Federal Register #SR-Phlx-2026-42

SEC Notice: Nasdaq PHLX LLC Proposed Rule Change to PIXL Auction Process

This notice concerns a proposed rule change by Nasdaq PHLX LLC, published by the Securities and Exchange Commission (SEC), regarding the PIXL (Price Improvement XL) auction process. - Government buyer: - Securities and Exchange Commission (SEC) - Nasdaq PHLX LLC (as the self-regulatory organization submitting the rule change) - No OEMs, vendors, or commercial products are involved, as this is a regulatory action - Products/services requested: - No procurement of products or services; the notice pertains to a change in auction process rules - Notable requirements: - The rule change removes price detail from the PIXL Auction Notification (PAN) - Intended to encourage more aggressive pricing and greater price improvement by restoring competitive uncertainty - Aims to improve execution quality for market participants - No contract value, line items, or period of performance, as this is not a procurement opportunity

Description

This notice announces a proposed rule change filed by Nasdaq PHLX LLC to amend the Price Improvement XL (PIXL) functionality. The amendment involves removing the price detail from the PIXL Auction Notification (PAN) to encourage more aggressive pricing and greater price improvement. The change aims to restore competitive uncertainty in the auction process and improve execution quality. The rule change has been made effective immediately by the Securities and Exchange Commission.

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