Nasdaq BX, Inc. has submitted a proposal to the Securities and Exchange Commission to update Rule 4759, which governs the data feeds the exchange uses for handling and executing orders. The proposed amendment aims to add a direct data feed from MIAX PEARL, LLC and MEMX LLC as the primary sources, while CQS/UQDF will become the secondary source, to ensure data is available even if the primary source fails. This change is intended to improve transparency and efficiency without affecting competition, and comments on the rule can be submitted to the SEC until March 15, 2021.
Simple Explanation
Nasdaq wants to use two new helpers, called MIAX PEARL and MEMX, to get important information for doing trades, just like having two friends help with homework in case one is busy. This is meant to make things work better, and people can tell them what they think about this idea until March 15, 2021.