Federal Register #SR-Phlx-2026-48

Nasdaq PHLX LLC Rule Change: Aggregation of Market Maker Quoting Obligations

This notice announces a proposed rule change by Nasdaq PHLX LLC, published by the Securities and Exchange Commission (SEC). - Regulatory Context: - The rule change amends market maker quoting obligations on the Nasdaq PHLX exchange. - Lead Market Makers (LMMs) and Designated Market Makers (DMMs) will have their quoting activity aggregated due to similar requirements. - The 90% continuous quoting threshold for market makers remains unchanged. - Operational Impact: - The amendment aims to reduce administrative and operational burdens for market participants. - Duplicative compliance tracking for LMMs and DMMs will be eliminated. - Procurement Relevance: - No products, services, OEMs, or vendors are being procured or referenced. - This is a regulatory notice, not a solicitation for bids or proposals.

Description

The Securities and Exchange Commission has published a notice regarding a proposed rule change by Nasdaq PHLX LLC to amend market maker quoting obligations. The rule change has been filed and is effective immediately. The amendment proposes to aggregate quoting activity for Lead Market Makers (LMMs) and Designated Market Makers (DMMs) due to their similar quoting obligations and to reduce administrative burdens. The change aims to maintain the 90% continuous quoting threshold while eliminating duplicative compliance tracking.

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