Nasdaq BX amends rules to shift risk settings to clearing members
Published Date: 12/23/2025
Notice
Summary
Nasdaq BX is updating its rules to let clearing members take charge of managing risk settings for participants who don’t clear their own trades. This change helps share responsibility more clearly and kicks in right away with no extra fees. If you’re a trader or clearing member, this means smoother risk management starting now!
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Clearing Members Can Set Risk Limits
The rule lets a Participant that does not self-clear allocate responsibility to a clearing member to establish and adjust the Participant's risk levels in BX Equity 6, Section 5. This change was filed December 10, 2025 and the Exchange expects the functionality to be ready in the first quarter of 2026, with at least 30 days' notice before implementation.
Controls Don’t Replace Compliance Duties
The Exchange says using BX Equity 6, Section 5 risk settings will not automatically constitute compliance with Exchange or federal rules (including Rule 15c3-5), and the Participant remains responsible for complying with all Exchange and federal rules. The Exchange clarifies the controls are not designed to be the sole means of risk management.
Participant Transparency and Revocation Rights
If you are a Participant who designates a clearing member, you can view any risk levels the clearing member sets and you will continue to be notified by the Exchange of actions taken about your trading activity. A Participant may revoke the responsibility it allocated to a clearing member at any time.
Timing and Commission Review
The Exchange filed the change on December 10, 2025 and will announce the implementation date at least 30 days before implementation; the Exchange currently expects implementation in the first quarter of 2026. The Commission may summarily suspend the rule within 60 days of filing if it deems suspension necessary.
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