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  • 2024-28113 — Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Adopt an OTTO Protocol
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    Type:Notice
    Citation:89 FR 95321
    Reading Time:about 29 minutes

    Nasdaq BX, Inc. filed a proposed rule change with the Securities and Exchange Commission to implement a new order entry protocol called Ouch to Trade Options (OTTO). This protocol is designed to give users an alternative to existing protocols, offering features like quicker communication for order management and risk protection. It aims to enhance trading efficiency and competitive standing in the options market. The proposal also includes amendments to related rules and introduces a pricing model for using OTTO, set to be implemented by December 2025.

    Simple Explanation

    Nasdaq is adding a new tool called OTTO to help people buy and sell options more easily and safely, like having a quicker and safer way to send messages about their trades.