nasdaq ISE will calculate Market Maker Plus tier eligibility for an options class at the badge/suffix level, and pay associated Market Maker Plus rebates to all badge/suffixes within a common CRD Number.
• For example, if the MM quotes SPY on the NBBO 80% of the time on badge/suffix 123A, and 20% of the time on badge/suffix 456B, the participant will be eligible for Market Maker Plus Tier credits at the 80% tier level on both badge/suffix combinations. If the MM also quotes QQQ on the NBBO 30% of the time on badge/suffix 456B, it will similarly be eligible for Linked Maker Rebates at the 80% tier level on this badge/suffix combination.



• The Member Order Routing Program (“MORP”) will exclude activity in symbol NDX.

Nasdaq PHLX

• Options overlying NDX will no longer be considered eligible to receive the rebates associated with the Market Access and Routing Subsidy Program (“MARS”).



• NDX volume will not qualify towards the Monthly Market Maker Cap of $500,000.



• Options overlying NDX will not be subject to PIXL pricing, rather NDX transactions will be subject to the NDX pricing within Section II of the Pricing Schedule.

Nasdaq GEMX

• Options overlying NDX are not considered Eligible Contracts and therefore are not subject to the MARS Payment.

NOM

• NOM Market Makers adding 10,000 contracts per day or more in Non-Penny Pilot Options will receive a rebate of $0.30 per contract instead of paying the fee for adding liquidity in Non-Penny Pilot Options.