Nasdaq ISE Refines Quarterly Checks on Pro Trader Orders
Published Date: 4/16/2026
Notice
Summary
Nasdaq ISE is changing how it reviews Professional Orders, which are trades made by pros, not regular customers. Starting now, the Exchange will update its quarterly checks to better spot and handle these orders. This tweak helps keep trading fair and smooth, with no extra costs or delays for traders.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Monthly Check Could Strip Retail Benefits
If you are a customer who places many option orders, any customer that averaged more than 390 orders per day in any calendar month will be represented as a Professional for the next calendar month. Members must change the representation within five days after the end of each calendar month, and this change is implemented for the Exchange on July 1, 2026. Being designated a Professional means you no longer receive Priority Customer marketplace advantages like execution priority and generally lower or no transaction fees.
No New Monthly Compliance Burden For Members
The Exchange says broker-dealers (Members) already compute daily averages and must only change the timing from quarterly to monthly, requiring changes within five days after each calendar month. The Exchange states this amendment does not impose additional burden because the necessary calculations are already performed daily.
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Key Dates
Department and Agencies
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