Nasdaq PHLX LLC filed a proposed rule change with the Securities and Exchange Commission to remove rules associated with options on the Nasdaq-100® Volatility Index (VOLQ). These options were delisted in May 2023, and currently, there is no activity or plan to relist them. The purpose of this change is to simplify the rules for Phlx members, member organizations, and the public by eliminating outdated references. This proposal is not expected to impact competition since no trading of VOLQ options occurs on the market today.
Simple Explanation
Nasdaq PHLX LLC has decided to remove some rules about a special type of trade they don't do anymore, called VOLQ options, to make things simpler for everyone involved. They stopped trading these options earlier this year, and there's no plan to start them again.