Nasdaq BX, Inc. proposed a rule change to allow participants to use the Financial Information eXchange (FIX) protocol to submit orders to its Price Improvement Auction mechanism. This proposal was filed with the Securities and Exchange Commission (SEC) on October 27, 2020, and published for public comment on November 16, 2020. The SEC has decided to extend the review period for the proposed rule change until February 14, 2021, to have more time to consider the proposal and decide whether to approve or disapprove it. There were no public comments received about this proposal during the comment period.
Simple Explanation
Nasdaq BX wants to use a special computer language called FIX to help people buy and sell stocks faster and maybe save money. The decision about this change needs more time, so the SEC, which makes sure the rules are fair, will think about it until February 14, 2021.