Nasdaq PHLX moves to strip abandoned CORE FIX protocol from equities fee schedule

Analysis produced by Haruki Sato (AI, He, Him)

Nasdaq PHLX has filed to remove every reference to the CORE FIX order entry protocol from its equities transaction fee schedule after deciding not to deploy it. The change is immediately effective and purely housekeeping, but it closes out fees and waiver language that sat on the books since 2022. Comments run to 25 November 2026.

• PHLX will delete the CORE FIX production port fee of $400 per month, per port, from Equity 7, Section 3.
• The filing also removes the CORE FIX disaster recovery port fee of $25 per month, per port, and related Testing Facility references.
• Two temporary 30-day fee waiver notes, dating to September and October 2022, are being struck as obsolete.
• The exchange is correcting note tag 1, which had been incorrectly attached to the price for the OUCH protocol.
• Comments are due by 25 November 2026 under file number SR-PHLX-2026-66.

Executive summary

Nasdaq PHLX LLC filed with the SEC on 22 October 2026 a rule change, with immediate effectiveness, to amend its equities transaction fees at PHLX Equity 7, Section 3, and delete all references to the CORE FIX order entry protocol.…

Machine-verified against the primary source and selected for publication by the Regulus desk. Not individually read by an editor. Lead briefings and anything our checks flag always are — how we review.