Federal Register #SR-GEMX-2026-35

Nasdaq GEMX proposes exchange-specific Market Wide Risk Protection

The Securities and Exchange Commission notice concerns a proposed Nasdaq GEMX rule change, not a purchase of products or services. - Government body: U.S. Securities and Exchange Commission (SEC). - Proposal sponsor and exchange: Nasdaq GEMX, LLC; the change concerns its Options 3, Section 15(a)(1)(C). - Proposed change: Market Wide Risk Protection (MWRP) would apply separately to activity on GEMX, rather than allowing risk counting across GEMX and its affiliate, Nasdaq ISE, LLC. - Members would retain mandatory GEMX risk thresholds and could configure separate risk parameters for each Nasdaq-affiliated options exchange where they are authorized to trade. - Nasdaq GEMX says the change would align its approach with other affiliated Nasdaq options exchanges and reduce operational complexity. - No products, services, quantities, part numbers, OEMs, or procurement vendors are identified.

Description

Nasdaq GEMX, LLC proposes to amend Options 3, Section 15(a)(1)(C), concerning its Market Wide Risk Protection (MWRP). The change would eliminate the option to apply MWRP counting programs across both GEMX and its affiliate, Nasdaq ISE, making the protection apply separately on GEMX. Members will continue to have mandatory MWRP thresholds and may configure separate risk parameters for each Nasdaq affiliated options exchange where they are authorized to trade. GEMX states it will implement the change on or before Q2 2027.

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