The Securities and Exchange Commission is reviewing a proposed rule change filed by The Nasdaq Stock Market. Nasdaq aims to amend Rule 4759 to change the primary and secondary sources of quotation data from certain market centers that it uses for order processing and regulatory compliance. The rule change involves using direct data feeds from the Long-Term Stock Exchange as the primary source and CQS/UQDF as a secondary source. The proposal is filed under a rule that allows for quicker adoption if it does not significantly impact investors or competition, and the SEC has decided it can take effect immediately.
Simple Explanation
Nasdaq wants to update how they get information about stock prices by using data from a new source first, and a different backup source if needed. This change is meant to happen quickly and is supposed to help everyone, but some people think it might be confusing or unfair.