[Federal Register Volume 91, Number 142 (Monday, July 27, 2026)]
[Notices]
[Pages 47011-47015]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2026-15055]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105964; File No. SR-ISE-2026-41]
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)
July 22, 2026.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on July 10, 2026, Nasdaq ISE, LLC (``ISE'' or ``Exchange'') filed with
the Securities and Exchange Commission (``SEC'' or ``Commission'') the
proposed rule change as described in Items I, II, and III below, which
Items have been prepared by the Exchange. The Commission is publishing
this notice to solicit comments on the proposed rule change from
interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend the Exchange's Rules at Options 7,
Section 4 (Complex Order Fees and Rebates). Specifically, the Exchange
proposes to compress the tiered schedule of Priority Customer Complex
rebates.\3\
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\3\ The Exchange initially filed this proposal on July 1, 2026
(SR-ISE-2026-39). On July 10, 2026, the Exchange withdrew SR-ISE-
2026-39 and submitted this filing.
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The text of the proposed rule change is available on the Exchange's
website at https://listingcenter.nasdaq.com/rulebook/ise/rulefilings,
and at the principal office of the Exchange.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of the proposed rule change is to amend the complex
order \4\ rebates in the Exchange's Pricing Schedule (Options 7).
Specifically, the Exchange proposes to amend its Pricing Schedule at
Section 4 (Complex Order Fees and Rebates).
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\4\ A ``Complex Order'' is any order involving the simultaneous
purchase and/or sale of two or more different options series in the
same underlying security, as provided in Options 3, Section 14, as
well as Stock-Option Orders, as that term is defined in Options 3,
Section 14(a)(2). See Options 7, Section 1(c).
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Currently, the Exchange offers tiered complex order rebates for
Select Symbols \5\ and Non-Select Symbols \6\ based on the Priority
Customer \7\ Complex Tier achieved.\8\ The schedule of tiered complex
order Priority Customer rebates for Select Symbols and Non-Select
Symbols is currently as follows:
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\5\ ``Select Symbols'' are options overlying all symbols listed
on the Nasdaq ISE that are in the Penny Interval Program. See
Options 7, Section 1(c).
\6\ ``Non-Select Symbols'' are options overlying all symbols
excluding Select Symbols. No Priority Customer complex order rebates
will be paid for orders in NDX, XND or MNX. See Options 7, Section
4, note 4.
\7\ The term ``Priority Customer'' is a person or entity that is
not a broker/dealer in securities, and does not place more than 390
orders in listed options per day on average during a calendar month
for its own beneficial account(s), as defined in Options 1, Section
1(a)(38). Unless otherwise noted, when used in the Pricing Schedule,
the term ``Priority Customer'' includes ``Retail''. See Options 7,
Section 1(c). A ``Retail'' order is a Priority Customer order that
originates from a natural person, provided that no change is made to
the terms of the order with respect to price or side of market and
the order does not originate from a trading algorithm or any other
computerized methodology. See id.
\8\ Priority Customer Complex Tiers are based on Total
Affiliated Member or Affiliated Entity Complex Order Volume
(Excluding Crossing Orders and Responses to Crossing Orders)
Calculated as a Percentage of Customer Total Consolidated Volume.
``Customer Total Consolidated Volume'' means the total national
volume cleared at The Options Clearing Corporation in the Customer
range in equity and ETF options in that month. See Options 7,
Section 1(c). All Complex Order volume executed on the Exchange,
including volume executed by Affiliated Members, is included in the
volume calculation, except for volume executed as Crossing Orders
and Responses to Crossing Orders. Affiliated Entities may aggregate
their Complex Order volume for purposes of calculating Priority
Customer Rebates. An ``Appointed OFP'' would receive the rebate
associated with the qualifying volume tier based on aggregated
volume. See Options 7, Section 4, note 16. As set forth in Options
7, Section 1(c), an Appointed OFP is an Order Flow Provider who has
been appointed by a Market Maker for purposes of qualifying as an
Affiliated Entity, and an Order Flow Provider is any Member, other
than a Market Maker, that submits orders, as agent or principal, to
the Exchange.
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Total affiliated member or
affiliated entity complex order
volume (excluding crossing orders Rebate for Rebate for non-
Priority customer complex tier and responses to crossing orders) select symbols select symbols
calculated as a percentage of
customer total consolidated volume
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Tier 1..................................... 0.000%-0.200%...................... (0.25) (0.50)
Tier 2..................................... Above 0.200%-0.400%................ (0.30) (0.60)
Tier 3..................................... Above 0.400%-0.550%................ (0.40) (0.80)
Tier 4..................................... Above 0.550%-0.750%................ (0.45) (0.85)
Tier 5..................................... Above 0.750%-0.900%................ (0.49) (0.90)
Tier 6..................................... Above 0.900%-1.350%................ (0.53) (0.99)
Tier 7..................................... Above 1.350%-1.750%................ (0.54) (1.00)
Tier 8..................................... Above 1.750%-2.250%................ (0.56) (1.11)
Tier 9..................................... Above 2.250%-4.500%................ (0.58) (1.13)
Tier 10.................................... Above 4.500%....................... (0.59) (1.16)
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[[Page 47012]]
The above rebates are provided per contract, per leg, if the order
trades with Non-Priority Customer \9\ orders in the complex order book.
This rebate will be reduced by $0.20 per contract in Select Symbols
where the largest leg of the Complex Order is under fifty (50)
contracts and trades with quotes and orders on the regular order book.
No Priority Customer Complex Order rebates are provided in Select
Symbols if any leg of the order that trades with interest on the
regular order book is fifty (50) contracts or more. No Priority
Customer Complex Order rebates are provided in Non-Select Symbols if
any leg of the order trades with interest on the regular order book,
irrespective of order size.
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\9\ ``Non-Priority Customers'' include Market Makers, Non-Nasdaq
ISE Market Makers, Firm Proprietary/Broker-Dealers, and Professional
Customers. See Options 7, Section 1(c).
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The Exchange also offers additional tiered rebates, in addition to
the existing Priority Customer Complex Tier rebates, for Select Symbols
and for Non-Select Symbols, provided the Member has also transacted an
average daily volume of greater than 10,000 contracts of FLEX Orders
\10\ in a given month. As is the case with the Priority Customer
Complex Tier rebates, these additional tiered rebates are provided per
contract, per leg, if the order trades with Non-Priority Customer
orders in the complex order book. For purposes of calculating this
threshold, eligible volume from Affiliated Members and Affiliated
Entities is aggregated.
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\10\ A ``FLEX Order'' is an order submitted in a FLEX Option
pursuant to Options 3A. See Options 3, Section 7(z). See also
Options 3A, Section 1(b)(2). A ``FLEX Option'' is a flexible
exchange option. See Options 3A, Section 1(b)(1). A FLEX Order can
also be a Complex Order. Therefore, it is possible for a single
order to count both towards the Priority Customer complex tier
qualification, as well as the additional tiered rebates for Members
who have also transacted an average daily volume of greater than
10,000 contracts of FLEX Orders.
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The additional tiered rebate, in addition to the Priority Customer
Complex Tier rebates, for Select Symbols is currently as follows:
Tier 1--($0.00)
Tier 2--($0.02)
Tier 3--($0.03)
Tier 4--($0.04)
Tier 5--($0.06)
Tier 6--($0.02)
Tier 7--($0.01)
Tier 8--($0.00)
Tier 9--($0.00)
Tier 10--($0.00)
The additional tiered rebate, in addition to the Priority Customer
Complex Tier rebates, for Non-Select Symbols is currently as follows:
Tier 1--($0.00)
Tier 2--($0.05)
Tier 3--($0.10)
Tier 4--($0.15)
Tier 5--($0.20)
Tier 6--($0.12)
Tier 7--($0.12)
Tier 8--($0.03)
Tier 9--($0.01)
Tier 10--($0.00)
The Exchange proposes to compress this schedule of rebates. To do
so, the Exchange will slightly widen the scope of Tier 3 (by increasing
the upper bound to qualify for this tier from 0.550% to 0.600%), while
collapsing the remainder of Tier 4 into Tier 5. Because of the widening
of the scope of Tier 3, Members who currently qualify for Tier 4 with
volume in the 0.550%-0.600% range will now, instead, fall under Tier 3.
The revised schedule of tiered complex order Priority Customer
rebates for Select Symbols and Non-Select Symbols will be as follows:
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Total affiliated member or
affiliated entity complex order
volume (excluding crossing orders Rebate for Rebate for non-
Priority customer complex tier and responses to crossing orders) select symbols select symbols
calculated as a percentage of
customer total consolidated volume
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Tier 1..................................... 0.000%-0.200%...................... ($0.25) ($0.50)
Tier 2..................................... Above 0.200%-0.400%................ (0.30) (0.60)
Tier 3..................................... Above 0.400%-0.600%................ (0.40) (0.80)
Tier 4..................................... Above 0.600%-0.900%................ (0.49) (0.90)
Tier 5..................................... Above 0.900%-1.350%................ (0.53) (0.99)
Tier 6..................................... Above 1.350%-1.750%................ (0.54) (1.00)
Tier 7..................................... Above 1.750%-2.250%................ (0.56) (1.11)
Tier 8..................................... Above 2.250%-4.500%................ (0.58) (1.13)
Tier 9..................................... Above 4.500%....................... (0.59) (1.16)
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The additional tiered rebate, in addition to the Priority Customer
Complex Tier rebates, for Select Symbols will be as follows:
Tier 1--($0.00)
Tier 2--($0.02)
Tier 3--($0.03)
Tier 4--($0.06)
Tier 5--($0.02)
Tier 6--($0.01)
Tier 7--($0.00)
Tier 8--($0.00)
Tier 9--($0.00)
The additional tiered rebate, in addition to the Priority Customer
Complex Tier rebates, for Non-Select Symbols will be as follows:
Tier 1--($0.00)
Tier 2--($0.05)
Tier 3--($0.10)
Tier 4--($0.20)
Tier 5--($0.12)
Tier 6--($0.12)
Tier 7--($0.03)
Tier 8--($0.01)
Tier 9--($0.00)
The amount of the Priority Customer tiered rebate, as well as the
amount of the additional tiered rebates, will continue to be the same
for Tiers 1-3. Meanwhile, the amount of these rebates formerly paid to
Tier 5 will now be paid to Tier 4, and so on for the remaining tiers.
The Exchange believes that these changes to its Pricing Schedule will
help drive additional order flow to the Exchange, which will benefit
all market participants by providing them the opportunity to interact
with such increased order flow.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\11\ in general, and furthers the objectives of
Sections 6(b)(4) and 6(b)(5) of the Act,\12\ in particular, in that it
provides for the equitable allocation of reasonable dues, fees and
other charges among members and issuers and other persons using any
facility, and is not designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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\11\ 15 U.S.C. 78f(b).
\12\ 15 U.S.C. 78f(b)(4) and (5).
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The Commission and the courts have repeatedly expressed their
preference for competition over regulatory intervention in determining
prices, products, and services in the securities markets. In Regulation
NMS, while adopting a series of steps to improve the
[[Page 47013]]
current market model, the Commission highlighted the importance of
market forces in determining prices and SRO revenues and, also,
recognized that current regulation of the market system ``has been
remarkably successful in promoting market competition in its broader
forms that are most important to investors and listed companies.'' \13\
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\13\ Securities Exchange Act Release No. 51808 (June 9, 2005),
70 FR 37496, 37499 (June 29, 2005).
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Likewise, in NetCoalition v. Securities and Exchange Commission
\14\ (``NetCoalition'') the D.C. Circuit upheld the Commission's use of
a market-based approach in evaluating the fairness of market data fees
against a challenge claiming that Congress mandated a cost-based
approach.\15\ As the court emphasized, the Commission ``intended in
Regulation NMS that `market forces, rather than regulatory
requirements' play a role in determining the market data . . . to be
made available to investors and at what cost.'' \16\
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\14\ NetCoalition v. SEC, 615 F.3d 525 (D.C. Cir. 2010).
\15\ See NetCoalition, at 534-535.
\16\ Id. at 537.
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Further, ``[n]o one disputes that competition for order flow is
`fierce.' . . . As the SEC explained, `[i]n the U.S. national market
system, buyers and sellers of securities, and the broker-dealers that
act as their order-routing agents, have a wide range of choices of
where to route orders for execution'; [and] `no exchange can afford to
take its market share percentages for granted' because `no exchange
possesses a monopoly, regulatory or otherwise, in the execution of
order flow from broker dealers'. . . .'' \17\ Although the court and
the SEC were discussing the cash equities markets, the Exchange
believes that these views apply with equal force to the options
markets.
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\17\ Id. at 539 (quoting Securities Exchange Act Release No.
59039 (Dec. 2, 2008), 73 FR 74770, 74782-83 (Dec. 9, 2008) (File No.
SR-NYSEArca-2006-21)).
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The proposed amendments to compress the schedule of Priority
Customer complex rebates are reasonable. The Exchange's proposal to
compress the tier schedule by slightly widening the scope of Tier 3 (by
increasing the upper bound of this tier from 0.550% to 0.600%) and
collapsing the remainder of Tier 4 into Tier 5 is reasonable because
the existing Tier 4 provided only a limited incremental rebate over
Tier 3--an increase of $0.05 per contract in Select Symbols (from $0.40
to $0.45) and $0.05 per contract in Non-Select Symbols (from $0.80 to
$0.85)--that might not have provided a sufficient incentive for Members
to increase their complex order volume from the Tier 3 range to the
Tier 4 range. By removing this intermediate tier, the Exchange creates
a larger rebate increment between the new Tier 3 and the new Tier 4--
$0.09 per contract in Select Symbols (from $0.40 to $0.49) and $0.10
per contract in Non-Select Symbols (from $0.80 to $0.90)--which is
nearly double the prior step and which the Exchange believes will more
effectively incentivize Members to direct additional Priority Customer
complex order flow to the Exchange in order to reach the new Tier 4
threshold. National securities exchanges have routinely eliminated
tiers that provided insufficient marginal incentive to drive additional
volume, on the basis that such tiers were not accomplishing their
intended objectives. The Exchange believes that the same rationale
supports the proposed compression here. The Exchange also notes that
the proposed compression will not disadvantage the majority of Members
currently qualifying for old Tier 4: Members whose volume falls in the
0.600%-0.750% range of old Tier 4 will now qualify for the new Tier 4
and will receive a higher base rebate ($0.49 per contract in Select
Symbols and $0.90 per contract in Non-Select Symbols, compared with
$0.45 and $0.85, respectively, that they currently receive). Moreover,
for Members who also qualify for the additional tiered rebates by
having transacted an average daily volume of greater than 10,000
contracts of FLEX Orders in a given month, the benefit is compounded:
the additional FLEX rebate for the new Tier 4 will increase from $0.04
to $0.06 per contract in Select Symbols and from $0.15 to $0.20 per
contract in Non-Select Symbols, resulting in a total combined rebate
increase from $0.49 to $0.55 per contract in Select Symbols and from
$1.00 to $1.10 per contract in Non-Select Symbols. Only Members in the
narrower 0.550%-0.600% portion of old Tier 4 will instead fall under
the new Tier 3, but these Members will retain a meaningful rebate at
the Tier 3 level, and the heightened rebate increment to the new Tier 4
provides them a stronger incentive to increase their volume.
Additionally, the Exchange has limited resources to allocate to
incentive programs and must, from time to time, reallocate resources to
maximize their net impact on the Exchange, market quality, and
participants. The Exchange believes that concentrating its rebate
resources into tiers with more meaningful incremental rebate steps--
rather than maintaining a greater number of narrowly differentiated
tiers--will more effectively incentivize the submission of Priority
Customer complex order flow to the Exchange, which will benefit all
market participants by providing them the opportunity to interact with
such increased order flow. Additionally, the proposed amendments to the
additional tiered rebates available to Members who have also transacted
an average daily volume of greater than 10,000 contracts of FLEX Orders
in a given month are reasonable because all they do is make these
additional tiered rebates compatible with the new Priority Customer
complex rebate tiers by collapsing the additional rebates that were
formerly paid to Tier 4 into Tier 5.
The proposed compressed schedule of Priority Customer complex
rebates is also equitable and not unfairly discriminatory because the
Exchange will uniformly apply the revised rebates to all Priority
Customers who meet the applicable tier qualifications. All Members
qualifying at a given tier level will receive the same rebate, and the
tier qualifications remain based on objective, transparent volume
criteria. Further, paying complex order rebates solely to Priority
Customers is equitable and not unfairly discriminatory because Priority
Customer liquidity benefits all market participants by providing more
trading opportunities, which attracts Market Makers. An increase in the
activity of Market Makers--particularly in response to pricing--
facilitates tighter spreads, which may cause an additional
corresponding increase in order flow from other market participants.
The additional tiered rebates available to Members who have also
transacted an average daily volume of greater than 10,000 contracts of
FLEX Orders in a given month will likewise continue to be uniformly
applied to all Members meeting the applicable criteria and are
similarly designed to incentivize order flow that benefits all market
participants. Additionally, the revised schedule of Priority Customer
complex rebates, combined with the additional tiered Priority Customer
Complex rebates for Members who have also transacted an average daily
volume of greater than 10,000 contracts of FLEX Orders in a given
month, will be reasonable and not unfairly discriminatory, because it
will continue to be the case that the amount of the combined rebates
will either stay flat, or increase, with every single step up to a
higher tier.\18\
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\18\ For Select Symbols, the combined rebates for Tiers 1-9 will
be $0.25, $0.32, $0.43, $0.55, $0.55, $0.55, $0.56, $0.58, and
$0.59, respectively. For Non-Select Symbols, the combined rebates
for Tiers 1-9 will be $0.50, $0.65, $0.90, $1.10, $1.11, $1.12,
$1.14, $1.14, and $1.16, respectively.
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[[Page 47014]]
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act.
Inter-Market Competition
The proposal does not impose an undue burden on inter-market
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. The Exchange believes its proposal remains
competitive with other options markets and will offer market
participants with another choice of where to transact options. The
Exchange notes that it operates in a highly competitive market in which
market participants can readily favor competing venues if they deem fee
levels at a particular venue to be excessive, or rebate opportunities
available at other venues to be more favorable. In such an environment,
the Exchange must continually adjust its fees to remain competitive
with other exchanges. Because competitors are free to modify their own
fees in response, and because market participants may readily adjust
their order routing practices, the Exchange believes that the degree to
which fee changes in this market may impose any burden on competition
is extremely limited.
Intra-Market Competition
The Exchange's proposed amendments to the schedule of Priority
Customer complex rebates will not impose an undue burden on intra-
market competition that is not necessary or appropriate in furtherance
of the purposes of the Act. The compressed schedule will be uniformly
applied to all Priority Customers; all Members qualifying at a given
tier level will receive the same rebate, and the tier qualifications
remain based on objective, transparent volume criteria that are equally
accessible to all Members. Moreover, the compressed tier structure is
pro-competitive because it eliminates a narrow intermediate tier whose
limited incremental rebate--only $0.05 per contract in Select Symbols
and $0.05 per contract in Non-Select Symbols over Tier 3--was not
providing sufficient incentive to drive additional volume, and instead
concentrates rebate resources into tiers with more meaningful step-ups.
This benefits all Members because the resulting sharper incentive
gradient between the new Tier 3 and new Tier 4--$0.09 per contract in
Select Symbols and $0.10 per contract in Non-Select Symbols--is more
likely to motivate Members to increase their Priority Customer complex
order flow to the Exchange, which in turn enhances liquidity to the
benefit of all market participants. While Members who currently qualify
for Tier 4 with volume in the 0.550%-0.600% range will now fall under
Tier 3 and receive a modestly lower base rebate, this does not impose
an undue burden on intra-market competition. These Members will
continue to receive a meaningful rebate at the Tier 3 level, and the
compressed schedule provides a heightened incentive for these Members
to increase their volume to the new Tier 4 threshold, which offers a
higher rebate ($0.49 per contract in Select Symbols and $0.90 per
contract in Non-Select Symbols) than the former Tier 4 ($0.45 and
$0.85, respectively). Additionally, the combined effect of the base
rebates and the additional tiered rebates available to qualifying
Members will either stay flat or increase at every successive tier,
ensuring that the incentive to direct additional volume to the Exchange
is preserved at every level. The Exchange also believes that the
increased Priority Customer order flow that the compressed schedule is
designed to attract will enhance liquidity on the Exchange to the
benefit of all market participants, including Market Makers and other
Non-Priority Customer participants, by providing more trading
opportunities, which in turn attracts additional market participants
and facilitates tighter spreads. For these reasons, the proposed
amendments to the additional tiered rebates available to Members who
have also transacted an average daily volume of greater than 10,000
contracts of FLEX Orders in a given month will likewise not impose an
undue burden on intra-market competition. These modified additional
tiered rebates are a conforming adjustment to make the FLEX-based
incentive structure compatible with the compressed Priority Customer
complex rebate tiers, and they will be uniformly applied to all Members
meeting the applicable tier qualifications.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act.\19\ At any time within 60 days of the
filing of the proposed rule change, the Commission summarily may
temporarily suspend such rule change if it appears to the Commission
that such action is: (i) necessary or appropriate in the public
interest; (ii) for the protection of investors; or (iii) otherwise in
furtherance of the purposes of the Act. If the Commission takes such
action, the Commission shall institute proceedings to determine whether
the proposed rule should be approved or disapproved.
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\19\ 15 U.S.C. 78s(b)(3)(A)(ii).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
file number SR-ISE-2026-41 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-ISE-2026-41. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (https://www.sec.gov/rules/sro.shtml). Copies of the filing will be available for inspection and
copying at the principal office of the Exchange. Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publication submitted material
that is obscene or subject to copyright protection. All submissions
should refer to file number SR-ISE-2026-41 and should be submitted on
or before August 17, 2026.
[[Page 47015]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
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\20\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-15055 Filed 7-24-26; 8:45 am]
BILLING CODE 8011-01-P