Self-Regulatory Organizations; Nasdaq Texas, LLC; Notice of Filing and Immediate Effectiveness of a Proposal To Amend the Exchange's Anti-Internalization Functionality in Equity 4, Rule 4757, and To Extend the Implementation Date of the CORE FIX Order Entry Protocol
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
Nasdaq Texas is amending Equity 4, Rule 4757 to expand its Port-Level Anti-Internalization Functionality. This feature prevents orders with the same unique group identifier from executing against each other, helping firms avoid unwanted internal trades. The change makes this optional functionality available to users of the FIX and FLITE order entry protocols, in addition to the already-supported OUCH and upcoming CORE FIX protocols. The rulebook is also being updated to accurately reflect that FLITE users already have access. Separately, the implementation timeline for the new CORE FIX protocol is being delayed from Q1 2026 to before the end of 2026. The rule change became effective immediately upon filing on March 30, 2026.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Expanded Port-Level Anti-Internalization Functionality to FIX order entry protocol users, implementation before end of 2026
- Updated Rule 4757(a)(A)(3) to reflect that Port-Level Anti-Internalization is already available to FLITE protocol users
- Extended CORE FIX order entry protocol implementation date from Q1 2026 to before the end of 2026
+ 3 more changes with Pro
Obligations
What this law requires
Nasdaq Texas must make Port-Level Anti-Internalization Functionality available to market participants using the FIX order entry protocol before the end of 2026
Nasdaq Texas must issue an Equity Trader Alert ahead of implementation of Port-Level Anti-Internalization Functionality for market participants using the FIX order entry protocol
Nasdaq Texas must implement CORE FIX order entry protocol before the end of 2026 (extended from Q1 2026)
Nasdaq Texas must issue an Equity Trader Alert ahead of CORE FIX implementation on the Exchange
Nasdaq Texas must amend Equity 4, Rule 4757(a)(A)(3) to include FIX and FLITE order entry protocols in Port-Level Anti-Internalization Functionality availability