Notice2025-17331
Self-Regulatory Organizations; NYSE Texas, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 7.35
Primary source
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Published
September 10, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 173 (Wednesday, September 10, 2025)</title>
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[Federal Register Volume 90, Number 173 (Wednesday, September 10, 2025)]
[Notices]
[Pages 43723-43726]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-17331]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103872; File No. SR-NYSETEX-2025-31]
Self-Regulatory Organizations; NYSE Texas, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend Rule 7.35
September 5, 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 27, 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
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 Rule 7.35 (Auctions) regarding
Auction Imbalance Information and make related conforming changes. 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 amend Rule 7.35 (Auctions) regarding the
calculation of auction imbalance information disseminated by the
Exchange. Specifically, the Exchange proposes to amend certain
provisions of Rule 7.35 to provide that, for purposes of the Auction
Imbalance Information, imbalance information will be calculated based
on the Auction Reference Price rather than the Indicative Match Price.
As defined in Rule 7.35(a)(4), Auction Imbalance Information is
information disseminated by the Exchange for an auction. Auction
Imbalance Information is updated at least every second, unless there is
no change to the information and is disseminated via proprietary data
feed. Auction Imbalance Information includes, if applicable, the Total
Imbalance, Market Imbalance, Indicative Match Price, Matched Volume,
Auction Reference Price, Auction Collar, Book Clearing Price, Far
Clearing Price, Imbalance Freeze Indicator, and Auction Indicator.\4\
The Indicative Match Price, as defined in Rule 7.35(a)(8), is the best
price at which the maximum volume of shares, including the non-
displayed quantity of Reserve Orders, is tradable in the applicable
auction (subject to the Auction Collars). Auction Reference Price is
currently defined in Rule 7.35(a)(8)(A) as follows: \5\
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\4\ See Rule 7.35(a)(4).
\5\ The Exchange notes that it has separately filed a proposed
rule change to amend the definition of Auction Reference Price to,
among other things, consider the price of the last consolidated
trade of at least one round lot. See Securities Exchange Act Release
No. 103739 (August 18, 2025), 90 FR 40870 (August 21, 2025) (SR-
NYSETEX-2025-24). For the reasons noted in SR-NYSETEX-2025-24, the
Exchange believes the proposed changes to the Auction Reference
Price described therein would enhance the calculation of the Auction
Reference Price to better reflect more recent trading activity. The
Exchange believes that calculating Auction Imbalance Information
based on the Auction Reference Price, whether under the current
definition or the definition proposed in SR-NYSETEX-2025-24, would
provide market participants with improved imbalance information that
is based on the price at which a security is currently trading.
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Auction Auction reference price
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Early Open Auction................ Prior trading day's Official Closing
Price.
Core Open Auction................. The midpoint of the Auction NBBO or,
if the Auction NBBO is locked, the
locked price. If there is no
Auction NBBO, the prior trading
day's Official Closing Price.
Closing Auction................... Last consolidated round-lot price of
that trading day and, if none, the
prior trading day's Official
Closing Price.
Trading Halt Auction.............. Last consolidated round-lot price of
that trading day and, if none, the
prior trading day's Official
Closing Price (except as provided
for in Rule 7.35E(e)(7)(A)).
IPO Auction....................... Zero, unless the Exchange is
provided with a price for the
security.
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[[Page 43724]]
The Exchange does not propose any change to its use of the
Indicative Match Price as the price at which auctions would take place
but believes that disseminating Auction Imbalance Information based on
the Auction Reference Price instead of the Indicative Match Price would
provide market participants with enhanced Auction Imbalance
Information. Specifically, whereas the Indicative Match Price is
representative of the price at which an auction would take place at a
given time, the Auction Reference Price may offer market participants
more information on the imbalance in the market for a security because
it would reflect, for example, the midpoint of the Auction NBBO \6\
going into the Core Open Auction and thus may provide a better
indication of the prevailing market price for a security. Accordingly,
the Exchange believes that the proposed change would enhance the price
information available to market participants through the Auction
Imbalance Information and could allow market participants to more
accurately respond to imbalances in the market for a security,
potentially attracting additional orders to the Exchange to participate
in the auction. The Exchange also believes that the proposed change
could promote auction quality, to the extent the enhanced Auction
Imbalance Information encourages auctions to take place at prices
closer to where securities are trading in the market.
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\6\ The Auction NBBO is the national best bid or offer used for
purposes of pricing an auction. See NYSE Texas Rule 7.35(a)(5).
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This proposed change would align the Exchange's rules with those of
its affiliate NYSE American, LLC (``NYSE American''), which recently
filed an immediately effective proposed rule change to make the same
changes as proposed in this filing to reflect the calculation of
Auction Imbalance Information based on Auction Reference Price.\7\
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\7\ See SR-NYSEAMER-2025-52, available at: <a href="https://www.nyse.com/publicdocs/nyse/markets/nyse-american/rule-filings/filings/2025/SR-NYSEAMER-2025-52_Re-file.pdf">https://www.nyse.com/publicdocs/nyse/markets/nyse-american/rule-filings/filings/2025/SR-NYSEAMER-2025-52_Re-file.pdf</a>. The proposed rule change set forth in
SR-NYSEAMER-2025-52 was effective as of filing on August 26, 2025,
and will be operative 30 days thereafter. As noted in SR-NYSEAMER-
2025-52, the Exchange will announce the implementation date of the
proposed change by Trader Update, and the Exchange expects to
implement those changes in conjunction with the changes proposed in
this filing.
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Proposed Rule Change
The Exchange proposes the following changes to NYSE Texas Rule 7.35
to effect the changes described above.
Rule 7.35(a) sets forth definitions of terms used in Rule 7.35.
Rule 7.35(a)(7) defines ``Imbalance'' as the number of buy (sell)
shares that cannot be matched with sell (buy) shares at the Indicative
Match Price at any given time and, unless otherwise specified, includes
the non-displayed quantity of Reserve Orders eligible to participate in
the applicable auction.
Rule 7.35(a)(7)(A) currently defines ``Total Imbalance'' as the net
Imbalance of all buy (sell) shares at the Indicative Match Price for
all orders that are eligible to trade in the applicable auction. The
Exchange proposes to amend Rule 7.35(a)(7)(A) to replace Indicative
Match Price with Auction Reference Price, such that the Total Imbalance
(which is disseminated as part of the Auction Imbalance Information)
would reflect the net Imbalance calculated at the Auction Reference
Price, for the reasons noted above. The Exchange notes that this
proposed change would distinguish the Total Imbalance from the
Imbalance. Whereas these two terms currently have essentially the same
meaning, this proposed change would define Total Imbalance as the
Imbalance calculated at the Auction Reference Price, and Imbalance
would continue to be calculated at the Indicative Match Price. This
proposed change is based on NYSE American Rule 7.35E(a)(7)(A) without
any changes.
Rule 7.35(a)(7)(B) currently defines ``Market Imbalance'' as the
imbalance of any remaining buy (sell) Market Orders that are not
matched for trading in the applicable auction. The Market Imbalance is
published as part of the Auction Imbalance Information and is also used
for other purposes, such as to determine whether to extend the Re-
Opening Time for a Trading Halt Auction.\8\ The Exchange proposes to
amend Rule 7.35(a)(7)(B) to provide that, for purposes of disseminating
Auction Imbalance Information, Market Imbalance will mean the imbalance
of any remaining buy (sell) Market Orders that are not matched for
trading in the applicable auction at the Auction Reference Price. This
proposed change is consistent with the Exchange's proposal to
disseminate Auction Imbalance Information based on the Auction
Reference Price instead of the Indicative Match Price, as described
above. The proposed change also serves to distinguish between the
Market Imbalance for purposes such as auction extension logic, which
will continue to be based on the Indicative Match Price, and the Market
Imbalance for purposes of the Auction Imbalance Information, which will
be based on the Auction Reference Price. As noted above, the Exchange
is not proposing any changes to the process by which it will determine
the price at which auctions will take place or whether the Re-Opening
Time for a Trading Halt Auction should be extended. Accordingly, the
Exchange proposes that the Market Imbalance that is published as part
of the Auction Imbalance Information to market participants would be
based on the Auction Reference Price for the reasons outlined above,
but will continue to use the Indicative Match Price in calculating
Market Imbalance for purposes such as auction extension logic. This
proposed change is based on NYSE American Rule 7.35E(a)(7)(B) without
any changes.
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\8\ See Rule 7.35(e)(6)(B) (providing that, if there is an
Impermissible Price at the end of the First Extension, the pause or
halt will be extended an additional five minutes and a new Re-
Opening Time will be disseminated (``Subsequent Extension'') and
that the Exchange will conduct a Trading Halt Auction before the Re-
Opening Time for a Subsequent Extension if the Indicative Match
Price, before being adjusted based on Auction Collars, is within the
applicable Auction Collars and there is no Market Imbalance.)
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Rule 7.35(a)(8) defines ``Indicative Match Price'' as the best
price at which the maximum volume of shares, including the non-
displayed quantity of Reserve Orders, is tradable in the applicable
auction, subject to the Auction Collars. Rule 7.35(a)(8)(D) currently
provides that, if there is a BBO but no Matched Volume, the Indicative
Match Price and Total Imbalance for the Auction Imbalance Information
will be either the side of the BBO that has the higher volume or, if
the volume of the BB equals the volume of the BO, the BB. The Exchange
publishes the Indicative Match Price in this manner to continue to
attract interest to participate in the auction. The Exchange now
proposes to amend Rule 7.35(a)(8)(D) to provide that, if there is no
Matched Volume, the Indicative Match Price for the Auction Imbalance
Information will be set to zero. The Exchange believes that this
proposed change would improve the transparency of the Auction Imbalance
Information with respect to the Indicative Match Price and is logical
because, if there is no Matched Volume, an auction would not take
place.\9\ In addition, because the Total Imbalance, Market Imbalance,
and Matched Volume (as discussed below) would, as proposed, be
calculated based on the Auction Reference Price instead of the
Indicative Match Price for purposes of the Auction Imbalance
Information, the
[[Page 43725]]
Exchange would continue to disseminate price information that could
encourage participation in the auction. This proposed change is based
on NYSE American Rule 7.35E(a)(8)(D) without any changes.
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\9\ This proposed change would also align Rule 7.35(a)(8)(D)
with Rule 7.35(a)(8)(E), which provides that, if there is no Matched
Volume and Market Orders on only one side of the market, the
Indicative Match Price for the Auction Imbalance Information will be
zero.
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Rule 7.35(a)(9) currently defines ``Matched Volume'' as the number
of buy and sell shares that can be matched at the Indicative Match
Price at any given time. The Exchange proposes to amend Rule 7.35(a)(9)
to define Matched Volume as the number of buy and sell shares that can
be matched at the Indicative Match Price at any given time except for
purposes of Auction Imbalance Information. For Auction Imbalance
Information, the Exchange proposes that Matched Volume will mean the
number of buy and sell shares that can be matched at the Auction
Reference Price at any given time. This proposed change is consistent
with the change described above to the definition of Market Imbalance.
Like Market Imbalance, Matched Volume is published as part of the
Auction Imbalance Information but is also considered for other purposes
in connection with auction processing.\10\ This proposed change is
similarly consistent with the Exchange's proposal to disseminate
Auction Imbalance Information based on the Auction Reference Price, as
noted above, and distinguishes between Matched Volume in connection
with auction processing, which will continue to be based on the
Indicative Match Price, and Matched Volume for purposes of the Auction
Imbalance Information, which will be based on the Auction Reference
Price. Consistent with the proposed change to the Market Imbalance
described above, the Exchange here proposes to continue to define
Matched Volume based on the Indicative Match Price for purposes of
auction processing, given that there are no changes proposed to the
process by which the Exchange will determine the price at which
auctions will take place, but would disseminate Matched Volume based on
the Auction Reference Price to provide market participants with
enhanced Auction Imbalance Information. This proposed change is based
on NYSE American Rule 7.35E(a)(9) without any changes.
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\10\ See, e.g., Rule 7.35(b) (``The Early Open Auction will be
conducted at the beginning of the Early Trading Session. Only Limit
Orders in Auction-Eligible Securities designated for the Early
Trading Session will be eligible to participate in the Early Open
Auction. If there is no Matched Volume for the Early Open Auction,
the Exchange will open the Early Trading Session with a quote.'');
Rule 7.35(h) (``After auction processing concludes, including if
there is no Matched Volume and an auction is not conducted or when
transitioning from one trading session to another, the Exchange will
transition to continuous trading following an auction or when
transitioning from one trading session to another as follows . .
.'').
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Rule 7.35(d) describes the Closing Auction, which is conducted at
the end of the Core Trading Session. Rule 7.35(d)(2) provides that the
Closing Auction Imbalance Freeze will begin one minute before the
scheduled time for the Closing Auction. Rule 7.35(d)(2)(A) currently
provides that LOC Orders and MOC Orders that are on the same side of
the Imbalance, would flip the Imbalance, or would create a new
Imbalance will be rejected.\11\ The Exchange proposes to amend Rule
7.35(d)(2)(A) to replace references to the Imbalance with the Total
Imbalance. This proposed change would both ensure that LOC and MOC
Orders continue to be validated based on information that is
disseminated as part of Auction Imbalance Information and change the
reference in the Rule to reflect the data element included in the
Auction Imbalance Information, i.e., the Total Imbalance. This proposed
Rule would reflect that, for purposes of validating LOC and MOC Orders,
the Exchange would refer to the Total Imbalance, consistent with the
proposed change to the definition of Total Imbalance described above to
reflect its calculation at the Auction Reference Price rather than the
Indicative Match Price. This proposed change would not change the
Exchange's current process for validating LOC and MOC Orders for the
Closing Auction because it will continue to be based on publicly
disseminated information included in Auction Imbalance Information.
This proposed change is based on NYSE American Rule 7.35E(d)(2)(A)
without any changes.
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\11\ As noted above, the terms Imbalance and Total Imbalance
currently have the same meaning. As used in this rule, the term
Imbalance is intended to refer to the imbalance that is published as
part of the Auction Imbalance Information, i.e., the Total
Imbalance.
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Rule 7.35(e) describes Trading Halt Auctions, which are conducted
to re-open trading in an Auction-Eligible Security following a halt or
pause of trading in that security in either the Early Trading Session,
Core Trading Session, or Late Trading Session, as applicable. Rule
7.35(e)(8) provides that the Trading Halt Auction Imbalance Freeze will
begin five seconds before the Re-Opening Time, including Re-Opening
Times for each Extension. If a pause or halt is extended, the Trading
Halt Auction Imbalance Freeze for the prior period will end, new orders
and order instructions received during the prior period's Trading Halt
Auction Imbalance Freeze will be processed, and the Exchange will
accept order entry and cancellation as provided for in Rule 7.18(c)
until the next Trading Halt Auction Imbalance Freeze. Rule
7.35(e)(8)(A) currently provides that MOO Orders and LOO Orders that
are on the same side of the Imbalance, would flip the Imbalance, or
would create a new Imbalance will be rejected.\12\ Similar to the
proposed change to Rule 7.35(d)(2)(A), the Exchange proposes to amend
Rule 7.35(e)(8)(A) to provide that MOO Orders and LOO Orders that are
on the same side of the Total Imbalance, would flip the Total
Imbalance, or would create a new Total Imbalance will be rejected. This
proposed change, like the proposed change relating to LOC and MOC
Orders, would both ensure that LOO and MOO Orders continue to be
validated based on information that is disseminated as part of Auction
Imbalance Information and change the reference in the Rule to reflect
the data element included in the Auction Imbalance Information, i.e.,
the Total Imbalance. This proposed Rule would reflect that, for
purposes of validating LOO and MOO Orders, the Exchange would refer to
the Total Imbalance, consistent with the proposed change to the
definition of Total Imbalance described above to reflect its
calculation at the Auction Reference Price rather than the Indicative
Match Price. This proposed change similarly would not change the
Exchange's current process for validating LOO and MOO Orders for the
Trading Halt Auction because it will continue to be based on publicly
disseminated information included in Auction Imbalance Information.
This proposed change is based on NYSE American Rule 7.35E(e)(8)(A)
without any changes.
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\12\ Id.
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Subject to effectiveness of this proposed rule change, the Exchange
will implement this change no later than in the fourth quarter of 2025
and announce the implementation date by Trader Update.
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the
Act,\13\ in general, and furthers the objectives of Section
6(b)(5),\14\ in particular, because it is designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade, to foster cooperation and coordination
with persons engaged in facilitating transactions in securities, to
remove impediments to, and perfect the
[[Page 43726]]
mechanism of, a free and open market and a national market system and,
in general, to protect investors and the public interest.
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\13\ 15 U.S.C. 78f(b).
\14\ 15 U.S.C. 78f(b)(5).
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The Exchange believes the proposed change would promote just and
equitable principles of trade, remove impediments to, and perfect the
mechanism of, a free and open market and a national market system, and
protect investors and the public interest because it would amend Rule
7.35 to reflect the dissemination of Auction Imbalance Information
based on the Auction Reference Price rather than the Indicative Match
Price. As noted above, the Exchange believes that the proposed change
would provide market participants with enhanced Auction Imbalance
Information and allow market participants to better respond to
imbalances in the market for a security, thereby promoting auction
quality on the Exchange to the extent such information results in
auctions taking place at prices closer to where securities are trading
in the market. The Exchange believes that the proposed change would
thus remove impediments to, and perfect the mechanism of, a free and
open market and a national market system because it is intended to
provide market participants with information on the imbalance in the
market for a security that could encourage additional liquidity in
auctions conducted on the Exchange.
The Exchange also believes that the proposed changes to Rules 7.35
relating to LOC, MOC, LOO, and MOO Orders based on the Auction
Reference Price would similarly remove impediments to, and perfect the
mechanism of, a free and open market because they would, consistent
with the proposed changes to the Auction Imbalance Information, provide
for the validation of such orders based on the Total Imbalance (which
is in turn based on the Auction Reference Price). These proposed
changes would ensure that LOC, MOC, LOO, and MOO Orders continue to be
validated based on publicly disseminated imbalance information, and
would not change the current process by which the Exchange validates
these orders. The Exchange also believes the proposed change to Rule
7.35(a)(8)(D) relating to the Indicative Match Price when there is a
BBO but no Matched Volume would remove impediments to, and perfect the
mechanism of, a free and open market and a national market system
because it would promote transparency with respect to the Indicative
Match Price while continuing to provide market participants with price
information intended to attract interest to auctions conducted on the
Exchange.
The Exchange further notes that this proposed change would align
its rules with the rules of NYSE American relating to publicly
disseminated auction imbalance information, thereby promoting
consistency across the rules of affiliated exchanges to the benefit of
market participants.
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. As noted above, the Exchange
believes that the proposed change could instead encourage competition
by improving the quality of auction imbalance information disseminated
by the Exchange.
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.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \15\ and Rule 19b-4(f)(6) thereunder.\16\
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 \17\ and subparagraph (f)(6) of
Rule 19b-4 thereunder.\18\
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\15\ 15 U.S.C. 78s(b)(3)(A)(iii).
\16\ 17 CFR 240.19b-4(f)(6).
\17\ 15 U.S.C. 78s(b)(3)(A)(iii).
\18\ 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 Exchange has satisfied this requirement.
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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) \19\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\19\ 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#5022253c357d333f3d3d353e2423102335337e373f26"><span class="__cf_email__" data-cfemail="fc8e899099d19f9391919992888fbc8f999fd29b938a">[email protected]</span></a>. Please include
file number SR-NYSETEX-2025-31 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-2025-31. 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-2025-31 and should be submitted
on or before October 1, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
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\20\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-17331 Filed 9-9-25; 8:45 am]
BILLING CODE 8011-01-P
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