Federal Register #SR-Phlx-2026-19

SEC Notice of Proposed Rule Change by Nasdaq PHLX LLC to Amend Review of Professional Orders

This notice concerns a proposed rule change by Nasdaq PHLX LLC, published by the Securities and Exchange Commission (SEC), regarding the review process for Professional orders on the exchange. - Government Buyer: - Securities and Exchange Commission (SEC) - Primary Organization Mentioned: - Nasdaq PHLX LLC - Key Details: - The proposal amends the review frequency for Professional orders from quarterly to monthly, aiming for more timely and accurate order designation based on average daily order volume. - Technical amendments are included to harmonize the rule structure with other Nasdaq affiliated exchanges, such as reserving certain rule sections and updating the name of the Diamonds Trust to SPDR Dow Jones Industrial Average ETF Trust. - No procurement of products or services is involved; this is a regulatory notice impacting member organizations of the exchange. - No OEMs, vendors, or product/service line items are requested in this notice. - Place of performance and contracting office: SEC headquarters, Washington, DC.

Description

The Securities and Exchange Commission (SEC) has published a notice regarding a proposed rule change filed by Nasdaq PHLX LLC. The proposal seeks to amend the review process for Professional orders by changing the review frequency from quarterly to monthly. This change aims to ensure more timely and accurate designation of orders as Professional based on average daily order volume, thereby maintaining market fairness and regulatory compliance. The rule change is effective immediately upon filing and includes technical amendments to harmonize rule structure with other Nasdaq exchanges.

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