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The Securities and Exchange Commission has issued a notice about a proposed rule change by Nasdaq PHLX LLC. The change allows for a "Virtual Trading Crowd" to operate when their physical trading floor is unavailable. This proposal, influenced by COVID-19, aims to ensure that trading can continue in a virtual environment similar to in-person open outcry trading. It includes measures for communication and security to maintain the integrity and smooth operation of the trading system.

Nasdaq PHLX LLC proposed a rule change to the Securities and Exchange Commission (SEC), aiming to clarify and modify several aspects of its FLEX Options trading. These changes include clarifying certain trading functionalities, listing specific FLEX Index Options, and setting criteria for cash settlement of FLEX Options on certain Exchange-Traded Funds. The SEC, needing more time to review the proposal, extended the deadline for their decision until January 27, 2025. The proposed rule change had been available for public comment, but no comments were received.

Nasdaq PHLX LLC filed a proposed rule change with the Securities and Exchange Commission to remove rules associated with options on the Nasdaq-100® Volatility Index (VOLQ). These options were delisted in May 2023, and currently, there is no activity or plan to relist them. The purpose of this change is to simplify the rules for Phlx members, member organizations, and the public by eliminating outdated references. This proposal is not expected to impact competition since no trading of VOLQ options occurs on the market today.

The Securities and Exchange Commission has received a proposal from Nasdaq PHLX LLC to allow FLEX Trading in options for the iShares Bitcoin Trust ETF (IBIT). This would enable these options to trade as both cash-settled and physically settled, with a consolidated limit of 25,000 contracts, which aims to prevent market manipulation and protect investors. The proposal is intended to broaden the range of available trading products and better manage investment risks in bitcoin-related products. Public comments are invited on whether this proposal aligns with the Securities Exchange Act's standards.

Nasdaq PHLX LLC has submitted a proposed rule change to the Securities and Exchange Commission (SEC) to update Rule 3304, which deals with the data feeds the Exchange uses for processing orders and regulatory operations. The change will make MIAX PEARL, LLC and MEMX LLC the primary data sources, with CQS/UQDF as the secondary source. The purpose of this update is to enhance transparency and provide clearer information to market participants. The SEC is inviting public comments on this proposed change by March 16, 2021.

Nasdaq PHLX LLC submitted a proposal to the Securities and Exchange Commission (SEC) on February 4, 2025, to introduce new Nasdaq Bitcoin Index Options. The proposed rule change was officially published for public comment in the Federal Register on February 24, 2025. According to the rules, the SEC originally had 45 days to respond, but they have decided to extend this period to ensure they have enough time to review the proposal thoroughly. The new deadline for the SEC to make a decision is set for May 25, 2025, either to approve, disapprove, or proceed with further evaluation of the rule change.

Nasdaq PHLX LLC has proposed a rule change to enhance its anti-internalization features, which help prevent orders from the same firm from unintentionally trading against each other. This includes allowing firms with different trading strategies to prevent their orders from executing against each other by enhancing self-match prevention capabilities. The proposal also introduces a new strategy called "use remover," allowing resting orders to adopt the strategy of incoming orders, and makes various clarifications to existing rules. These changes aim to provide firms with more flexibility and control while ensuring compliance with trading regulations.

Nasdaq PHLX LLC filed a proposed rule change with the Securities and Exchange Commission to adjust certain fees for its market data products based on inflation. The changes are intended to restore fees to their original real value, as many have not been updated for years and have decreased in real terms due to inflation. The adjustments will be phased in over three years, starting in 2025. The exchange claims this change is necessary to recoup investments made to enhance their products and maintain technology infrastructure, ensuring they continue to meet the needs of their customers.

The Securities and Exchange Commission is reviewing a proposed rule change by Nasdaq PHLX LLC regarding options on several Bitcoin-related funds, such as the Fidelity Wise Origin Bitcoin Fund and the Grayscale Bitcoin Trust. The rule change aims to set position and exercise limits for these options at 25,000 contracts, mirroring limits already in place on other exchanges. Additionally, the Exchange has decided not to allow FLEX options for these Bitcoin Trusts to ensure consistent limits across different platforms. The proposal is designed to align with existing market standards, safeguard investors, and uphold fair trading practices.

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.