Nasdaq PHLX's Immediate Rule Amendments Affect All Market Participants
Proposed changes to Options 1, 2, 4A, 7 and 8 become effective Aug. 19, 2026 for members and member organizations
On August 19, 2026 Nasdaq PHLX LLC filed a proposed rule change (Release No. 34-106173; File No. SR-Phlx-2026-52) that the SEC published on August 21, 2026 in Federal Register Volume 91, Number 164, pages 55130-55132 (FR Doc No: 2026-17361). The filing amends Options 1, Section 1; Options 2, Section 1; Options 4A, Section 6; Options 7, Section 1; and Options 8, Sections 11, 25 and 39, and is effective immediately pursuant to Section 19(b)(3)(A)(iii) of the Act.
The Exchange describes the amendments as non-substantive. They alphabetize defined terms in Options 1, correct cross-references in Options 2, 7 and 8, change "an" to "a" in Options 1, Section 1(b)(49), delete a duplicated phrase about contracts exceeding 100,000 in Options 4A, replace the legacy term "Off-Floor Broker-Dealer" with "broker-dealer" in Options 8, and lowercase "Limit Orders." The notice lists these specific textual updates.
The Exchange cites Section 6(b) and Section 6(b)(5) of the Securities Exchange Act of 1934 as the statutory basis, arguing that the changes improve clarity, accuracy and internal consistency of the rulebook without altering any substantive requirement.
In its competition statement, the Exchange asserts that the amendments impose no new burden on intra-market or inter-market competition and will apply uniformly to all similarly situated members and member organizations.
The Commission is soliciting comments, but the notice reports that no written comments were received. The filing will remain in effect while the comment period proceeds.
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