Self-Regulatory Organizations; Nasdaq Texas, LLC; Notice of Filing and Immediate Effectiveness of a Proposal To Amend Equity 4 To Remove All References to the CORE FIX Order Entry Protocol

Nasdaq Texas’s move to amend Equity 4 by removing all references to the CORE FIX Order Entry Protocol signals a shift in trading infrastructure that could impact order routing and execution efficiency. For middle-market credit professionals, changes in order entry protocols affect liquidity access and price discovery, potentially influencing secondary market trading dynamics for leveraged loans and bonds. Monitoring such regulatory updates is essential to anticipate shifts in market microstructure that could alter execution strategies and cost structures in credit trading.