Nasdaq ISE Refines Quarterly Checks on Professional Trader Orders
Published Date: 4/16/2026
Notice
Summary
Nasdaq ISE is updating how it reviews Professional Orders every quarter. This change affects traders who aren’t Priority Customers by tweaking the rules on how their orders are counted and reviewed. The update kicks in right away and aims to keep trading fair without changing fees or costs.
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Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
Monthly Review for Professional Orders
If you trade options and are not a Priority Customer, any customer that averages more than 390 orders per day during any calendar month must be represented as a Professional order for the next calendar month. Members must change how they represent such a customer's orders within five days after the end of each calendar month. This rule change is to be implemented on July 1, 2026.
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