Federal Register #SR-GEMX-2026-36

Nasdaq GEMX Proposal to Separate Exchange Risk Protections

The U.S. Securities and Exchange Commission (SEC) published a regulatory notice about a proposed Nasdaq GEMX rule change, not a procurement request. - Government agency: U.S. Securities and Exchange Commission (SEC), which published the notice; no purchasing office or sub-agency is identified. - Organizations named: Nasdaq GEMX, LLC (GEMX), the filer, and Nasdaq ISE, LLC (ISE), which filed a companion rule change. - Proposed change: GEMX would end the cross-market operation of its Market-Wide Speed Bump and Kill Switch protections with ISE. The protections would apply separately to activity on each exchange. - Member impact: Market makers and members could configure separate risk parameters and submit separate Kill Switch requests for each Nasdaq-affiliated options exchange where they are authorized to trade. Existing protections on GEMX would remain available. - Procurement items: No products or services, part numbers, quantities, or contract value are identified. This notice does not seek vendor bids or purchases. - Filing identifier: SR-GEMX-2026-36.

Description

Nasdaq GEMX, LLC proposes to amend its Market-Wide Speed Bump and Kill Switch rules to eliminate cross-market functionality between GEMX and its affiliate, Nasdaq ISE, LLC. After the change, the protections will operate separately on GEMX, while users may configure separate parameters or requests for each affiliated options exchange where authorized to trade. The Exchange states that implementation will occur on or before Q2 2027, with the operative date to be announced in an Options Trader Alert. The SEC notice invites comments on the proposed rule change.

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