Nasdaq Updates Anti-Self-Trading Rule and Delays CORE FIX Protocol
Published Date: 4/3/2026
Notice
Summary
Nasdaq is updating a rule that helps stop trades from accidentally happening within the same firm, which keeps trading fair and lowers costs. They’re also pushing back the start date for a new order entry system called CORE FIX to give everyone more time to get ready. These changes affect traders using Nasdaq and aim to make trading smoother without extra fees or delays.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Anti-Internalization Tool Expanded to FIX/FLITE
Nasdaq is changing Rule 4757 to make its Port-Level Anti-Internalization Functionality available to participants using the FIX order entry protocol and to reflect that it is already available to FLITE users. The filing was made on March 30, 2026; the rule will reflect FLITE availability 30 days after filing (April 29, 2026), and Nasdaq intends to offer the functionality to FIX users before the end of 2026.
CORE FIX Implementation Delayed to End of 2026
Nasdaq pushed back the implementation date for its CORE FIX order entry protocol. CORE FIX was originally intended for the third quarter of 2025, but Nasdaq now proposes to implement CORE FIX before the end of 2026.
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