Nasdaq Delays FIX System, Fixes Self-Trading Glitches Quietly
Published Date: 4/3/2026
Notice
Summary
Nasdaq PHLX is updating a rule that helps stop trades from accidentally happening within the same firm, which keeps trading costs down. They’re also pushing back the start date for a new order entry system called CORE FIX. These changes affect traders using Nasdaq PHLX and aim to make trading smoother without extra costs, with the new system launch delayed to give everyone more time to get ready.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Anti-Internalization Extended to FIX
If you trade on Nasdaq PHLX, the Exchange is proposing to make its Port-Level Anti-Internalization Functionality available to participants using the FIX order entry protocol. This feature helps prevent buy and sell orders from the same firm executing against each other, which the Exchange says reduces unwanted executions and trading costs; the Exchange intends to start offering this functionality for FIX before the end of 2026 and will issue an Equity Trader Alert ahead of implementation.
CORE FIX Launch Delayed to End of 2026
Nasdaq PHLX announced it will delay the implementation of its new CORE FIX order entry protocol and now proposes to implement CORE FIX before the end of 2026 instead of the previously intended first quarter of 2026. The Exchange said it will issue an Equity Trader Alert ahead of the implementation to give participants more time to prepare.
Rulebook Aligned for FLITE Use
The Exchange is updating Rule 3307 to reflect that Port-Level Anti-Internalization Functionality is already available to market participants using the FLITE order entry protocol. That part of the proposed rule change will become operative 30 days after the filing (filed March 30, 2026), i.e., on or about April 29, 2026.
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