The Nasdaq Stock Market LLC has proposed a change to its rules concerning data feeds used for handling, routing, and executing stock orders. They plan to use direct feeds from MIAX PEARL, LLC and MEMX LLC as their primary sources for market data, with CQS/UQDF as a secondary source if needed. This change aims to enhance transparency and support a fair and open market by clearly showing where Nasdaq gets its quotation data. The proposed rule change is intended to be implemented within 90 days of its effective date, and the Securities and Exchange Commission is open to public comments on this proposal until March 15, 2021.
Simple Explanation
Nasdaq, a big stock market, wants to change how it gets information to trade stocks by using main sources called MIAX PEARL and MEMX, and a backup called CQS/UQDF, to make sure everything is clear and fair. They want to do this to help people see how they make decisions about prices, and they are asking people to share their thoughts about this idea until March 15, 2021.