Notice2025-16288
Self-Regulatory Organizations; NYSE Texas, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Fee Schedule of NYSE Texas, Inc.
Primary source
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Published
August 26, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 163 (Tuesday, August 26, 2025)</title>
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[Federal Register Volume 90, Number 163 (Tuesday, August 26, 2025)]
[Notices]
[Pages 41622-41624]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-16288]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103757; File No. SR-NYSETEX-2025-26]
Self-Regulatory Organizations; NYSE Texas, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend the Fee
Schedule of NYSE Texas, Inc.
August 21, 2025.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that, on August 20, 2025, the NYSE Texas, Inc. (``NYSE Texas'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the self-regulatory
[[Page 41623]]
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend the Fee Schedule of NYSE Texas, Inc.
(the ``Fee Schedule'') to adopt a drop copy port that is identical to
drop copy port available on the Exchange's affiliate, NYSE Arca, Inc.
(``NYSE Arca''). The proposed rule change is available on the
Exchange's website at <a href="http://www.nyse.com">www.nyse.com</a> 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 self-regulatory organization
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 those 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 parts of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to adopt a drop copy port that is identical
to drop copy port available on NYSE Arca.\4\
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\4\ See NYSE Arca Schedule of Fees, Connectivity Fees, at
<a href="https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/NYSE_Arca_Marketplace_Fees.pdf">https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/NYSE_Arca_Marketplace_Fees.pdf</a>.
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The Exchange currently makes ports available that provide
connectivity to the Exchange's trading systems (i.e., ports for the
entry of orders and/or quotes (``order/quote entry ports'')). With this
proposal, the Exchange proposes to adopt drop copy port and related
rule text on the Exchange's Fee Schedule. Drop copy ports would provide
Participant Firms additional ``copies'' of order activity transacted
over one or more order/quote entry ports. The order activity can be
filtered by various parameters, such as MPID, order/quote port, as well
as by the kind of order activity, i.e., all order activity or just
execution-related activity.\5\ As proposed, the Fee Schedule would
specify that only one fee per drop copy port would apply, even if
Participant Firms receive drop copies from multiple order/quote entry
ports, except that no fee would apply to ports in the backup datacenter
if configured such that it is duplicative of another drop copy port of
the same user.
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\5\ The Exchange proposes to add language to the Fee Schedule to
differentiate between drop copy ports and order/quote entry ports.
This aspect of the proposed rule change also conforms to the fee
schedule of NYSE Arca, which also provides its members with a drop
copy port. See NYSE Arca Schedule of Fees, Connectivity Fees at
<a href="https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/NYSE_Arca_Marketplace_Fees.pdf">https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/NYSE_Arca_Marketplace_Fees.pdf</a>.
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Finally, similar to order/quote entry ports, the use of drop copy
ports would be prorated to the number of trading days in a billing
month, including any scheduled early closing days, that the port is
connected to the Exchange.\6\
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\6\ NYSE Arca similarly prorates fees for drop copy ports
utilized by its members. See NYSE Arca Schedule of Fees,
Connectivity Fees, at <a href="https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/NYSE_Arca_Marketplace_Fees.pdf">https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/NYSE_Arca_Marketplace_Fees.pdf</a>.
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The proposed drop copy port is an optional port that provides
Participant Firms with additional copies of order activity, and as
such, Participant Firms can elect to obtain a drop copy port and are
not required to do so.
2. Statutory Basis
The Exchange believes the proposal furthers the objectives of
Section 6(b)(5) of the Act \7\ in that the proposed rule change 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 and is not designed to permit unfair discrimination
between customers, issuers, brokers and dealers.
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\7\ 15 U.S.C. 78f(b)(5).
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The Exchange's proposal to adopt drop copy port on the Fee Schedule
is consistent with the Act because the drop copy port, which is an
optional product, would provide Participant Firms additional ``copies''
of order activity transacted over one or more order/quote entry ports.
Participant Firms currently obtain similar information from their
order/quote entry ports. Participant Firms can elect to obtain a drop
copy port but are not required to do so. The proposed drop copy port is
identical to drop copy port on NYSE Arca.
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 that is not necessary or appropriate
in furtherance of the purposes of the Act. Drop copy port is an
optional offering that Participant Firms can choose to obtain.
Continuing to offer such products would allow the Exchange to remain
competitive in the equities marketplace which currently has 16 equities
markets,\8\ numerous alternative trading systems,\9\ and broker-dealer
internalizers and wholesalers, all competing with one another. The
Exchange's proposal does not impose an undue burden on intra-market
competition as this is an optional product that Participant Firms can
choose to obtain and are not required to do so. The drop copy port is
identical to drop copy port on NYSE Arca. The drop copy port on the
Exchange does not impose an undue burden on inter-market competition as
other equities markets, including the Exchange's affiliate, NYSE Arca,
offer an identical product.
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\8\ See Cboe U.S Equities Market Volume Summary, available at
<a href="https://markets.cboe.com/us/equities/market_share">https://markets.cboe.com/us/equities/market_share</a>.
\9\ See FINRA ATS Transparency Data, available at <a href="https://otctransparency.finra.org/otctransparency/AtsIssueData">https://otctransparency.finra.org/otctransparency/AtsIssueData</a>. A list of
alternative trading systems registered with the Commission is
available at <a href="https://www.sec.gov/foia/docs/atslist.htm">https://www.sec.gov/foia/docs/atslist.htm</a>.
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
D. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
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 \10\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\11\
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\10\ 15 U.S.C. 78s(b)(3)(A)(iii).
\11\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Commission has waived this requirement.
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[[Page 41624]]
A proposed rule change filed under Rule 19b-4(f)(6) \12\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\13\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has
requested that the Commission waive the five-day prefiling requirement
and the 30-day operative delay so that the proposal may become
operative immediately upon filing. The proposed rule change would allow
the Exchange to offer the proposed drop copy port immediately and the
proposed drop copy port is identical to the drop copy port available on
the Exchange's affiliate, NYSE Arca. The Commission believes that the
proposed rule change raises no novel issues and that waiver of five-day
prefiling requirement and the operative delay is consistent with the
protection of investors and the public interest. Therefore, the
Commission hereby waives the five-day prefiling requirement and
operative delay and designates the proposal operative upon filing.\14\
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\12\ 17 CFR 240.19b-4(f)(6).
\13\ 17 CFR 240.19b-4(f)(6)(iii).
\14\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of such 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 under
Section 19(b)(2)(B) \15\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\15\ 15 U.S.C. 78s(b)(2)(B).
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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
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#9be9eef7feb6f8f4f6f6fef5efe8dbe8fef8b5fcf4ed"><span class="__cf_email__" data-cfemail="0173746d642c626e6c6c646f7572417264622f666e77">[email protected]</span></a>. Please include
file number SR-NYSETEX-2025-26 on the subject line.
Paper Comments
<bullet> 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-NYSETEX-2025-26. 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 (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). 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-NYSETEX-2025-26 and should be submitted
on or before September 16, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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\16\ 17 CFR 200.30-3(a)(12).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2025-16288 Filed 8-25-25; 8:45 am]
BILLING CODE 8011-01-P
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