Search Results for keywords:"NBBO"

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 filed a proposal with the Securities and Exchange Commission to modify its pricing schedule related to the Qualified Market Maker (QMM) Program. The changes include increasing the required percentage of time a member organization must quote at the national best bid and offer (NBBO) from 10% to 15% to qualify as a QMM. This adjustment aims to boost liquidity, enhance price discovery, and overall improve the equity markets' quality. The rule change has become effective but may still be suspended by the Commission if necessary to protect investors or in the public interest.

The Securities and Exchange Commission has released a notice regarding a proposed rule change by MEMX LLC. The change involves amending a rule to allow MEMX to handle limit orders even when the national best bid or offer (NBBO) is not available, arguing that this will enhance market liquidity and benefit members by enabling the submission of orders that could help establish the NBBO. Unlike market orders, limit orders have a specific price limit set by the user, minimizing the risk of unintended prices due to NBBO unavailability. The Commission has waived the usual delay for the proposal to become operative, allowing it to take immediate effect. Critics or supporters of this change can submit their comments to the Commission as outlined in the notice.

Cboe Exchange, Inc. has filed a proposed rule change with the Securities and Exchange Commission to allow Trading Permit Holders (TPHs) to opt out of the automatic adjustment of the Automated Improvement Mechanism (AIM) auction price if it is outside the National Best Bid and Offer (NBBO) when received by the Exchange's system. This proposal is intended to take effect immediately. The SEC is seeking public comments on this proposed rule change, which can be submitted electronically or via mail by February 18, 2025. All comments will be publicly available on the SEC's website.

Cboe Exchange, Inc. proposed a rule change to amend the execution price cap for auction mechanisms AIM and SAM, which are designed to improve pricing for customer orders. Currently, Agency Orders must be executed at a price no worse than the Initial NBBO. The new proposal allows these orders to potentially receive better pricing when the market changes during the auction, thus offering price savings to customers. The exchange believes this change will benefit investors by providing more opportunities for price improvement without negatively impacting competition or market integrity.