Nasdaq PHLX LLC has filed a proposed rule change with the Securities and Exchange Commission to update its complex order functionality to match that of ISE and MRX, focusing on technology enhancements for better performance and scalability. The proposed updates include adopting the same Legging Order and Complex Order functionalities and new risk protections, aligning rules across the different exchanges to offer a unified experience to market participants. The proposal also includes updates to definitions and order types for complex strategies and aims to limit potential disruptions during times of extreme market volatility, ensuring fair and orderly trading markets.
Simple Explanation
Nasdaq PHLX wants to make changes to how some types of trading orders work so they match up with two other places, ISE and MRX, to make everything smoother and fairer for everyone trading. They plan to update some rules and add new safety features to keep trading steady even when things get really crazy in the market.