Nasdaq ISE Cuts Ties with GEMX on Risk Controls
Published Date: 10/8/2026
Notice
Summary
Nasdaq ISE is updating its Market Wide Risk Protection rules to stop sharing risk limits with its sister exchange, Nasdaq GEMX. This change affects traders who use both platforms by keeping their risk controls separate, helping manage trading risks better. The new rule is effective immediately, so members should adjust their settings right away to avoid surprises.
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
ISE stops aggregating risk with GEMX
On September 25, 2026, Nasdaq ISE filed a rule change to remove the option that allowed Members to aggregate Market Wide Risk Protection (MWRP) counts across ISE and Nasdaq GEMX. After the change, MWRP thresholds on ISE will apply only to activity on ISE (per-exchange) rather than across both ISE and GEMX; the Exchange will announce the operative date in an Options Trader Alert and will implement the change on or before Q2 2027. Members who previously used the cross-market election must configure separate risk parameters for each exchange to maintain aggregated protections.
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Next: 2026-20598, Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Market Wide Risk Protection
Nasdaq GEMX is updating its Market Wide Risk Protection rules to stop sharing risk limits with its sister exchange, Nasdaq ISE. This change affects traders using both platforms by keeping their risk controls separate, helping manage trading risks better. The new rule took effect right after filing on October 1, 2026, with no direct cost changes announced.