Notice2026-01522
Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Options 3, Sections 7 and 14
Primary source
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Published
January 27, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 17 (Tuesday, January 27, 2026)</title>
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[Federal Register Volume 91, Number 17 (Tuesday, January 27, 2026)]
[Notices]
[Pages 3594-3596]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-01522]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104656; File No. SR-MRX-2026-01]
Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend Options 3,
Sections 7 and 14
January 22, 2026.
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 January 7, 2026, Nasdaq MRX, LLC (``MRX'' or ``Exchange'') filed
with the Securities and Exchange Commission (``SEC'' or ``Commission'')
the proposed rule change as described in Items I and II, 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 Options 3, Section 7 (Types of
Orders and Order and Quote Protocols) and Options 3, Section 14
(Complex Orders).
The text of the proposed rule change is available on the Exchange's
website at <a href="https://listingcenter.nasdaq.com/rulebook/mrx/rulefilings">https://listingcenter.nasdaq.com/rulebook/mrx/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
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend Options 3, Section 7 (Types of
Orders and Order and Quote Protocols) and Options 3, Section 14
(Complex Orders). Each rule change will be described below.
Options 3, Section 7
The Exchange proposes to amend the language of MRX Supplementary
.03 to Options 3, Section 7 to align with Phlx Supplementary .03 to
Options 3, Section 7. Specifically, the Exchange proposes to amend the
``Financial Information eXchange'' or ``FIX'' at Supplementary .03(a)
to Options 3, Section 7 to align the rule text with Phlx Supplementary
.03(a) to Options 3, Section 7 and note that the interface allows
Members and their Sponsored Customers to connect, send, and receive
messages related to orders and auction orders and responses to and from
the Exchange. This amendment reflects current System operation.
Similarly, the Exchange proposes to amend the ``Ouch to Trade
Options'' or ``OTTO'' at Supplementary .03(b) to Options 3, Section 7
to align the rule text with Phlx Supplementary .03(b) to Options 3,
Section 7 and note that the interface allows Members and their
Sponsored Customers to connect, send, and receive messages related to
orders, auction orders, and auction responses to and from the Exchange.
This amendment reflects current System operation.
Finally, the Exchange proposes to amend the ``Specialized Quote
Feed'' or ``SQF'' at Supplementary .03(c) to Options 3, Section 7 to
align the rule text with Phlx Supplementary .03(c) to Options 3,
Section 7 and note that the interface allows Market Makers to connect,
send, and receive messages related to quotes, Immediate-or-Cancel
Orders, and auction responses to and from the Exchange. This amendment
reflects current System operation.
The Exchange also proposes to capitalize ``system'' in
Supplementary
[[Page 3595]]
.03(b) and (c) to Options 3, Section 7. System is defined in Options 1,
Section 1(a)(50).\3\
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\3\ The term ``System'' means the electronic system operated by
the Exchange that receives and disseminates quotes, executes orders
and reports transactions.
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Options 3, Section 14
The Exchange proposes to amend Options 3, Section 14(b)(5) to
change ``Customer Cross Complex Order'' to ``Complex Customer Cross
Order'' so that the term conforms to the manner it is utilized in
Options 3, Section 12(b). Amending Options 3, Section 14(b)(5) to
change ``Customer Cross Complex Order'' to ``Complex Customer Cross
Order'' is a non-substantive amendment.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\4\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\5\ 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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\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(5).
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Options 3, Section 7
The Exchange's proposal to amend FIX at Supplementary .03(a) to
Options 3, Section 7 to align the rule text with Phlx Supplementary
.03(a) to Options 3, Section 7 and note that the interface allows
Members and their Sponsored Customers to connect, send, and receive
messages related to orders and auction orders and responses to and from
the Exchange is consistent with the Act as the interface is designed
for Members to communicate to the Exchange with responses and receive
messages from the Exchange. This rule text aligns with Phlx
Supplementary .03(a) to Options 3, Section 7. Similar changes are
proposed for OTTO at Supplementary .03(b) to Options 3, Section 7 and
SQF at Supplementary .03(c) and those changes align with Phlx
Supplementary .03(b) and (c) to Options 3, Section 7. The amendments
reflects current System operation.
The Exchange's proposal to capitalize ``system'' in Supplementary
.03(b) and (c) to Options 3, Section 7 is non-substantive.
Options 3, Section 14
The Exchange's proposal to amend Options 3, Section 14(b)(5) to
change ``Customer Cross Complex Order'' to ``Complex Customer Cross
Order'' so that the term conforms to the manner it is utilized in
Options 3, Section 12(b) is non-substantive.
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 that is not necessary or appropriate
in furtherance of the purposes of the Act.
Options 3, Section 7
Amending the protocols at Supplementary .03 to Options 3, Section 7
to specify the protocols permit communications to and from the
Exchange, including responses, does not impose an undue burden on
intra-market competition because this is true for all Members.
Amending the protocols at Supplementary .03 to Options 3, Section 7
to specify the protocols permit communications to and from the
Exchange, including responses, does not impose an undue burden on
inter-market competition because other options exchange such as Phlx
have identical protocols.
Options 3, Section 14
The Exchange's proposal to amend Options 3, Section 14(b)(5) to
change ``Customer Cross Complex Order'' to ``Complex Customer Cross
Order'' is non-substantive.
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 \6\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\7\
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\6\ 15 U.S.C. 78s(b)(3)(A)(iii).
\7\ 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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A proposed rule change filed under Rule 19b-4(f)(6) \8\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\9\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange requests
that the Commission waive the 30-day operative delay so that the
proposal may become operative immediately upon filing. The Commission
believes that waiver of the operative delay is consistent with the
protection of investors and the public interest as the proposal raises
no new or novel issues. Accordingly, the Commission waives the 30-day
operative delay and designates the proposed rule change operative upon
filing.\10\
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\8\ 17 CFR 240.19b-4(f)(6).
\9\ 17 CFR 240.19b-4(f)(6)(iii).
\10\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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#e99b9c858cc48a8684848c879d9aa99a8c8ac78e869f"><span class="__cf_email__" data-cfemail="f381869f96de909c9e9e969d8780b3809690dd949c85">[email protected]</span></a>. Please include
file number SR-MRX-2026-01 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-MRX-2026-01. 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
[[Page 3596]]
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-MRX-2026-01 and
should be submitted on or before February 17, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-01522 Filed 1-26-26; 8:45 am]
BILLING CODE 8011-01-P
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