19 Sep 2025
📈Nasdaq PHLX Rule Change on Equity 4 Data Feeds Impact Analysis
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Equity 4, Rule 3304 (Data Feeds Utilized) To Establish a Primary and Secondary Source of Quotation Data of a New Market Center
Summary
The Securities and Exchange Commission announces a rule change by Nasdaq PHLX LLC to amend Equity 4, Rule 3304, establishing new primary and secondary sources for quotation data. This update aims to enhance transparency, regulatory compliance, and improve market operation efficiency through a direct feed from 24X Stock Exchange.
Agencies
- Securities and Exchange Commission
Business Impact
$$ - Med
The rule change proposes introducing a primary and secondary source for quotation data, impacting the handling, routing, and execution of orders. This update enhances transparency and regulatory compliance, directly affecting trading practices and market data access for businesses.