Nasdaq Phlx LLC has submitted a proposed rule change to the Securities and Exchange Commission (SEC) to allow Floor Brokers to use a system called FBMS remotely. This change would permit them to handle certain types of orders without being physically on the Trading Floor, which is especially helpful when open outcry (public bid sharing) is not available. The proposal aims to give greater flexibility in staffing and operations, so business can continue smoothly, even during situations like Trading Floor closures. The SEC invites public comments on this proposal to ensure it aligns with investor protection and market fairness.
Simple Explanation
Nasdaq wants to let some brokers work from home using a special computer system, so they can still do their jobs even if the place they usually work is closed. The SEC is asking people if they like this idea or have any concerns.