Nasdaq derivatives listing procedures will change on November 23, 2026, affecting which equity derivatives are adjusted, retained or delisted after corporate actions. The revised procedure generally limits new adjusted instruments to contracts with registered trades, rather than creating an adjusted version of every existing instrument.

Key Takeaways

  • A traded call or put will trigger adjusted versions of both options in a pair with the same expiry and exercise price.
  • Standard option series will generally remain available for trading, even when positions move to adjusted versions.
  • Users will be notified of order cancellations in instruments that remain listed, but not in those that are delisted.

How Nasdaq derivatives listing will change

When a corporate action in an underlying security requires contract adjustments, Nasdaq Derivatives Markets will list a new adjusted instrument for each old instrument in which trades were registered before the ex-date. Currently, an adjusted version is introduced for every old instrument.

Calls and puts with the same expiration date and exercise price will be treated as a pair. If either has registered trades, adjusted versions of both will be introduced.

Adjusted instruments will still receive a modified exercise price or contract size, or both, and new identifiers. The clearing house will continue to move open positions from old instruments to their corresponding adjusted versions.

Which instruments stay listed

Old standard option series with version 0 will generally remain listed with unchanged identifiers, including series whose open positions have been moved. Currently, every old series is delisted. An exception applies if a new adjusted instrument would have the same terms as an old version 0 instrument; in that case, the old instrument will be delisted.

Nasdaq can continue listing standard option exercise prices regardless of their proximity to adjusted series. Adjusted series with non-standard exercise prices may coexist with standard series until expiry, unless a subsequent adjustment leads to their delisting.

Old futures, forwards and flexible instruments with registered trades before the ex-date will be delisted and replaced by adjusted versions. Untraded version 0 instruments in those categories will remain available with unchanged identifiers. Previously adjusted old instruments, identified by a version number above 0, will be delisted.

Orders, late trades and version numbers

Open good-till-cancelled and good-till-date orders in instruments on the underlying will still be cancelled before the market opens on the ex-date. Unlike today, users will be notified when cancellations involve instruments that remain listed; cancellations in delisted instruments will remain silent.

If an instrument’s first trade is registered late on the trading day before the ex-date, after the affected instruments have been determined, it will be temporarily suspended and adjusted on the ex-date or as soon as practicable afterward.

A version number above 0 normally indicates an adjusted instrument. During a transition period, however, a standard instrument may also carry a higher version number if an instrument with the same terms and a lower version was previously delisted under the former procedures.

Corporate actions covered

The revised procedure applies to adjustments triggered by economic corporate events where the underlying instrument continues to be listed. Examples include special dividends, rights issues, bonus issues and stock splits.

For ticker symbol changes and for mergers, acquisitions or other events where the underlying ceases to exist as a separately listed instrument, all listed instruments on the original underlying will be delisted on the effective date.

Next milestone

Nasdaq said related amendments to its contract specifications and quotation list will be notified separately to members through a regulatory notice.

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This FinanceVelix article provides general information, not personalized financial, investment, legal, or tax advice. Market prices, interest rates and economic conditions can change; investments carry a risk of loss. Facts reflect the material available when published and may change. Check important information independently and consult a qualified professional when needed. Mentioning an asset, company, or service is not an endorsement.