Nasdaq BX Mirrors Update with New Quote Data Source
Published Date: 9/19/2025
Notice
Summary
Nasdaq BX is updating its rules to add a new market center’s data as both a primary and backup source for stock price quotes. This change helps the Exchange handle orders and follow rules better, affecting traders and investors using Nasdaq BX. The update took effect right after filing on September 12, 2025, with no extra costs announced.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Adds 24X as Primary Quotation Feed
If you trade on Nasdaq BX, the Exchange will use the new 24X direct feed as the primary source of stock quotes and CQS/UQDF as the secondary source for that new market center. The change is recorded in Equity 4, Rule 4759 and applies to handling, routing, execution of orders and regulatory compliance related to those functions.
Rule Effective Immediately (Sep 12, 2025)
The SEC waived the usual 30-day operative delay, so the proposed rule change became operative upon filing on September 12, 2025. That lets Nasdaq BX begin receiving and using the 24X direct feed right away.
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Previous / Next Documents
Previous: 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.
Next: 2025-18147, Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Order Approving a Proposed Rule Change To Amend FINRA Rule 6730 (Transaction Reporting)
FINRA just got the green light to keep the 15-minute deadline for reporting certain bond trades, making sure things stay clear and timely. They’re also adding a new way to report when big orders get split across multiple customer accounts. This update affects brokers and traders and kicks in soon, helping everyone stay on the same page without extra costs.