Exchange Quietly Adjusts Options Fees Again
Published Date: 6/12/2026
Notice
Summary
Nasdaq ISE is updating its pricing rules for certain options trades, especially for special customer orders and index options. These changes affect traders using the Exchange by adjusting rebates and fees, aiming to keep things fair and competitive. The new rules took effect right away on May 27, 2026, so traders should check how these updates might impact their costs or earnings.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 0 costs, 2 mixed.
Tiered NDX/NDXP Surcharge by Premium
For Nasdaq-100 index options (NDX and NDXP), the Exchange replaces a flat $1.50 per-contract surcharge for electronic simple Non-Priority Customer orders that remove liquidity with a premium-based tiered surcharge: $1.00 for premiums < $3.00; $1.50 for $3.00–<$10.00; $2.00 for $10.00–<$25.00; $2.50 for $25.00–<$50.00; and $3.00 for premiums ≥ $50.00. The change took effect on May 27, 2026.
Select-Symbol Complex Order Rebate Changes
The Exchange changed Priority Customer Complex Order rebates for Select Symbols: Tier 5 rebate increases from $0.46 to $0.49 per contract for members meeting the Tier 5 qualification (above 0.750%-0.900% of customer total consolidated volume). The Exchange also reduces Select Symbol rebates by $0.01 per contract for Tier 8 (from $0.57 to $0.56), Tier 9 (from $0.59 to $0.58), and Tier 10 (from $0.60 to $0.59).
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