Search Results for keywords:"Nasdaq PHLX LLC"

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 proposed changes to its pricing schedule to modify the Qualified Market Maker (QMM) Program. The revisions involve increasing the number of securities a QMM must quote at the national best bid and offer (NBBO) to qualify for certain credits, while decreasing the number needed to earn higher supplemental credits, aiming to enhance market quality. The Exchange believes these adjustments are reasonable, equitable, and non-discriminatory, promoting better market participation and quality. Comments on the proposed changes are invited from the public via the Securities and Exchange Commission (SEC) within a specified timeframe.

Nasdaq PHLX LLC has proposed a rule change to its Customer Rebate Program, seeking approval from the Securities and Exchange Commission (SEC). The change involves paying only the higher rebate to a member when they qualify for two different rebate incentives in the same month, rather than providing both. This amendment is intended to simplify the rebate structure while still motivating members to engage with customer orders. The proposal aims to ensure equitable and fair rebates among members, without imposing any undue burden on market competition.

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 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.

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.