Federal Register #SR-NASDAQ-2026-023

Nasdaq proposes amendments to anti-internalization functionality and extends CORE FIX protocol implementation date

This notice concerns a regulatory proposal by The Nasdaq Stock Market LLC, published by the Securities and Exchange Commission (SEC): - Government Buyer: - Securities and Exchange Commission (SEC) - OEMs and Vendors: - No OEMs or commercial vendors are involved; this is a regulatory rule change - Products/Services Requested: - No products, part numbers, or purchase quantities are requested - Proposal amends anti-internalization functionality in Equity 4, Rule 4757 - Extends Port-Level Anti-Internalization Functionality to FIX protocol users - Clarifies availability for FLITE protocol users - Extends implementation date for CORE FIX order entry protocol - Unique or Notable Requirements: - Focuses on enhancing trading efficiency, transparency, and operational flexibility for market participants - No procurement of goods or services; this is a regulatory change - Place of Performance/Regulatory Action: - SEC headquarters, 100 F Street NE, Washington, DC

Description

The Nasdaq Stock Market LLC has filed a proposal to amend its anti-internalization functionality in Equity 4, Rule 4757, to extend the availability of the Port-Level Anti-Internalization Functionality to market participants using the FIX order entry protocol, and to clarify its availability for those using the FLITE protocol. Additionally, the Exchange proposes to extend the implementation date of the CORE FIX order entry protocol to before the end of 2026. These changes aim to enhance trading efficiency, transparency, and operational flexibility for market participants.

View original listing