Nasdaq PHLX, LLC has proposed a rule change to update its list of data feeds used for trading and compliance processes. They intend to make the Long-Term Stock Exchange the primary data source for quoting, with CQS/UQDF as a secondary source. This update aims to improve transparency and market efficiency. The Securities and Exchange Commission (SEC) has allowed the change to take effect immediately to expedite its benefits, as it does not introduce new regulatory issues.
Simple Explanation
Nasdaq PHLX is changing how it gets information for trading by using a new main source called the Long-Term Stock Exchange, with a backup source. This change is happening quickly to help make trading clearer and faster, and the SEC is okay with it because it doesn’t cause any new problems.