Notice2026-06470
Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Remove Obsolete Rule Text in Nasdaq Equities 6
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
April 3, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 64 (Friday, April 3, 2026)</title>
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[Federal Register Volume 91, Number 64 (Friday, April 3, 2026)]
[Notices]
[Pages 17023-17024]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-06470]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105130; File No. SR-NASDAQ-2026-022]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Remove Obsolete Rule Text in Nasdaq Equities 6
March 31, 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 March 27, 2026, The Nasdaq Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``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 remove obsolete text in Nasdaq Equities 6.
The text of the proposed rule change is available on the Exchange's
website at <a href="https://listingcenter.nasdaq.com/rulebook/nasdaq/rulefilings">https://listingcenter.nasdaq.com/rulebook/nasdaq/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
Pursuant to a 2021 rule filing, the Exchange re-platformed three of
its products for trade reporting, surveillance, and risk management:
(1) ACT Workstation, (2) Nasdaq InterACT, and (3) Nasdaq Risk
Management (``Discontinued Products'').\3\ These products were replaced
by (1) Nasdaq WorkX, (2) Nasdaq Real-Time Stats, and (3) Nasdaq Post-
Trade Risk Management, respectively (``New Products'').\4\ As the
Exchange explained in its 2021 filing, ``Post-Trade Risk Management . .
. will be used by clearing firms in a similar fashion as Risk
Management--as an add-on service to WorkX to monitor and control
correspondent trading access on the Nasdaq Exchange and the FINRA/
Nasdaq TRF. The re-platformed product will not take away from user
functionality and will improve the user's experience by allowing the
user to create more customizations to manage risk exposure.'' \5\
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\3\ See Securities Exchange Act Release No. 91744 (May 3, 2021),
86 FR 24685 (May 7, 2021) (File No. SR-NASDAQ-2021-025) (``Self-
Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Relating
to Connectivity, Surveillance and Risk Management Services and
Fees'').
\4\ See id.
\5\ See id. at 24687. The transition from Nasdaq Risk Management
to Nasdaq Post-Trade Risk Management was originally scheduled to
occur no later than the third quarter of 2021. See id. However, the
Exchange extended this implementation date several times. See
Securities Exchange Act Release No. 93125 (Sept. 24, 2021), 86 FR
54255 (Sept. 30, 2021) (File No. SR-NASDAQ-2021-073) (``Self-
Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Extend
the Implementation Date of its Post-Trade Risk Management Tool'');
Securities Exchange Act Release No. 94704 (Apr. 12, 2022), 87 FR
22958 (Apr. 18, 2022) (File No. SR-NASDAQ-2022-029) (``Self-
Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Extend
the Implementation Date of Nasdaq's Post-Trade Risk Management
Product to Q2 2022''); Securities Exchange Release No. 95216 (July
7, 2022), 87 FR 41774 (July 13, 2022) (File No. SR-NASDAQ-2022-038)
(``Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
To Extend the Implementation Date of Its Post-Trade Risk Management
Product to Q4 2022''); Securities Exchange Act Release No. 96534
(Dec. 19, 2022), 87 FR 79026 (Dec. 23, 2022) (File No. SR-NASDAQ-
2022-074) (``Self-Regulatory Organizations; The Nasdaq Stock Market
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change To Extend the Implementation Date of Nasdaq's Post-Trade Risk
Management Product to Q2 2023''); and Securities Exchange Act
Release No. 98582 (Sept. 28, 2023), 88 FR 68760 (Oct. 4, 2023) (File
No. SR-NASDAQ-2023-038) (``Self-Regulatory Organizations; The Nasdaq
Stock Market LLC; Notice of Filing and Immediate Effectiveness of
Proposed Rule Change Related to Equity 7, Section 115'').
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Subsequently, pursuant to a 2024 rule filing, after all users of
the Discontinued Products had migrated to the New Products, the
Exchange amended its rulebook to remove obsolete references to the
Discontinued Products.\6\ However, the Exchange mistakenly did not
include in this 2024 filing the description of Nasdaq Risk Management
contained in Nasdaq Equity 6, Sections 1 and 2. The Exchange proposes
to delete this obsolete rule text in Nasdaq Equity 6, Sections 1 and 2,
and instead reserve those sections of its rulebook.
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\6\ See Securities Exchange Act Release No. 100093 (May 9,
2024), 89 FR 42552 (May 15, 2024) (File No. SR-NASDAQ-2024-018)
(``Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
to Relating to Connectivity, Surveillance and Risk Management
Services'').
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2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\7\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\8\ 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,
by removing obsolete text from its rulebook.
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\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(5).
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Removing obsolete rule text helps promote just and equitable
principles of trade and removes impediments to--and perfects the
mechanism of--a free and open market and a national market system, and
helps protect investors and serves the public interest, by avoiding any
confusion that could arise from the presence of this obsolete rule text
in the Exchange's rulebook. In 2021, the
[[Page 17024]]
Exchange discontinued its Nasdaq Risk Management product, and replaced
it with Nasdaq Post-Trade Risk Management, pursuant to a rule filing
with the SEC. Then, in 2024, the Exchange removed obsolete references
in its rulebook to the discontinued Nasdaq Risk Management product,
pursuant to another rule filing with the SEC. Through the present
filing, the Exchange seeks to complete this process, by removing the
only remaining obsolete references in its rulebook to the discontinued
Nasdaq Risk Management product.
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. Removing obsolete rule text
does not impose any burden on competition that is not necessary or
appropriate for the purposes of the Act, because the removal of
obsolete rule text benefits all market participants equally, by helping
all market participants avoid any confusion that could arise from the
presence of obsolete rule text in the Exchange's 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 19(b)(3)(A)(iii) of the Act \9\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\10\
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\9\ 15 U.S.C. 78s(b)(3)(A)(iii).
\10\ 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#c2b0b7aea7efa1adafafa7acb6b182b1a7a1eca5adb4"><span class="__cf_email__" data-cfemail="afdddac3ca82ccc0c2c2cac1dbdcefdccacc81c8c0d9">[email protected]</span></a>. Please include
file number SR-NASDAQ-2026-022 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-NASDAQ-2026-022. 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-NASDAQ-2026-022 and should be submitted
on or before April 24, 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. 2026-06470 Filed 4-2-26; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on April 3, 2026.
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