Nasdaq GEMX Proposes to Codify $0.01 Minimum Trading Increment for XND (Nasdaq-100 Micro Index) Options
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Nasdaq GEMX, LLC filed a rule change to formally add text to its Options 3, Section 3 (Minimum Trading Increments) that sets the minimum trading increment for Nasdaq-100 Micro Index options (XND) at $0.01. This change simply codifies the increment that is already in use because GEMX incorporates ISE's rules by reference and ISE previously received approval to list XND in penny increments provided QQQ options remain in the Penny Interval Program. The filing also reserves a new subsection .03 to keep GEMX's rule numbering identical to its affiliate ISE. The change is non-substantive, does not alter current trading behavior, and became effective immediately upon filing on March 12, 2026 under the SEC's 19b-4(f)(6) expedited process.
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Key Changes
- Codifies $0.01 minimum trading increment for XND options in GEMX Supplementary Material .04 to Options 3, Section 3
- Increment applies as long as QQQ options participate in the Penny Interval Program
- Adds and reserves new Supplementary Material .03 to Options 3, Section 3 for rule harmonization with ISE
+ 3 more changes with Pro
Obligations
What this law requires
Nasdaq GEMX must maintain rule text at Supplementary Material .04 to Options 3, Section 3 stating that 'Options on the Nasdaq 100 Micro Index (XND) (as long as QQQ options participate in the Penny Interval Program) shall have a minimum increment of $.01.'
Nasdaq GEMX must ensure XND options trade at a minimum increment of $0.01, contingent on QQQ options remaining in the Penny Interval Program.
Nasdaq GEMX must reserve Supplementary Material .03 to Options 3, Section 3 to harmonize rule numbering with affiliate ISE.
SEC may temporarily suspend the rule change within 60 days of filing (March 12, 2026) if deemed necessary or appropriate in the public interest or for protection of investors.
Interested persons must submit written comments on the proposed rule change by April 15, 2026, referencing file number SR-GEMX-2026-10.