Federal Register #SR-ISE-2026-54

Nasdaq ISE proposal to limit Market-Wide Speed Bump and Kill Switch protections to ISE activity

The Securities and Exchange Commission notice describes a proposed Nasdaq ISE rule change, not a government procurement opportunity. - Government agency: U.S. Securities and Exchange Commission (SEC), which published the notice. - Proposing organization: Nasdaq ISE, LLC. - Proposed change: Nasdaq ISE would end cross-market operation of its Market-Wide Speed Bump and Kill Switch with Nasdaq GEMX, LLC. These protections would apply separately to activity on ISE; market participants could configure separate protections for GEMX under GEMX’s rules. - Related Nasdaq exchanges: Nasdaq MRX, LLC; Nasdaq PHLX LLC; Nasdaq Texas, LLC (NTX Options); and The Nasdaq Options Market, LLC. The proposal is intended to align risk-protection functionality across Nasdaq-affiliated options exchanges. - Procurement scope: No products, services, quantities, part numbers, OEMs, or vendors are being requested.

Description

Nasdaq ISE, LLC proposes changes to its Market-Wide Speed Bump and Kill Switch rules to eliminate cross-market functionality between ISE and its affiliate, Nasdaq GEMX, LLC. Under the proposed changes, the protections would apply separately to activity on ISE, while users could continue to configure protections separately for GEMX under its rules. The Exchange states that the changes are intended to harmonize risk-protection functionality across Nasdaq-affiliated options exchanges. ISE expects to implement the change on or before Q2 2027.

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