Opportunity
Federal Register #SR-Phlx-2026-22
SEC Notice of Proposed Rule Change by Nasdaq PHLX LLC to Amend Auction Mechanisms
Buyer
Securities and Exchange Commission
Posted
April 22, 2026
Identifier
SR-Phlx-2026-22
This notice concerns a proposed rule change submitted by Nasdaq PHLX LLC to the Securities and Exchange Commission (SEC) regarding auction mechanisms for agency orders. - Government Buyer: - Securities and Exchange Commission (SEC) - Proposing Entity: - Nasdaq PHLX LLC - Scope of Rule Change: - Amendments to auction mechanisms including PIXL, FLEX PIXL, and SOM auctions - Objective is to improve price improvement opportunities for agency orders - Notable Requirements: - Modifications to auction processes to enhance execution and price improvement - No procurement of products or services is involved; this is a regulatory action, not a purchasing opportunity
Description
The Securities and Exchange Commission has issued a notice regarding a proposed rule change by Nasdaq PHLX LLC to amend various auction mechanisms. The notice details the filing and provides URLs for full text and related documents. The docket information includes Release No. 34-105264 and File No. SR-Phlx-2026-22. The rule change aims to modify auction processes such as PIXL, FLEX PIXL, and SOM auctions to improve price improvement opportunities for agency orders.