Notice2025-18675
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend PHLX Equity 4, Rules 3100, 3301A, 3301B, and 3307 To Add the CORE FIX Order Entry Protocol
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 26, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 185 (Friday, September 26, 2025)</title>
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[Federal Register Volume 90, Number 185 (Friday, September 26, 2025)]
[Notices]
[Pages 46446-46449]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-18675]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104020; File No. SR-PHLX-2025-46]
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend PHLX
Equity 4, Rules 3100, 3301A, 3301B, and 3307 To Add the CORE FIX Order
Entry Protocol
September 23, 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 September 12, 2025, Nasdaq PHLX LLC (``PHLX'' 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 amend PHLX Equity 4, Rules 3100, 3301A,
3301B, and 3307 to establish ``CORE FIX'' as a new Order Entry Protocol
(defined below) on the Exchange. 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/phlx/rulefilings">https://listingcenter.nasdaq.com/rulebook/phlx/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
PHLX currently offers participants 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 in connection with particular Order Types \5\ and Order
Attributes.\6\
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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 ``PSX'' or
``System'' by a participant. See PHLX Equity 1, Section 1(e).
``PSX'' or ``System'' is the automated system for order execution
and trade reporting owned and operated by the Exchange. See PHLX
Equity 1, Section 1(a).
\4\ The OUCH Order entry protocol is a proprietary protocol that
allows participants to quickly enter orders into the System and
receive executions. OUCH accepts limit Orders from participants, 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 participants 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\ 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 PSX Book when submitted
to the System. See PHLX Equity 1, Section 1(e). The ``PSX Book'' is
a montage for quotes and orders that collects and ranks all quotes
and orders submitted by participants. See PHLX Equity 1, Section
1(a)(1).
\6\ 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 PSX Book when submitted to PSX. The available Order
Types and Order Attributes, and the Order Attributes that may be
associated with particular Order Types, are described in Rules 3301A
and 3301B. 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 id.
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[[Page 46447]]
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.\7\
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\7\ See Securities Exchange Act Release No. 95769 (Sept. 14,
2022), 87 FR 57527 (Sept. 20, 2022) (SR-PHLX-2022-35) (``Self-
Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and
Immediate Effectiveness of Proposed Rule Change to Amend Equity 4,
Rules 3100, 3301A and 3301B'').
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The Exchange now proposes to amend Rule 3301A(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 3100(a)(2)(E)(2)(a),
limit-priced orders entered via OUCH 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.
The Exchange proposes to amend Rule 3301A(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. PHLX also proposes
to amend various other provisions of Rule 3301A 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 3301A(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 PSX 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 PSX 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
it may also have a non-displayed price and/or Reserve Size)
[ssquf] Trade Now
<bullet> Price to Display Order (Rule 3301A(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 PSX 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 3301A(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 PSX 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 PSX Book, the NBBO changes so 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 3301A(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 \8\ Post-Only Order that
crossed a Protected
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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 PSX Book unchanged or it may be cancelled back to the
participant, depending on the participant's choice.
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\8\ 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.'' See Rule 3301B(i). An MPID is a
market participant identifier assigned to each participant in the
Exchange. See PHLX Equity 1, Section 1(i).
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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 PSX 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 PSX 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 PSX Book and the PSX
Book changes so that the original entered limit price would no longer
lock or cross an order on the PSX Book, the order may either remain on
the PSX Book unchanged or it may be cancelled back to the participant,
depending on the participant's choice.
[cir] For a Post-Only Order, all of its applicable Order Attributes
would also be available to be entered through CORE FIX.
<bullet> Market Maker Peg Orders (Rule 3301A(b)(5)), and all their
applicable Order Attributes, would also be available to be entered
through CORE FIX. This order type's behavior would be identical whether
the order is transmitted via CORE FIX, OUCH, RASH, or FIX.
<bullet> Midpoint Peg Post-Only Order (Rule 3301A(b)(6)):
[cir] A Midpoint Peg Post-Only Order would be available to be
entered through CORE FIX, and its behavior would be identical
regardless of the order protocol used to transmit it to the System.
[cir] For a Midpoint Peg Post-Only Order, all of its applicable
Order Attributes would be available to be entered through CORE FIX.
Rule 3301B 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 3301B(d)).
<bullet> An order with a Minimum Quantity Order Attribute (Rule
3301B(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
3301B(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 3301b(l)) may be enabled on an order-by-order or a
port-level basis.
The Exchange proposes to amend Rule 3307(c) 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 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,\9\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\10\ 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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\9\ 15 U.S.C. 78f(b).
\10\ 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 and Nasdaq BX,
Inc., made similar changes to their rulebooks to establish CORE FIX on
their equities markets.\11\ The CORE FIX functionality under Nasdaq
Equity 4, Nasdaq Rules 4120, 4702, 4703, and 4757, and under BX Equity
4, BX Rules 4120, 4702, 4703, and 4757, is substantially similar to the
CORE FIX functionality proposed by PHLX in the present filing.
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\11\ 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''); Securities Exchange Act Release No.
103891 (Sept. 5, 2025), 90 FR 43705 (Sept. 10, 2025) (``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'').
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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 participants
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 participants 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 3100(a)(2)(E)(2)(a)), enumerating the
protocols available at the Exchange (Rule 3301A(a)), Price to Comply
Order (Rule 3301A(b)(1)), Price to Display Order (Rule 3301A(b)(2)),
Non-Displayed Order (Rule 3301A(b)(3)), Post-Only Rule (Rule
3301A(b)(4)), Market Maker Peg Order (Rule 3301A(b)(5)), Midpoint Peg
Post-Only Order (Rule 3301A(b)(6), Order Attributes (Rule 3301B), and
Processing of Orders (Rule 3307(c)) 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 participants who are not looking to route
orders will no longer need to sacrifice functionality for speed, or
vice
[[Page 46449]]
versa, when sending orders to the Exchange.
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 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 these proposals, as all existing order entry
protocols will continue to be available, and the new CORE FIX order
entry protocol will be an additional option available to all
participants.
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 19(b)(3)(A)(iii) of the Act \12\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\13\
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\12\ 15 U.S.C. 78s(b)(3)(A)(iii).
\13\ 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#ee9c9b828bc38d8183838b809a9dae9d8b8dc0898198"><span class="__cf_email__" data-cfemail="7103041d145c121e1c1c141f0502310214125f161e07">[email protected]</span></a>. Please include
file number SR-PHLX-2025-46 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-PHLX-2025-46. 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-PHLX-2025-46 and should be submitted on
or before October 17, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-18675 Filed 9-25-25; 8:45 am]
BILLING CODE 8011-01-P
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