# 2025-22147: Stock Exchange Fixes Order Glitch and Typos Rulebook

2025-22147, Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend PHLX Equity 4, Rule 3301A(b) To Specify That the “Time-in-Force” Order Attribute of “Immediate-or-Cancel” Is Not Available to Post-Only Orders or Midpoint Peg Post-Only Orders Entered Through the CORE FIX Protocol, and To Correct a Clerical Error Regarding the Availability of the Trade Now Order Attribute for Midpoint Peg Post-Only Orders, is a Federal Register notice from Securities and Exchange Commission published 2025-12-08, effective 2025-11-24 (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-22147
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-22147
- Title: Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend PHLX Equity 4, Rule 3301A(b) To Specify That the “Time-in-Force” Order Attribute of “Immediate-or-Cancel” Is Not Available to Post-Only Orders or Midpoint Peg Post-Only Orders Entered Through the CORE FIX Protocol, and To Correct a Clerical Error Regarding the Availability of the Trade Now Order Attribute for Midpoint Peg Post-Only Orders
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 56820
- Published: 2025-12-08
- Effective: 2025-11-24
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

Stock Exchange Fixes Order Glitch and Typos Rulebook

## Summary

Nasdaq PHLX is updating its rules to say that the “Immediate-or-Cancel” time option can’t be used with Post-Only or Midpoint Peg Post-Only orders sent through the CORE FIX system. They also fixed a small mistake about when the “Trade Now” option is allowed for Midpoint Peg Post-Only orders. This change affects traders using these order types and is effective immediately, with no extra costs involved.

## Effects PRIA read

- IOC Not Allowed Via CORE FIX: cost, low. If you submit Post-Only or Midpoint Peg Post-Only orders through the CORE FIX protocol, you cannot use the Immediate-or-Cancel (IOC) Time-in-Force and such orders will be rejected. The rule clarifies that IOC is unavailable via CORE FIX in addition to RASH and FIX. The change was filed on November…
- Trade Now Removed for Midpoint Peg Post-Only: cost, low. The 'Trade Now' order attribute is not available for Midpoint Peg Post-Only orders. The Exchange previously removed 'Trade Now' for that order type in 2024 but the rulebook online mistakenly showed it; the Exchange will remove the incorrect language from its rulebook 30 days after this filing (30 d…

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## Sources
- [2025-22147 on federalregister.gov](https://www.federalregister.gov/documents/2025/12/08/2025-22147/self-regulatory-organizations-nasdaq-phlx-llc-notice-of-filing-and-immediate-effectiveness-of)
- [2025-22147 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-12-08/pdf/2025-22147.pdf)

## Related
- [Previous: 2025-22146, Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing a…](https://policyrisk.com/federal-register/2025-22146)
- [Next: 2025-22148, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Im…](https://policyrisk.com/federal-register/2025-22148)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-22147 (as of 2026-06-08).