Securities and Exchange Commission
Document Headings Document headings vary by document type but may contain the following: the agency or agencies that issued and signed a document the number of the CFR title and the number of each part the document amends, proposes to amend, or is directly related to the agency docket number / agency internal file number the RIN which identifies each regulatory action listed in the Unified Agenda of Federal Regulatory and Deregulatory Actions See the Document Drafting Handbook for more details. Securities and Exchange Commission [Release No. 34-102661; File No. SR-NASDAQ-2025-027] 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 13, 2025, The Nasdaq Stock Market LLC (“Exchange”) filed with the Securities and Exchange Commission (“Commission”) the proposed rule change as described in Item I below, which Item has been substantially ( printed page 12859) prepared by the Exchange. The Exchange has designated this proposal for immediate effectiveness pursuant to Section 19(b)(3)(A) of the Act  [ 3 ] and Rule 19b-4(f) thereunder. [ 4 ] The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to establish “CORE FIX” or “CF” as a new Order Entry Protocol on the Exchange, and to amend Equity 4, Rules 4120, 4702, 4703, and 4757 to add the new CORE FIX protocol. CF 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. The proposed rule change will…
Citation: 90 FR 12858
