Federal Register #SR-Phlx-2026-37

SEC Notice: Nasdaq Phlx Rule Change Permitting Non-Conforming Ratios for Complex Orders

This notice from the Securities and Exchange Commission (SEC) announces the immediate effectiveness of a Nasdaq Phlx, LLC rule change regarding Complex Orders: - The rule change permits Complex Orders to trade in both non-conforming and conforming ratios on the Complex Order Book and in auctions - Introduces a definition for non-conforming ratios and updates cross-references in related rules - Amends minimum increment requirements for Complex Options Strategies with non-conforming ratios - Addresses execution priorities to ensure Public Customer interests are protected - No products, services, or purchase quantities are requested; this is a regulatory update, not a procurement - The only organization mentioned is Nasdaq Phlx, LLC (OEM) - No vendors, part numbers, or procurement-relevant requirements are included

Description

The Securities and Exchange Commission (SEC) has filed a proposed rule change by Nasdaq Phlx, LLC, which is now effective immediately. The rule change permits Complex Orders to trade in non-conforming and conforming ratios both on the Complex Order Book and in various auctions. The proposal includes adopting a definition for non-conforming ratio and amending various rules to update cross-references. It also addresses minimum increments for Complex Options Strategies with non-conforming ratios and execution priorities to protect Public Customer interest.

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