Federal Register #SR-ISE-2026-41

SEC Notice: Nasdaq ISE and IEX Rule Changes for Options Rebates and Registration

This notice details proposed regulatory changes affecting options trading fee structures: - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets - OEMs/Vendors Mentioned: - Nasdaq ISE, LLC (primary OEM/exchange operator) - Investors Exchange LLC (IEX) - Products/Services Requested: - No physical products or traditional services are being procured; the notice concerns amendments to exchange rules and fee schedules - Amendment to the tiered schedule of Priority Customer Complex order rebates for Select and Non-Select Symbols on Nasdaq ISE - Rebates tiers are compressed and amounts adjusted to incentivize increased order flow - Additional tiered rebates for members transacting significant volumes of FLEX Orders - Addition of General Securities Sales Supervisor registration category and Series 9/10 qualification exam to IEX rules - Updates to regulatory continuing education requirements in preparation for IEX Options trading launch - Unique/Notable Requirements: - Focus on incentivizing market participation and competition through fee and rebate structure changes - Regulatory alignment with FINRA continuing education standards - No procurement of goods or IT services; this is a regulatory/market structure change

Description

The Securities and Exchange Commission has announced the filing and immediate effectiveness of a proposed rule change by Nasdaq ISE, LLC. The rule change amends the exchange's rules at Options 7, Section 4, concerning complex order fees and rebates. Specifically, the proposal compresses the tiered schedule of Priority Customer Complex rebates to incentivize increased order flow. The amendment adjusts rebate tiers and amounts for Select and Non-Select Symbols, aiming to enhance market participation and competition.

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