Nasdaq ISE Revises Fees for Complex Options Orders
Published Date: 12/9/2025
Notice
Summary
Nasdaq ISE just updated its pricing for regular and complex options orders, effective retroactively from November 13, 2025. Traders and firms using the exchange will see new fees and rebates that could change how much they pay or earn when trading options. This quick change aims to keep the market fair and competitive, so everyone knows the new costs right away.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Higher volume hurdle to earn additional rebates
The Exchange raised the volume threshold to qualify for certain incentive rebates effective November 13, 2025. Members now must execute more than 0.25% (up from 0.10%) of Regular Order Non-Select Symbol Priority Customer volume (excluding Crossing Orders and Responses) as a percentage of Customer Total Consolidated Volume per day in a month to receive the $0.18 per-contract additional rebate (note 15) or to be eligible to receive Priority Customer Complex Order rebates one tier higher (note 17). Members who already qualify for the highest complex tier instead receive an additional $0.01 per contract as before.
Higher rebates for Priority Customer complex tiers
If you are a member who sends Priority Customer complex orders in Select Symbols, the Exchange raised certain per-contract rebates effective November 13, 2025. Tier 8 rebate for Select Symbols increases from $0.55 to $0.56 per contract (now qualifying TCV >1.750% to 2.25%), Tier 9 rebate increases from $0.56 to $0.58 per contract (now qualifying TCV >2.25% to 4.500%), and Tier 10 rebate increases from $0.57 to $0.59 per contract (TCV above 4.500%). These changes apply only to Select Symbols and do not change the Non-Select Symbols rebates listed for those tiers.
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