Nasdaq PHLX LLC has proposed a rule change to its Customer Rebate Program, seeking approval from the Securities and Exchange Commission (SEC). The change involves paying only the higher rebate to a member when they qualify for two different rebate incentives in the same month, rather than providing both. This amendment is intended to simplify the rebate structure while still motivating members to engage with customer orders. The proposal aims to ensure equitable and fair rebates among members, without imposing any undue burden on market competition.
Simple Explanation
Nasdaq PHLX wants to change a rule so that when a member qualifies for two rewards in one month, they only get the bigger one. This change is meant to make things simpler and fairer for everyone.