# Federal Register #SR-Phlx-2026-60

SEC notice on Nasdaq PHLX proposed overnight trading rule change

**Buyer:** Securities and Exchange Commission
**Posted:** October 13, 2026
**Identifier:** SR-Phlx-2026-60
**NAICS:** 523210

This SEC notice concerns a proposed Nasdaq PHLX rule change for handling clearly erroneous trades during overnight trading hours.
- **Government agency:** U.S. Securities and Exchange Commission (SEC), which published the notice.
- **Filing organization:** Nasdaq PHLX LLC proposed amendments to Equity 4, Rule 3312.
- **Proposed changes:** Extend certain limits on clearly erroneous transaction reviews to Overnight Protected Hours, when Overnight Price Bands apply for 23/5 trading.
- **Additional coverage:** Clarify review procedures and numerical guidelines for NMS stocks not covered by the LULD Plan during those hours.
- **Procurement status:** This is a regulatory notice requesting public comments, not a procurement or contract award. No products, services, quantities, or part numbers are requested.

### Description

Nasdaq PHLX LLC proposes to amend Equity 4, Rule 3312, which governs clearly erroneous transactions, following approval of Overnight Protected Bands for 23/5 Trading. The proposed amendments extend certain limits on clearly erroneous review to Overnight Protected Hours and establish how transactions in stocks not subject to the LULD Plan are reviewed during those hours. The notice invites public comments on the proposed rule change, with comments due November 3, 2026. The Exchange proposes that the change become operative when 23/5 Trading is scheduled to commence industry-wide on December 6, 2026.

[View original listing](https://www.federalregister.gov/documents/2026/10/13/2026-20805/self-regulatory-organizations-nasdaq-phlx-llc-notice-of-filing-and-immediate-effectiveness-of)