26 Sep 2025
⚖️Nasdaq PHLX Introduces CORE FIX Order Entry Protocol
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend PHLX Equity 4, Rules 3100, 3301A, 3301B, and 3307 To Add the CORE FIX Order Entry Protocol
Summary
Nasdaq PHLX LLC has proposed the CORE FIX Order Entry Protocol to enhance trading efficiencies by combining features of existing protocols while streamlining functionality. This change aims to improve order handling for participants who do not require routing strategies, ensuring faster and more efficient trading experiences within the Exchange.
Agencies
- Securities and Exchange Commission
Business Impact
$$ - Med
The proposed CORE FIX Order Entry Protocol introduces a new order handling capability, enhancing market efficiency and participant experience on the Nasdaq PHLX. It streamlines trading processes for participants not using routing strategies, potentially increasing transaction speed. This change may necessitate compliance updates and adaptation by businesses leveraging the Exchange.