Nasdaq ISE Renames Trade Outline: Clarity or Just Rebranding Drudgery?
Published Date: 4/27/2026
Notice
Summary
Nasdaq ISE is updating its 'Trade Outline' product by renaming it to 'ISE Trade Outline,' adding Market Makers as a data source, and clarifying the info included in the end-of-day report. These changes affect traders and market participants who use this data to understand trading activity. The update is effective immediately and won’t change any fees, just making the info clearer and more complete.
Free Policy Watch
New rules are filed every week. Most people never see them.
Pick a topic. PRIA watches every federal rule and tells you when one hits your household.
Pick a topic to get started
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
ISE Trade Outline Renamed
If you use the Exchange's product formerly called the "ISE Open/Close Trade Profile," it has been renamed "ISE Trade Outline." The Exchange says the new name better reflects the product contents and aligns the name with comparable products on other Nasdaq markets.
Market Makers Added As Origin Type
If you buy or use ISE Trade Outline data, the product will now report trades by Market Makers as a separate origin type in addition to Priority Customer, Broker-Dealer, Firm Proprietary, and Professional Customer. The Exchange says adding Market Maker data will present a more complete picture of market activity and harmonize ISE's fields with other Nasdaq markets.
End-of-Day Fields Made More Specific
If you receive the ISE Trade Outline End of Day file, its described fields are changed to list option first trade price, option high trade price, option low trade price, and option last trade price; the Exchange will also continue to include underlying close and moneyness. The change is intended to align the End of Day field descriptions with comparable Nasdaq markets and increase data specificity.
No Fee Change; Immediate Effect
The Exchange states there will be no change in fees associated with ISE Trade Outline, and the rule change became operative upon filing on April 9, 2026 after the Commission waived the 30-day delay. The update changes descriptions and contents but does not change pricing.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Take It Personal
Get Your Personalized Policy View
Take the PRIA Score to see how policy affects your household, then upgrade to PRIA Full Coverage for year-round monitoring.
Already have an account? Sign in