Nasdaq BX, Inc. has submitted a proposal to the Securities and Exchange Commission (SEC) to amend certain rules relating to position and exercise limits for options on several Bitcoin-related financial products. These amendments reflect recent approvals by other exchanges like Cboe and NYSE American to establish a limit of 25,000 contracts for these options. The goal is to ensure that trading these options is consistent across different exchanges. The SEC has agreed to fast-track the proposal's implementation to immediately align with standards already set elsewhere, benefiting investors by maintaining uniform trading conditions.
Simple Explanation
Nasdaq wants to change some rules about how much people can buy of special money-related options that are connected to Bitcoin, making it just like other places so it's fair and easy for everyone. The rule helps people trade this way more smoothly by keeping the same limits that other places have started using.