NASDAQ OMX BX, Inc. (Nasdaq OMX BX) proposed a rule change to establish a new voluntary Flash and Cancel Order type. A Flash and Cancel Order will provide an optional pre-cancellation display period for market and marketable limit orders so designated. An analogous order type and the corresponding functionality is already in use by The NASDAQ Stock Market LLC (as reported in the June 19 edition of Corporate and Financial Weekly Digest) and the CBOE Stock Exchange. The proposed rule change, filed by Nasdaq OMX BX with the Securities and Exchange Commission on June 23, was effective immediately upon filing.
The SEC release is available here.