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Nasdaq PHLX LLC has filed a proposed rule change with the Securities and Exchange Commission, which took effect immediately. This change involves introducing a new protocol called “Ouch to Trade Options” or “OTTO” and updating pricing and several related rules, like order types and communication protocols. The proposal and its details can be viewed on Nasdaq's and the Commission's websites. The SEC is seeking comments from the public on whether this change aligns with the Securities Exchange Act.

Nasdaq PHLX LLC submitted a rule change to the Securities and Exchange Commission (SEC), seeking to update and clarify the Phlx Rules related to options trading. The changes include updates to definitions, rules on market maker obligations, order types, and how certain orders like All-or-None Orders are processed. The purpose of these amendments is to ensure accuracy and clarity in the rules, improve transparency for market participants, and ensure the trading system operates in line with its current functionality. The proposed changes have been filed for immediate effectiveness, meaning they can be implemented without a 30-day waiting period, as they do not significantly affect investor protection or impose a burden on competition.