Nasdaq proposes written clearing affirmation for Night Session trades

On September 28, 2026, The Nasdaq Stock Market LLC filed with the SEC a proposed rule change, Release No. 34-106548; File No. SR-NASDAQ-2026-084, that is immediately effective under Section 19(b)(1) of the Exchange Act and Rule 19b-4. The notice solicits comments on the amendment to Exchange Rule Equity 2, Section 9.

The amendment requires that if a Member trades in the Night Session and clears those transactions through another Member that is a member of a registered clearing agency, the designated Clearing Member must affirm in writing - via a letter of authorization, guarantee, consent, or other acceptable agreement - its responsibility to clear and settle all Night Session trades executed by the designating Member.

The Exchange states the purpose is to give clearing member firms a mechanism to manage operational, risk-management, and supervisory considerations unique to overnight trading. The requirement is limited to Night Session activity and does not alter existing clearing relationships for regular trading sessions.

Implementation is planned as soon as practicable during September 2026 to allow member onboarding before the anticipated commencement of 23-5 trading in or about December 2026. The filing supersedes the earlier proposal SR-NASDAQ-2026-079 filed on September 18, 2026, correcting a reference from "Night" to "Night Session" without otherwise changing the rule text.