As symbols migrate from the T7 infrastructure to the Nasdaq INET technology, there will be changes to ISE Gemini invoices.

During the Symbol Rollout Period

For activity during the symbol migration period, two separate invoices will be issued. One invoice will reflect activity transacted on the T7 ISE Gemini platform and another invoice will reflect activity transacted on the INET ISE Gemini platform. Please note invoices are sent one month in arrears.

• T7 ISE Gemini Invoices:
  • The April 2017 T7 ISE Gemini invoice, containing March 2017 activity, will be in the same format as today with the same type of information. The monthly CTR will reconcile volume associated with this invoice. Additionally, members who currently receive supplemental reconciliation materials will continue to receive the same support documentation for T7 activity.
  • The May 2017 T7 ISE Gemini invoice, containing April 2017 activity, will not provide the CTR report or supplemental reconciliation materials.

• INET ISE Gemini Invoices:
  • The April 2017 INET ISE Gemini invoice, containing March 2017 activity, will be in the same format and follow a similar reconciliation process as currently in place for the PHLX, NOM, and BX Options markets. Member invoices will be based on new ISE Gemini house accounts. The new ISE Gemini Charge Report will reconcile volume.

Members can use Report HQ to subscribe to the new Charge Report. A sample of the new Charge Report can be found here. Options Trader Alert #2017 - 5 contains the necessary information for Report HQ enrollment and onboarding.

Please note that the charges on the invoices may not reconcile directly with the CTR or ISE Gemini Charge Report due to tiering adjustments. Tiers will be manually calculated combining data from T7 ISE Gemini and INET ISE Gemini and applied to the invoices. The billing codes on the invoice will NOT be changed, to reflect the updated tiers, allowing the billing codes to continue to be utilized for reconciliation purposes. Please contact the Nasdaq Sales Team with any questions regarding tiers.

After Completion of the Symbol Rollout

The final symbol rollout is scheduled for April 3, 2017 and, upon completion, the T7 ISE Gemini invoice process will be discontinued. Members will return to only receiving one invoice beginning in May 2017, for April 2017 activity.

On the INET ISE Gemini May invoice, for April activity, and moving forward, Members can expect the invoice to be issued using the new ISE Gemini house account and the new Charge Report can be utilized for reconciliation.

Additional Information

Members can expect the same changes described above during and after the migration of ISE and ISE Mercury.

Nasdaq will continue the practice of collecting receivables via direct debit from a Clearing Member’s NSCC accounts for all option activity.

Current ISE, ISE Gemini, and ISE Mercury Members who engage in agency activity should reach out to Nasdaq Membership to ensure this is accurately reflected. Additional information pertaining to this can be found in the Options Trader Alert #2017 - 10.

Nasdaq staff will be available to assist as needed. Please reach out to Dana Rutherford at +1 215 496 1564, the Nasdaq Sales Team or Nasdaq Billing if you have additional questions.