Notice2025-20388
Self-Regulatory Organizations: Long-Term Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Update Rule 11.410(a)
Primary source
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Published
November 20, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 222 (Thursday, November 20, 2025)</title>
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[Federal Register Volume 90, Number 222 (Thursday, November 20, 2025)]
[Notices]
[Pages 52460-52462]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-20388]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104189; File No. SR-LTSE-2025-21]
Self-Regulatory Organizations: Long-Term Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Update Rule 11.410(a)
November 17, 2025.
Pursuant to the provisions of Section 19(b)(1) under the Securities
Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4
[[Page 52461]]
thereunder,\2\ notice is hereby given that on September 26, 2025, Long-
Term Stock Exchange, Inc. (``LTSE'' 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\ 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 is filing with the Securities and Exchange Commission
(``Commission'') a proposed rule change to amend LTSE Rule 11.410(a) to
include 24X National Exchange LLC (``24X'') in the Exchange's list of
market data sources in anticipation of 24X's planned launch, and to
amend Rule 11.410(a) to make conforming changes reflecting the name
change of NYSE Chicago, Inc. (``NYSE Chicago'') to NYSE Texas, Inc.
(``NYSE Texas'').
The text of the proposed rule change is available at the Exchange's
website at <a href="https://longtermstockexchange.com/">https://longtermstockexchange.com/</a>, and at the principal
office of the Exchange.
II. Self-Regulatory Organization's Statement on the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange 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 these statements may be examined at the places specified in
Item IV below. The self-regulatory organization has prepared summaries,
set forth in Sections A, B, and C below, of the most significant
aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
Addition of 24X
The Exchange proposes to update and amend the table in LTSE Rule
11.410(a), which sets forth on a market-by-market basis the specific
securities information processor (``SIP'') and proprietary data feeds
that the Exchange utilizes for the handling, execution, and routing of
orders, and for performing the regulatory compliance checks related to
each of those functions. Specifically, the Exchange proposes to amend
the table in 11.410(a) to specify that, with respect to 24X, the
Exchange will receive the SIP feed as its primary source of data for
order handling, order execution, order routing, and regulatory
compliance. The Exchange will not have a secondary source for data from
24X.\3\
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\3\ 24X announced that the first stage of 24X National Exchange
will launch on September 29, 2025. See 24 Exchange Announces Launch
Date for First Stage of 24X National Exchange, the First SEC-
Approved 23/5 Stock Exchange, available at <a href="https://equities.24exchange.com/posts/24-exchange-announces-launchdate-for-first-stage-of-24x-national-exchange-the-first-sec-approved-235-stock-exchange">https://equities.24exchange.com/posts/24-exchange-announces-launchdate-for-first-stage-of-24x-national-exchange-the-first-sec-approved-235-stock-exchange</a>.
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NYSE Chicago to NYSE Texas Name Change
NYSE Chicago, Inc. recently converted from a corporation organized
under the laws of the state of Delaware to one organized under the laws
of the state of Texas and changed its name to ``NYSE Texas, Inc.'' \4\
The Exchange accordingly proposes conforming changes to its rules to
reflect this name change by amending Rule 11.410(a) to reflect the name
change of ``NYSE Chicago'' to ``NYSE Texas.'' Specifically, the
Exchange proposes to replace one reference to ``Chicago'' in Exchange
Rule 11.410(a) with ``Texas.''
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\4\ See Securities Exchange Act Release No. 102507 (February 28,
2025), 90 FR 11445 (March 6, 2025) (SR-NYSECHX-2025-01).
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(b) Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6(b) of the Act,\5\ in general, and
furthers the objectives of Section 6(b)(1) of the Act \6\ in
particular, in that it enables the Exchange to be so organized as to
have the capacity to be able to carry out the purposes of the Act and
to comply, and to enforce compliance by its exchange members and
persons associated with its exchange members, with the provisions of
the Act, the rules and regulations thereunder, and the rules of the
Exchange. The Exchange also believes that the proposed rule change is
consistent with Section 6(b)(5) of the Act,\7\ in that it is designed
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
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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\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(1).
\7\ 15 U.S.C. 78f(b)(5).
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The Exchange also believes that the proposed rule changes will
ensure that Rule 11.410(a) publicly states on a market-by-market basis
all of the specific network processor and proprietary data feeds that
the Exchange utilizes for the handling, routing, and execution of
orders, and for performing the regulatory compliance checks related to
each of those functions. The proposed rule changes also remove
impediments to and perfects the mechanism of a free and open market and
protects investors and the public interest because it provides
additional specificity, clarity and transparency.
The proposed non-substantive change to reflect the name change of
``NYSE Chicago, Inc.,'' to ``NYSE Texas, Inc.'' would also enable the
Exchange to continue to be so organized as to have the capacity to
carry out the purposes of the Act and comply and enforce compliance
with the provisions of the Act by its members and persons associated
with its members, because it would ensure that the Exchange's rule
accurately reflects the correct name of the market center from which
the Exchange utilize direct data feeds when performing order handling,
order execution, routing, and related compliance for equity securities
and therefore contribute to the orderly operation of the Exchange by
adding clarity and transparency. In addition, the proposed rule change
would reduce potential investor and market participant confusion and
therefore remove impediments to and perfect the mechanism of a free and
open market and a national market system by ensuring that investors and
market participants can more easily navigate, understand and comply
with the Exchange's rules.
The proposed rule change would not be inconsistent with the public
interest and the protection of investors because investors will not be
harmed and in fact would benefit from the increased transparency and
clarity, thereby reducing potential confusion.
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. The proposed amendment is
intended to enhance transparency with respect to the operation of the
Exchange and its use of market data feeds. Consequently, the Exchange
does not believe that the proposed rule change would impose any
[[Page 52462]]
burden on intramarket competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received comments on 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 \8\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\9\
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\8\ 15 U.S.C. 78s(b)(3)(A)(iii).
\9\ 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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A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \10\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \11\ permits the
Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has asked the Commission to waive the 30-day operative delay so that
the proposed rule change may become operative immediately upon filing.
The Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest
because the proposal does not raise any novel regulatory issues and
waiver will allow the Exchange to provide clarity regarding the
Exchange's use of data feeds by identifying which data feed would be
used for 24X and reflecting the name change of NYSE Chicago to NYSE
Texas. Therefore, the Commission hereby waives the 30-day operative
delay and designates the proposed rule change to be operative upon
filing.\12\
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\10\ 17 CFR 240.19b-4(f)(6).
\11\ 17 CFR 240.19b-4(f)(6)(iii).
\12\ 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 the 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 to
determine whether the proposed rule should be approved or disapproved.
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="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#7301061f165e101c1e1e161d0700330016105d141c05"><span class="__cf_email__" data-cfemail="a8daddc4cd85cbc7c5c5cdc6dcdbe8dbcdcb86cfc7de">[email protected]</span></a>. Please include
File Number SR-LTSE-2025-21 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-LTSE-2025-21. 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-LTSE-2025-21 and should be submitted on
or before December 11, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
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\13\ 17 CFR 200.30-3(a)(12), (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-20388 Filed 11-19-25; 8:45 am]
BILLING CODE 8011-01-P
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