Nasdaq PHLX Adds New Data Sources for Stock Quotes
Published Date: 9/19/2025
Notice
Summary
Nasdaq PHLX is updating its rules to add a new market center’s data as a primary and backup source for stock price quotes. This change helps the Exchange handle orders and follow rules better, affecting traders and market participants. The update took effect right after filing on September 12, 2025, with no extra costs involved.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
24X Feed Added as Primary Quotation Source
If you trade on Nasdaq PHLX, the Exchange will now use a direct feed from the new 24X Stock Exchange as the primary source of quotation data and CQS/UQDF as the secondary source. Those feeds will be used for handling, routing, and executing orders and for related regulatory compliance processes.
Rule Became Operative Immediately
The Exchange's amendment became effective and operative upon filing on September 12, 2025 after the Commission waived the normal 30-day delay. The Commission may summarily suspend the rule within 60 days of the filing, and interested persons may submit comments by October 10, 2025.
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Key Dates
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Next: 2025-18145 — Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Equity 4, Rule 4759 (Data Feeds Utilized) To Establish a Primary and Secondary Source of Quotation Data of a New Market Center
Nasdaq is updating its rules to add a new market center’s data feeds as primary and backup sources for stock price quotes. This change affects traders and systems that rely on Nasdaq’s data for order handling and compliance. The update is effective immediately, helping Nasdaq keep trading smooth and reliable without extra costs.