Self-Regulatory Organizations; The Nasdaq Stock Market 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 is amending Equity 4, Rule 4757 to make its existing Port-Level Anti-Internalization Functionality available to users of the FIX and FLITE order entry protocols. This functionality already exists for OUCH and will soon be available for CORE FIX. The rule is also being updated to accurately reflect that FLITE users already have access to this feature. Additionally, the implementation timeline for the new CORE FIX order entry protocol is being extended from the third quarter of 2025 to before the end of 2026. The changes become effective immediately upon filing, with the FLITE update operative after 30 days and the FIX functionality to be rolled out before December 31, 2026.
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Key Changes
- Port-Level Anti-Internalization Functionality extended to FIX order entry protocol users, implementation before end of 2026
- Rule 4757(a)(4) updated to reflect that FLITE users already have access to Port-Level Anti-Internalization Functionality
- FLITE-related rule change becomes operative 30 days after filing
+ 3 more changes with Pro
Obligations
What this law requires
Nasdaq must amend Equity 4, Rule 4757(a)(4) to make Port-Level Anti-Internalization Functionality available to market participants using FIX order entry protocol
Nasdaq must amend Equity 4, Rule 4757(a)(4) to reflect that Port-Level Anti-Internalization Functionality is currently available to market participants using FLITE order entry protocol
Nasdaq must make the Port-Level Anti-Internalization Functionality operative for FLITE users within 30 days after the proposed rule change is filed
Nasdaq must implement Port-Level Anti-Internalization Functionality for FIX order entry protocol users before December 31, 2026
Nasdaq must issue an Equity Trader Alert ahead of implementation of Port-Level Anti-Internalization Functionality for FIX order entry protocol users