Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Rules at Options 7, Section 4 (Complex Order Fees and Rebates)
Published Date: 7/27/2026
Notice
Summary
Nasdaq ISE is tweaking its rules to change how it pays rebates for complex options orders, making the rebate tiers tighter. This affects traders using Priority Customer Complex orders and could impact their fees starting right away. The goal? To keep things fair and clear in the options market.
Analyzed Economic Effects
5 provisions identified: 2 benefits, 1 costs, 2 mixed.
Priority Customer Rebate Tier Compression
The Exchange narrowed and re-numbered its Priority Customer complex order rebate tiers by increasing Tier 3's upper bound from 0.550% to 0.600% of Customer Total Consolidated Volume and collapsing the old Tier 4 into lower-numbered tiers. The revised per-contract base rebates include, for example, Tier 3 = $0.40 (Select) / $0.80 (Non-Select) and Tier 4 = $0.49 (Select) / $0.90 (Non-Select) under the new schedule.
Higher Rebates for 0.600%–0.750% Members
Members with total affiliated complex order volume in the 0.600%–0.750% range will now qualify for the new Tier 4 and receive higher base rebates: $0.49 per contract in Select Symbols (up from $0.45) and $0.90 per contract in Non-Select Symbols (up from $0.85).
Higher Combined FLEX Rebates at New Tier 4
For Members that also transact an average daily FLEX volume greater than 10,000 contracts in a month, the additional FLEX rebates are changed so that the combined rebate at the new Tier 4 increases: from $0.49 to $0.55 per contract for Select Symbols, and from $1.00 to $1.10 per contract for Non-Select Symbols.
Members with 0.550%–0.600% Lose Tier Level
Members with total affiliated complex order volume in the 0.550%–0.600% range will move from old Tier 4 into the new Tier 3 and receive a lower base rebate: from $0.45 to $0.40 per contract in Select Symbols and from $0.85 to $0.80 per contract in Non-Select Symbols.
Changes Take Effect Immediately; Comment Period Open
The Exchange filed the rule change on July 10, 2026 and the filing has become effective under Section 19(b)(3)(A)(ii) of the Act, meaning the new rebate schedule applies immediately; interested persons may submit comments on or before August 17, 2026 and the Commission may suspend the change within 60 days.
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