Nasdaq PHLX LLC (Phlx) filed a proposed rule change with the Securities and Exchange Commission (SEC) to allow orders from market makers to be solicited for PIXL auctions in Nasdaq-100 Micro Index (XND) Options. This proposal was initially published for public comment on November 6, 2024, but the SEC received no comments. On December 20, 2024, Phlx decided to withdraw this proposed rule change. The notice of withdrawal was issued by the SEC's Division of Trading and Markets, with Secretary Vanessa A. Countryman providing the notice under delegated authority.
Simple Explanation
Nasdaq wanted to change some rules about how special trades called "PIXL auctions" work for a kind of stock options, but they decided not to change the rules after all because nobody had anything to say about it.