Self-Regulatory Organizations; Nasdaq PHLX 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 PHLX’s removal of all references to the CORE FIX Order Entry Protocol signals a shift in trading infrastructure that middle-market credit professionals must monitor closely. Changes to order entry protocols can impact liquidity, execution speed, and market transparency, which in turn affect pricing and risk management for leveraged finance transactions. Understanding these regulatory amendments helps credit desks anticipate potential market structure shifts that influence trading dynamics and capital access in the middle market.