Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”),^[1] and Rule 19b-4 thereunder,^[2] notice is hereby given that on October 30, 2026, Nasdaq PHLX LLC (“PHLX” or “Exchange”) filed with the Securities and Exchange Commission (“SEC” or “Commission”) the proposed rule change as described in Items I, II, and III, below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.

I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change

The Exchange proposes to amend Equity 4 to remove all references to the CORE FIX order entry protocol.

The text of the proposed rule change is available on the Exchange's website at listingcenter.nasdaq.com/​rulebook/​phlx/​rulefilings, and at the principal office of the Exchange.

II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change

In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change

1. Purpose

In September 2025 the Exchange added CORE FIX to its rulebook in Equity 4, in anticipation of making this new order entry protocol available to Exchange Participants in October of 2025.^[3] In December 2025 the Exchange extended the implementation date for CORE FIX to the first quarter of 2026.^[4] In March 2026 the Exchange extended the implementation date for CORE FIX to the end of 2026.^[5]

In spite of its best efforts, the Exchange has been unable to generate interest in CORE FIX among Exchange Participants. Therefore, rather than deploy an order entry protocol that Participants are not even interested in testing, the Exchange proposes to abandon its plans to deploy CORE FIX.^[6] This will allow the Exchange to better allocate its technological development resources. The Exchange notes that it will continue to offer all the order entry protocols that are currently available and operative on the Exchange—namely, OUCH, RASH, FLITE, and FIX.^[7]

The Exchange proposes to eliminate all references to CORE FIX that are currently present in Equity 4. Specifically, these references are found in Rules 3100 (Limit Up-Limit Down Plan and Trading Halts on PSX), 3301A (Order Types), 3301B (Order Attributes), and 3307 (Processing of Orders).^[8]

2. Statutory Basis

The Exchange believes that its proposal is consistent with Section 6(b) of the Act,^[9] in general, and furthers the objectives of Section 6(b)(5) of the Act,^[10] in particular, in that it is designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general to protect investors and the public interest.

The Exchange believes that the proposed rule change is designed to promote just and equitable principles of trade because it will ensure that the Exchange's rulebook accurately reflects the order entry protocols that are available and operative on the Exchange. Removing references to CORE FIX, which the Exchange will not deploy, will avoid confusion among Participants and other market participants regarding the protocols available for order entry. The proposed rule change will not alter the operation of the Exchange's market, the treatment of orders, or the rights or obligations of Participants; the Exchange will continue to offer the OUCH, RASH, FLITE, and FIX protocols. Accordingly, the proposal will remove impediments to and perfect the mechanism of a free and open market and a national market system, and will protect investors and the public interest by providing clear and accurate information concerning the Exchange's order entry protocols.

B. Self-Regulatory Organization's Statement on Burden on Competition

The Exchange does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change is not designed to address any competitive issue; instead, its purpose is to ensure that the Exchange's rulebook accurately reflects the protocols that are available and operative on the Exchange. Removing references to CORE FIX will not deprive any Participant of an available order entry protocol, because CORE FIX has not been deployed on the Exchange. Participants will continue to be able to choose among the OUCH, RASH, FLITE, and FIX protocols based on their trading needs. Accordingly, the proposal will not impose any burden on competition, either among Exchange Participants or between the Exchange and other trading venues.

C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others

No written comments were either solicited or received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action

Because the foregoing proposed rule change does not: (i) significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A)(iii) of the Act ^[11] and ( printed page 72931) subparagraph (f)(6) of Rule 19b-4 thereunder.^[12]

At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved.

IV. Solicitation of Comments

Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods:

Electronic Comments

• Use the Commission's internet comment form (www.sec.gov/​rules/​sro.shtml); or
• Send an email torule-comments@sec.gov. Please include file number SR-PHLX-2026-65 on the subject line.

Paper Comments

• Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.

All submissions should refer to file number SR-PHLX-2026-65. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's internet website ( www.sec.gov/​rules/​sro.shtml). Copies of the filing will be available for inspection and copying at the principal office of the Exchange. Do not include personal identifiable information in submissions; you should submit only information that you wish to make available publicly. We may redact in part or withhold entirely from publication submitted material that is obscene or subject to copyright protection. All submissions should refer to file number SR-PHLX-2026-65 and should be submitted on or before December 3, 2026.