Nasdaq Codifies Options Unbundling—Traders Yawn Collectively
Published Date: 12/19/2025
Notice
Summary
Nasdaq ISE just made a new rule official: members can’t split up orders unless it’s to get the best deal for customers. This change affects traders and firms using the exchange and kicks in right away, helping keep trading fair and square. No extra fees or delays—just clearer rules to keep everyone honest.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
Members Prohibited From Splitting Orders
If you are a member, member organization, or person associated with a member on the Nasdaq ISE, you cannot split a single order into multiple smaller orders for any purpose other than seeking the best execution of the entire order. The Exchange filed this rule change on December 11, 2025 and it became effective upon filing; it codifies ISE Options 9, Section 25.
Rule Aims To Protect Investors and Markets
The Exchange says the anti-unbundling rule is designed to promote just and equitable principles of trade, promote best execution, and protect investors and the public interest. The proposal cites similar rules at other exchanges and FINRA and was filed on December 11, 2025.
Rule Applied to GEMX and MRX Rulebooks
Because GEMX and MRX incorporate ISE Options 9 by reference, the Exchange added the new Section 25 to GEMX Options 9 and MRX Options 9 as well, making the same anti-unbundling prohibition applicable to those exchanges. The filing date was December 11, 2025.
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