Nasdaq removes CORE FIX references from Equity 4 rulebook

On October 22, 2026, The Nasdaq Stock Market LLC filed a proposed rule change (Release No. 34-106807; File No. SR-NASDAQ-2026-092) to amend Equity 4 and delete every reference to the CORE FIX order entry protocol. The filing was published in the Federal Register on November 3, 2026, and, because it does not materially affect investor protection, competition, or market operation, it became effective immediately under Section 19(b)(3)(A)(iii) of the Securities Exchange Act of 1934 and Rule 19b-4(f)(6).

The Exchange explained that CORE FIX was added to Equity 4 in March 2025 with an anticipated rollout in the third quarter of 2025, later extended to the end of 2026. Lack of participant interest led Nasdaq to abandon the deployment and to delete the protocol references from Rules 4120, 4702, 4703, and 4757, as well as the online disclaimer noting a 2026 implementation. A separate fee filing will also remove CORE FIX references from Equity 7.

In addition to the deletions, Nasdaq will make a technical correction to Rule 4120(b)(1)(C)(ii)(e)(2), replacing the reference to CORE FIX with the FLITE protocol alongside OUCH. This amendment aligns the rule text with the Exchange's current functionality, which already supports limit-priced orders entered via OUCH or FLITE.

Nasdaq affirmed that the change will not alter market operations, order treatment, or participant rights. The Exchange will continue to offer the OUCH, RASH, FLITE, and FIX protocols. No comments were solicited or received, and the Commission may suspend the rule change within 60 days if necessary.