Notice2025-17342
Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Add the CORE FIX Order Entry Protocol and To Amend Nasdaq BX Equity 4, Rules 4120, 4702, 4703, and 4757
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
September 10, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 173 (Wednesday, September 10, 2025)</title>
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[Federal Register Volume 90, Number 173 (Wednesday, September 10, 2025)]
[Notices]
[Pages 43705-43709]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-17342]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103891; File No. SR-BX-2025-017]
Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Add the CORE
FIX Order Entry Protocol and To Amend Nasdaq BX Equity 4, Rules 4120,
4702, 4703, and 4757
September 5, 2025.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on August 26, 2025, Nasdaq BX, Inc. (``BX'' or ``Exchange'') filed with
the Securities and Exchange Commission (``Commission'') the proposed
rule change as described in Items I, II, and III below, which Items
have been prepared by the Exchange. The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to establish ``CORE FIX'' as a new Order
Entry Protocol (defined below) on the Exchange, to amend Nasdaq BX
Equity 4, Rules 4120, 4702, 4703, and 4757 to add the new CORE FIX
protocol, as described further below, and to align the Exchange
rulebook's description of RPI Orders and Retail Orders with their
current functionality. The proposed amendments will not make any other
substantive changes to the rules.
The text of the proposed rule change is available on the Exchange's
website at <a href="https://listingcenter.nasdaq.com/rulebook/bx/rulefilings">https://listingcenter.nasdaq.com/rulebook/bx/rulefilings</a>,
and at the principal office of the Exchange.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
BX currently offers customers the ability to send orders to the
Exchange via four Order \3\ entry protocols: OUCH, RASH, FIX, and
FLITE.\4\ Due to differences in the technical designs and capabilities
of these protocols, they offer market participants different
functionalities and experiences with respect to order handling. That
is, order handling behaviors on the Exchange and the speed at which
those behaviors execute vary, in certain circumstances, depending upon
the particular protocol that a participant chooses to utilize to enter
its Orders \5\ in connection with
[[Page 43706]]
particular Order Types \6\ and Order Attributes.\7\
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\3\ The term ``Order'' means an instruction to trade a specified
number of shares in a specified NMS stock submitted to the Nasdaq BX
Equities Market by a customer. An ``Order Type'' is a standardized
set of instructions associated with an Order that define how it will
behave with respect to pricing, execution, and/or posting to the
Exchange Book when submitted to the System (defined below). An
``Order Attribute'' is a further set of variable instructions that
may be associated with an Order to further define how it will behave
with respect to pricing, execution, and/or posting to the Exchange
Book when submitted to the System. The available Order Types and
Order Attributes, and the Order Attributes that may be associated
with particular Order Types, are described in Nasdaq BX Rules 4702
and 4703. One or more Order Attributes may be assigned to a single
Order; provided, however, that if the use of multiple Order
Attributes would provide contradictory instructions to an Order, the
System will reject the Order or remove non-conforming Order
Attributes. See Nasdaq BX Equity 1, Section 1(a)(11).
\4\ The OUCH Order entry protocol is a proprietary protocol that
allows subscribers to quickly enter orders into the System and
receive executions. OUCH accepts limit Orders from members, and if
there are matching Orders, they will execute. Non-matching Orders
are added to the Limit Order Book, a database of available limit
Orders, where they are matched in price-time priority. OUCH only
provides a method for members to send Orders and receive status
updates on those Orders. See <a href="https://www.nasdaqtrader.com/Trader.aspx?id=OUCH">https://www.nasdaqtrader.com/Trader.aspx?id=OUCH</a>. RASH (Routing and Special Handling) is a
proprietary protocol that allows participants to enter Orders,
cancel existing Orders and receive executions while providing smart
order routing and special handling features. RASH also allows
participants to use advanced functionality, including discretion,
random reserve, pegging and routing. See <a href="https://www.nasdaqtrader.com/Trader.aspx?id=RASH">https://www.nasdaqtrader.com/Trader.aspx?id=RASH</a>. FIX is a vendor-neutral
standard message protocol that defines an electronic message
exchange for communicating securities transactions between two
parties. The Exchange's FIX implementation acts like a router,
converting incoming FIX messages into OUCH messages and back again.
See <a href="https://www.nasdaqtrader.com/Trader.aspx?id=FIX">https://www.nasdaqtrader.com/Trader.aspx?id=FIX</a> and <a href="https://www.nasdaqtrader.com/content/ProductsServices/Trading/Protocols_quickref.pdf">https://www.nasdaqtrader.com/content/ProductsServices/Trading/Protocols_quickref.pdf</a>. FIX Lite or ``FLITE'' is an Order entry
protocol based on a subset of FIX. See <a href="https://www.nasdaqtrader.com/Trader.aspx?id=FLITE">https://www.nasdaqtrader.com/Trader.aspx?id=FLITE</a> and <a href="https://www.nasdaqtrader.com/content/ProductsServices/Trading/Protocols_quickref.pdf">https://www.nasdaqtrader.com/content/ProductsServices/Trading/Protocols_quickref.pdf</a>.
\5\ See Nasdaq BX Equity 1, Section 1(a)(11).
\6\ An ``Order Type'' is a standardized set of instructions
associated with an Order that define how it will behave with respect
to pricing, execution, and/or posting to the Exchange Book when
submitted to BX. See id.
\7\ An ``Order Attribute'' is a further set of variable
instructions that may be associated with an Order to further define
how it will behave with respect to pricing, execution, and/or
posting to the Exchange Book when submitted to the Exchange. See id.
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In recent years, the Exchange acted to reduce variances in the
behaviors and speeds of its Order entry protocols to improve the
customer experience and increase the efficiency of sending Orders to
the Exchange. For example, the OUCH Order entry protocol had been
developed with simplicity in mind, and so it lacked certain advanced
order handling capabilities. In 2022 the Exchange upgraded the OUCH
Order entry protocol, infusing it with the advanced order handling
abilities of RASH.\8\
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\8\ See Securities Exchange Act Release No. 95695 (Sept. 7,
2022), 87 FR 56122 (Sept. 13, 2022) (SR-BX-2022-015) (Self-
Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed Rule Change to Amend Equity 4,
Rules 4120, 4702 and 4703).
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The Exchange now proposes to amend Rule 4702(a) to introduce a new
proprietary Order entry protocol named ``CORE FIX,'' that will bring to
FIX similar advanced order handing capabilities and efficiencies that
the Exchange previously brought to OUCH. CORE FIX will operate as a
streamlined alternative to FIX for participants that utilize and
appreciate the familiarity of coding for FIX, but do not utilize
routing strategies. These participants will benefit from an improvement
in performance associated with a new Order entry protocol that omits
the routing capabilities from FIX, while still availing themselves of
the advanced order handling behaviors that are available through OUCH.
CORE FIX will allow participants to code to the standard FIX
specifications, while gaining faster direct access to the Exchange
along with the latest and most efficient order handling functionality
that the Exchange has to offer.
CORE FIX will cater to the customer segment that currently uses FIX
but does not use its routing capabilities. Using the same standardized
protocol as FIX, but eliminating the intricate RASH-based software
layer that provides for Order routing functionality, will streamline
order handling behavior and improve Order latency relative to either
FIX or RASH. However, the proposed amendments will not make any other
substantive changes to the rule and order processing mechanism.
To accommodate the new Order entry protocol, the Exchange proposes
to make changes to how limit-priced orders behave in the event of a
regulatory halt. Currently, pursuant to Rule 4120(b)(1)(A)(i)(e)(2)(a),
limit-priced orders entered via OUCH and not assigned a Managed
Pegging, Discretionary, or Reserve Order Attribute will be repriced
upon entry only if the Price Bands are such that the price of the
limit-priced interest to buy (sell) would be above (below) the upper
(lower) Price Band. The Exchange proposes to also apply this provision
to limit-priced orders entered via the CORE FIX protocol. Currently,
pursuant to Rule 4120(b)(1)(A)(i)(e)(2)(b), for limit-priced orders
entered via OUCH if assigned a Managed Pegging, Discretionary, or
Reserve Order Attribute, the order may be repriced by the System \9\
multiple times if the Price Bands move such that the price of resting
limit-priced interest to buy (sell) would be above (below) the upper
(lower) Price Band. The Exchange proposes to also apply this current
provision to orders entered via the CORE FIX protocol.
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\9\ The ``System,'' which is another term for the Nasdaq BX
Equities Market, is the automated system for order execution and
trade reporting owned and operated by the Exchange. See Nasdaq BX
Equity 1, Section 1(a)(6).
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The Exchange proposes to amend Rule 4702(a) to add CORE FIX to the
list of order entry protocols available at the Exchange, and to specify
that CORE FIX is an Exchange proprietary protocol. BX also proposes to
amend various other provisions of Rule 4702 to provide that orders
entered via CORE FIX will behave similarly to orders entered via OUCH
for the following Order Types and Order Attributes:
<bullet> Price to Comply Order (Rule 4702(b)(1)):
[cir] If a Price to Comply Order is entered during Market Hours and
the entered limit price of the order crossed a Protected Quotation and
the NBBO changes so that the order could be displayed at a price at or
closer to its entered limit price without locking or closing a
Protected Quotation, the order may either remain on the Exchange Book
unchanged or it may be cancelled back to the participant, depending on
the participant's choice. If the entered limit price of the order would
no longer lock a Protected Quotation, the order may either remain on
the Exchange Book unchanged, it may be cancelled back to the
participant, or it may be ranked and displayed at its original entered
limit price, depending on the participant's choice. If the order is
ranked and displayed at its original entered limit price, it will
receive a new timestamp.
[cir] For a Price to Comply Order, the following Order Attributes
will be available through CORE FIX:
[ssquf] Price
[ssquf] Size
[ssquf] Reserve Size
[ssquf] Time-in-Force other than IOC
[ssquf] Designation as an ISO
[ssquf] Primary Pegging and Market Pegging
[ssquf] Discretion
[ssquf] Display (A Price to Comply Order is always displayed, although
as provided above, it may also have a non-displayed price and/or
Reserve Size)
[ssquf] Trade Now
<bullet> Price to Display Order (Rule 4702(b)(2)):
[cir] If a Price to Display Order is entered during Market Hours
and the entered limit price of the order locked or crossed a Protected
Quotation and the NBBO changes so that the order could be ranked and
displayed at a price at or closer to its original entered limit price
without locking or crossing a Protected Quotation, the order may either
remain on the Exchange Book unchanged or it may be cancelled back to
the participant depending on the participant's choice.
[cir] For a Price to Display Order, the following Order Attributes
would be available through CORE FIX:
[ssquf] Price
[ssquf] Size
[ssquf] Reserve Size
[ssquf] A Time-in-Force other than IOC
[ssquf] Designation as an ISO
[ssquf] Primary Pegging and Market Pegging
[ssquf] Discretion
[ssquf] Attribution (All Price to Display Orders are Attributable
Orders)
[ssquf] Display (A Price to Display Order is always displayed (but may
also have Reserve Size)
<bullet> Non-Displayed Order (Rule 4702(b)(3)):
[cir] If a Non-Displayed Order is entered during Market Hours and
the original entered limit price of the order locked or crossed a
Protected Quotation and the NBBO changes so that the order could be
posted at a price at or closer to its original entered limit price
without crossing a Protected Quotation, the order may either remain on
the Exchange Book unchanged or it may be cancelled back to the
participant, depending on the participant's choice. If, after the order
is posted to the Exchange Book, the NBBO changes so that the order
would cross a Protected Quotation, the order will be cancelled back to
the participant. If, after a Non-Displayed Order is posted on the
Exchange Book, the NBBO changes so
[[Page 43707]]
that the order would cross a Protected Quotation, the order will be
cancelled back to the participant.
[cir] For a Non-Displayed Order, the following Order Attributes
would be available through CORE FIX:
[ssquf] Price
[ssquf] Size
[ssquf] Minimum Quantity
[ssquf] Time-in-Force
[ssquf] Designation as an ISO
[ssquf] Primary Pegging and Market Pegging
[ssquf] Pegging to the Midpoint
[ssquf] Discretion
[ssquf] Trade Now
<bullet> Post-Only Order (Rule 4702(b)(4)):
[cir] If a Post-Only Order is entered during Market Hours and the
original entered limit price of the order locked or crossed a Protected
Quotation, the order may be adjusted as follows:
[ssquf] In the case of a Non-Attributable \10\ Post-Only Order that
crossed a Protected Quotation, if the NBBO changed so that the order
could be ranked and displayed at a price at or closer to its original
entered limit price without locking or crossing a Protected Quotation,
the order may either remain on the Exchange Book unchanged or it may be
cancelled back to the participant, depending on the participant's
choice.
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\10\ Attribution is an Order Attribute that permits a
participant to designate that the price and size of the Order will
be displayed next to the participant's MPID in market data
disseminated by the Exchange. An Order with Attribution is referred
to as an ``Attributable Order'' and an Order without attribution is
referred to as a ``Non-Attributable Order.'' BX Rule 4703(i). An
MPID is a market participant identifier assigned to each participant
in the Exchange. BX Equity 1, Section 1(a)(15).
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[ssquf] In the case of a Non-Attributable Post-Only Order that
locked a Protected Quotation, if the limit price would no longer lock a
Protected Quotation, the order may either remain on the Exchange Book
unchanged, it may be cancelled back to the participant, or it may be
ranked and displayed at its original entered limit price, depending on
the participant's choice. If the order is displayed at its original
entered limit price, it will receive a new timestamp.
[ssquf] In the case of an Attributable Post-Only Order that locked
or crossed a Protected Quotation, if the NBBO changed so that the order
could be ranked and displayed at a price at or closer to its original
entered limit price without locking or crossing a Protected Quotation,
the order may either remain on the Exchange Book or it may be cancelled
back to the participant, depending on the participant's choice.
[ssquf] During System Hours, if the original limit price of the
order locked or crossed a displayed order on the Exchange Book and the
Exchange Book changes so that the original entered limit price would no
longer lock or cross an order on the Exchange Book, the order may
either remain on the Exchange Book unchanged or it may be cancelled
back to the participant, depending on the participant's choice.
[cir] For a Post-Only Order, the following Order Attributes would
be available through CORE FIX:
[ssquf] Price
[ssquf] Size
[ssquf] Time-in-Force
[ssquf] Designation as an ISO
[ssquf] Attribution
[ssquf] Display (A Post-Only Order is always displayed, although it may
also have a non-displayed price)
<bullet> For a Retail Price Improving Order (``RPI Order'') (Rule
4702(b)(5)),\11\ the following Order Attributes would be available
through CORE FIX:
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\11\ Additional changes to Rule 4702(b)(5) are described below.
[cir] Price
[cir] Size
[cir] A Time-in-Force other than IOC
[cir] Primary Pegging
[cir] Non-Display (All RPI Orders are Non-Displayed)
<bullet> Market Maker Peg Orders (Rule 4702(b)(7)), and all their
available Order Attributes, would also be entered through CORE FIX,
just as they can currently be entered through OUCH, RASH, or FIX. This
order type's behavior will be identical whether the order is
transmitted via CORE FIX, OUCH, RASH, or FIX.
Rule 4703 would be amended to specify that the following Order
Attributes will interact with orders entered through CORE FIX in these
specified ways:
<bullet> Orders with Primary Pegged, Market Pegged, and Managed
Midpoint Order Attributes (collectively, ``Peg Managed Orders'') will
be available through CORE FIX (Rule 4307(d)).
<bullet> An order with a Minimum Quantity Order Attribute (Rule
4307(e)) entered through CORE FIX may have a minimum quantity condition
of any size of at least one round lot.
<bullet> An order with a Reserve Size Order Attribute (Rule
4307(h)) with a displayed size of an odd lot entered through CORE FIX
will be rejected.
<bullet> When entered through CORE FIX, the Trade Now Order
Attribute (Rule 4307(l)) may be enabled on an order-by-order or a port-
level basis.
The Exchange proposes to amend Rule 4757(a)(A)(3) to give
participants using CORE FIX the ability to assign orders entered
through a specific order entry port a unique group identification
modifier that will prevent quotes/orders with such modifier from
executing against each other.
The Exchange also proposes to amend BX Rule 4702(b)(5)(B),\12\
which governs RPI Orders, so that the rule reflects that the Midpoint
Pegging Order Attribute is not currently available on RPI Orders.
Likewise, the Exchange proposes to amend this same rule to reflect that
the Primary Pegging Order Attribute for RPI Orders is currently also
available through OUCH, and that, as described above, this attribute
will be available through CORE FIX, as well. The Exchange also proposes
to amend this rule so that it accurately reflects both the current and
proposed \13\ repricing functionality of the RPI Order, which is
similar to the repricing functionality for Non-Display Orders (BX Rule
4702(b)(3)), modified to reflect that, unlike Non-Display Orders, RPI
Orders cannot have a routing Order Attribute. Therefore, the repricing
functionality of RPI Orders will be as follows:
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\12\ BX Rule 4702(b)(5)(B) is being redesignated in this filing
as BX Rule 4702(b)(5)(C).
\13\ In this instance, the current functionality refers to the
functionality associated with orders entered through the existing
order entry protocols (i.e.: RASH, FIX, OUCH, and FLITE). The
proposed functionality refers to functionality associated with
orders entered through CORE FIX.
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<bullet> If an RPI Order is entered through RASH or FIX during
Market Hours, the order may be adjusted in the following manner after
initial entry and posting to the Exchange Book:
[cir] If the original entered limit price of the order is higher
than the Best Offer (for an order to buy) or lower than the Best Bid
(for an order to sell) and the NBBO moves toward the original entered
limit price of the order, the price of the order will be adjusted
repeatedly in accordance with changes in the NBBO. The order may be
repriced repeatedly in this manner, receiving a new timestamp each time
its price is changed, until the order is posted at its original entered
limit price. The order will not thereafter be repriced, except as
provided below with respect to crossing a Protected Quotation.
[cir] If, after being posted to the Exchange Book, the NBBO changes
so that the RPI Order would cross a Protected Quotation, the order will
be repriced at a price that would lock the new NBBO and receive a new
timestamp. The order may be repriced and receive a new timestamp
repeatedly.
<bullet> If an RPI Order is entered through CORE FIX, OUCH, or
FLITE during Market Hours, the order may be adjusted in the following
manner after
[[Page 43708]]
initial entry and posting to the Exchange Book:
[cir] If the original entered limit price of the order locked or
crossed a Protected Quotation and the NBBO changes so that the order
could be posted at a price at or closer to its original entered limit
price without crossing a Protected Quotation, the order may either
remain on the Exchange Book unchanged or it may be cancelled back to
the participant, depending on the participant's choice.
[cir] If, after an order is posted to the Exchange Book, the NBBO
changes so that the order would cross a Protected Quotation, the order
will be cancelled back to the participant.
Lastly, the Exchange is proposing to amend BX Rule 4702(b)(6),
which governs Retail Orders, so that the rule accurately reflects that
the Midpoint Pegging Order Attribute is not currently available for
Retail Orders.
The Exchange will announce the implementation date of the new CORE
FIX functionalities in an Equity Trader Alert at least 30 days prior to
implementation. A present, the Exchange expects that the new CORE FIX
functionality will be ready for full implementation in October 2025,
although that time frame is subject to change.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\14\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\15\ in particular, in that it is designed to
promote just and equitable principles of trade, to remove impediments
to and perfect the mechanism of a free and open market and a national
market system, and, in general to protect investors and the public
interest.
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\14\ 15 U.S.C. 78f(b).
\15\ 15 U.S.C. 78f(b)(5).
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As a preliminary matter, the Exchange notes that this proposal is
not novel. Earlier this year The Nasdaq Stock Market LLC made similar
changes to its rulebook to establish CORE FIX on its equities
market.\16\ The CORE FIX functionality under Nasdaq Equity 4, Nasdaq
Rules 4120, 4702, 4703, and 4757 is substantially similar to the CORE
FIX functionality proposed by BX in the present filing.
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\16\ See Securities Exchange Act Release No. 102661 (Mar. 13,
2025), 90 FR 12858 (Mar. 19, 2025) (Self-Regulatory Organizations;
The Nasdaq Stock Market LLC; Notice of Filing and Immediate
Effectiveness of a Proposed Rule Change to Amend Equity 4, Rules
4120, 4702 4703, and 4757).
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It is consistent with the Act to amend the rulebook to reflect
upgrades to the Exchange's Order entry protocols. The introduction of
CORE FIX is consistent with the Act because it will offer members a new
optional order entry protocol that will be both more capable and
efficient than the existing FIX protocol. CORE FIX will combine into a
single protocol many of the most popular features of the FIX protocol
(such as the ability to code to its specifications) and the OUCH
protocol (such as its advanced order handling capabilities), while
omitting routing capabilities, which many customers do not require.
CORE FIX will utilize the Exchange's System to directly process
advanced order handling instructions, rather than going through the
RASH architecture layer, which FIX does currently to facilitate order
routing. This design feature will render CORE FIX faster than FIX and
on par with OUCH. Those participants that wish to route orders can
continue to utilize existing protocols for that purpose.
The Exchange's proposal to amend its Rule governing the Limit Up-
Limit Down Mechanism (Rule 4120(b)(1)(A)(i)(e)(2)), enumerating the
protocols available at the Exchange (Rule 4702(a)), Price to Comply
Order (Rule 4702(b)(1)), Price to Display Order (Rule 4702(b)(2)), Non-
Displayed Order (Rule 4702(b)(3)), Post-Only Rule (Rule 4702(b)(4)),
RPI Order (Rule 4702(b)(5)), Retail Order (Rule 4702(b)(6)), Market
Maker Peg Order (Rule 4702(b)(7)), Order Attributes (Rule 4703), and
Book Processing (Rule 4757(a)(A)(3)) is consistent with the Act because
these specific amendments do nothing more than align CORE FIX's
capability to handle certain Order Types and Order Attributes in a way
that is similar to OUCH.
Additionally, this proposal will promote just and equitable
principles of trade by modernizing and streamlining the Exchange's
order entry protocols so that members who are not looking to route
orders will no longer need to sacrifice functionality for speed, or
vice versa, when sending orders to the Exchange.
Finally, this proposal is consistent with the Act and is designed
to promote just and equitable principles of trade because it ensures
that the rulebook accurately reflects the Order Attributes available
for Retail Orders, and the repricing functionality and availability of
Order Attributes for RPI Orders. There are already multiple Order Types
that do not offer midpoint pegging, so the unavailability of this Order
Attribute for a particular Order Type is not novel. Clarifying in the
rulebook that this Order Attribute is not available for Retail Orders
will help market participants choose the most appropriate Order Type to
achieve their trading objectives. Similarly, the existing repricing
functionality for RPI Orders is substantially similar to that of Non-
Displayed Orders--the only difference being that RPI Orders, unlike
Non-Displayed Orders, do not route away from the Exchange. Thus,
clarifying that the repricing functionality of these two order types is
nearly identical will help market participants to decide which of the
two order types better fits their trading objectives.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. As a general principle, the
proposed changes are reflective of the significant competition among
exchanges and non-exchange venues for order flow. In this regard,
proposed changes that facilitate enhancements to the Exchange's System
and Order entry protocols, as well as those that amend and clarify the
Exchange's Rules regarding its Order Types and Order Attributes, are
pro-competitive because they bolster the efficiency, functionality, and
overall attractiveness of the Exchange in an absolute sense and
relative to its peers. Moreover, none of the proposed changes will
unduly burden intra-market competition among various Exchange
participants. Participants will experience no competitive impact from
its proposals, as these proposals will restate and reorganize portions
of the Rule to reflect the capabilities of CORE FIX, as well as resolve
certain discrepancies between the current behavior of certain Order
Types and Order Attributes and what is currently in the rulebook.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (i)
significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section
[[Page 43709]]
19(b)(3)(A)(iii) of the Act \17\ and subparagraph (f)(6) of Rule 19b-4
thereunder.\18\
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\17\ 15 U.S.C. 78s(b)(3)(A)(iii).
\18\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#9eecebf2fbb3fdf1f3f3fbf0eaeddeedfbfdb0f9f1e8"><span class="__cf_email__" data-cfemail="b1c3c4ddd49cd2dedcdcd4dfc5c2f1c2d4d29fd6dec7">[email protected]</span></a>. Please include
file number SR-BX-2025-017 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-BX-2025-017. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the filing will be available for inspection and
copying at the principal office of the Exchange. Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publication submitted material
that is obscene or subject to copyright protection. All submissions
should refer to file number SR-BX-2025-017 and should be submitted on
or before October 1, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
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\19\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-17342 Filed 9-9-25; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on September 10, 2025.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.