Nasdaq Renames Trade Outline: Because Clarity in Finance Needs a Rebrand
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.
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
Product Renamed to ISE Trade Outline
The Exchange renamed the market data product from "ISE Open/Close Trade Profile" to "ISE Trade Outline." This name change was filed April 9, 2026 and is intended to make the product name consistent with comparable products on other Nasdaq markets.
Market Maker Trades Now Reported
The ISE Trade Outline will add "Market Maker" as a reportable trade origin type so trades conducted by Market Makers are included in the aggregated data. This change was filed April 9, 2026 and is intended to give purchasers a more complete picture of market activity.
End-of-Day Fields Clarified and Expanded
The End of Day file text was revised 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. End of Day information is available the next business day, and intra-day updates occur at 10-minute intervals.
No Fee Change; Immediate Effect
The Exchange stated there is no fee change associated with these amendments, and the Commission waived the 30-day delay so the proposed rule change became operative upon filing on April 9, 2026. Customers paying for ISE Trade Outline data will not see a change in fees from this filing.
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Key Dates
Department and Agencies
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