Nasdaq PHLX LLC, a self-regulatory organization, has filed a proposed rule change with the Securities and Exchange Commission (SEC) to introduce a FIX Drop Port, similarly used by other Nasdaq exchanges like BX, NOM, ISE, GEMX, and MRX. The FIX Drop Port will be implemented in Options 3, Section 23(b)(3) and is designed for immediate effectiveness. The SEC is inviting the public to comment on this proposed rule change and advises that comments should be submitted by February 24, 2025. All comments will be made public on the SEC's website.
Simple Explanation
Nasdaq PHLX wants to change some rules to add something called a "FIX Drop Port," which is like a new tool for trading that can help send information more easily. They are asking people to tell them what they think about this change by February 24, 2025.