Notice2026-01532
Joint Industry Plan; Notice of Filing of the Fifty-Fifth Amendment to the Joint Self-Regulatory Organization Plan Governing the Collection, Consolidation and Dissemination of Quotation and Transaction Information for Nasdaq-Listed Securities Traded on Exchanges on an Unlisted Trading Privileges Basis
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Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
January 27, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 17 (Tuesday, January 27, 2026)</title>
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[Federal Register Volume 91, Number 17 (Tuesday, January 27, 2026)]
[Notices]
[Pages 3609-3616]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-01532]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104670; File No. S7-24-89]
Joint Industry Plan; Notice of Filing of the Fifty-Fifth
Amendment to the Joint Self-Regulatory Organization Plan Governing the
Collection, Consolidation and Dissemination of Quotation and
Transaction Information for Nasdaq-Listed Securities Traded on
Exchanges on an Unlisted Trading Privileges Basis
January 22, 2026.
Pursuant to Section 11A of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 608 thereunder,\2\ notice is hereby given that
on January 12, 2026, the Participants \3\ in the Joint Self-Regulatory
Organization Plan Governing the Collection, Consolidation and
Dissemination of Quotation and Transaction Information for Nasdaq-
Listed Securities Traded on Exchanges on an Unlisted Trading Privileges
Basis (``UTP Plan'' or ``Plan'') filed with the Securities and Exchange
Commission (``Commission'' or ``SEC'') a proposal to amend the UTP
Plan. The proposed amendment represents the Fifty-Fifth Amendment to
the Plan (``Amendment''). Under the Amendment, the Participants propose
to extend the Processor's hours of operation to receive and disseminate
Quotation Information, Transaction Reports, and related information in
Eligible Securities from 9:00 p.m. Eastern Time (``ET'') Sunday to 8:00
p.m. ET Friday; provided, however, that the Processor will pause
operations at 8:00 p.m. ET on Monday through Thursday for an hour to
accommodate technical refreshes for the Processor, Participants, and
other market participants. Other than extending the hours of
operations, the Processor will operate as it currently does.\4\
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\1\ 15 U.S.C. 78k-1(a)(3).
\2\ 17 CFR 242.608.
\3\ The Participants are: Cboe BYX Exchange, Inc., Cboe BZX
Exchange, Inc., Cboe EDGA Exchange, Inc., Cboe EDGX Exchange, Inc.,
Cboe Exchange, Inc., Financial Industry Regulatory Authority, Inc.,
Investors' Exchange LLC, Long Term Stock Exchange, Inc., MEMX LLC,
MIAX PEARL, LLC, Nasdaq BX, Inc., Nasdaq ISE, LLC, Nasdaq PHLX LLC,
The Nasdaq Stock Market LLC, New York Stock Exchange LLC, NYSE
American LLC, NYSE Arca, Inc., NYSE National, Inc, NYSE Texas, Inc,
and 24X National Exchange LLC.
\4\ See Letter from Jeff Kimsey, Operating Committee Chair, to
Vanessa Countryman, Secretary, Commission dated January 12, 2026.
All capitalized terms used herein have the same meaning as is given
such terms in the UTP Plan.
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The Commission is publishing this notice to solicit comments on the
proposed Amendment from interested persons. Set forth in Sections I and
II is the statement of the purpose and summary of the proposed
Amendment, along with the information required by Rules 608(a) and
601(a) under the Act, as prepared and submitted by the Participants.
Exhibit A sets forth the changes proposed to be made to the existing
UTP Plan under the proposed Amendment, which was prepared and submitted
by the Participants.
I. Rule 608(a)
1. Purpose of the Amendments
The purpose of the amendments is to extend the Processor's hours of
operation to receive and disseminate Quotation Information, Transaction
Reports, and related information in Eligible Securities from 9:00 p.m.
ET Sunday to 8:00 p.m. ET Friday; provided, however, that the Processor
will pause operations at 8:00 p.m. ET on Monday through Thursday for an
hour to accommodate technical refreshes for the Processor,
Participants, and other market participants.
As background, a number of Participants have recently proposed
extending their hours of operation.\5\ Those proposals provided for
trading days of varying lengths (e.g., 23 hours versus 22 hours) along
with hours of operation that did not overlap. Further, under those
proposals, the extended trading hours could not be implemented unless
the Equity Data Plans \6\ (1) established a mechanism to collect,
consolidate, process and disseminate quotation and transaction
information at all times during the extended trading hours that is
equivalent to the mechanism established for Regular Trading Hours; and
(2) notified the relevant exchanges of their readiness.
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\5\ See, e.g., Securities Exchange Act Release No. 34-101777
(Nov. 27 2024), 89 FR 97092 (Dec. 6, 2024) (File No. 10-242 (24X));
Securities Exchange Act Release No. 34-102400 (Feb. 11, 2025), 90 FR
9794 (Feb. 18, 2025) (SR-NYSEARCA-2024-89).
\6\ The ``Equity Data Plans'' are collectively the UTP Plan, the
Second Restatement of the CTA Plan (the ``CTA Plan'') and the
Restated CQ Plan (the ``CQ Plan'' and collectively with the CTA
Plan, the ``CTA/CQ Plans''), and the CT Plan LLC.
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Following the approval of some of those individual Participant
proposals by the SEC, all the Participants have worked jointly to
outline a plan for the collection, consolidation, processing, and
dissemination of quotation and transaction information during the
extended hours proposed by the Participants. Following extensive
discussions among the Participants and the Advisory Committee of the
UTP Plan and the CTA/CQ Plans, the Participants have developed the
proposal contained herein (``Proposal'') to implement hours of
operation to be set as close as technologically feasible to 24 hours
per day, as well as agreed to particular hours of operation.
With respect to the hours of operation, the Participants have
agreed to operate from 9:00 p.m. ET Sunday to 8:00 p.m. ET Friday;
provided, however, that the Processor would pause operations at 8:00
p.m. ET on Monday through Thursday for an hour to accommodate technical
refreshes for the Processor, Participants, and other market
participants. In the event of a holiday where U.S. markets are closed,
the Processor would not operate from 8:00 p.m. ET the day before the
holiday through 9:00 p.m. ET the day of the holiday. For example, if
the markets are closed for a holiday on a Thursday, then the Processors
would not operate from 8:00 p.m. ET on Wednesday to 9:00 p.m. ET on
Thursday.
With respect to the pause from 8:00 p.m. ET to 9:00 p.m. ET on
Monday through Thursday, the Processor would endeavor to reduce the
length of the pause where technically feasible. In the event the length
of the pause is reduced, the Operating Committee would amend the UTP
Plan and notify the industry of the reduction at least 90 days prior to
implementation of a reduction. The Participants determined that having
a pause at 8:00 p.m. ET would lessen the cost, complexity, and burden
of designing a system that did not have a pause. In particular, if the
Processor did not pause at 8:00 p.m. ET, the design would have required
designing, funding, and building a duplicate system to handle a 24-hour
trading session as the Processor's systems require at least some
downtime for system refreshes. Further, the Participants understand
that other market participants would consider the proposed pause useful
to refresh their own systems prior to beginning the next day's trading
session.\7\
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\7\ Although there may be certain days where a pause will not be
required for a refresh, the Participants believe that it will reduce
confusion and complexity to have the Processor open at the same time
each trading day.
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With respect to when a trade date starts and ends, the Processor
would consider a trade date to start at 8:00 p.m. ET on the day before
Regular Trading Hours begin and end at 8:00 p.m. ET on the same day as
when Regular Trading
[[Page 3610]]
Hours begin.\8\ In other words, Wednesday's trading day would start at
8:00 p.m. ET on Tuesday and end at 8:00 p.m. ET on Wednesday. The
Participants believe that having the start of a trade date prior to the
opening of markets would reduce complexity and burden as the
alternative would have required a new trading date to start in the
middle of a trading session (i.e., at midnight). Additionally, the
Participants believe that starting the trading date at the specified
time would align with current practice for venues already trading
during the proposed extended hours.
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\8\ Setting the start of the trading day in this amendment is
only applicable to the operation of the Processor. The Operating
Committee does not have the authority to set the start of the
trading day for rules and regulations that might be dependent on
when a trading day begins.
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Consistent with current practice for existing hours of operation,
the Participants have agreed to the following provisions regarding the
Processor's operation during extended trading hours:
<bullet> For transactions reported outside the hours of 9:30 a.m.
ET and 4:00 p.m. ET, such transactions will be designated as ``.T''
trades to denote their execution outside normal market hours.
<bullet> Late trades will be reported in accordance with the rules
of the Participant in whose market the transaction occurred and can be
reported at any time the Processor is able to receive Transaction
Reports.
<bullet> Transactions reported outside the hours of 9:30 a.m. ET
and 4:00 p.m. ET will be included in the calculation of total trade
volume for purposes of determining net distributable operating revenue,
but will not be included in the calculation of the daily high, low, or
last sale.
<bullet> Quote Credits may be earned only in connection with
quotations transmitted by a Participant to the Processor during Regular
Trading Hours.\9\
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\9\ The Participants are proposing removing a reference in
Section VI.C.1 of the UTP Plan that currently states that the best
bid and offer will cease being calculated at 6:30 p.m. ET.
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In approving the Proposal, the Participants have agreed that only
Participants that utilize the extended hours described herein would be
required to pay for the development and operating costs and expenses
which would not have been incurred by the Processor had it not made the
changes described herein. Further, the Participants have agreed that to
the extent any additional Participant begins utilizing the extended
hours described herein at a later time, such additional Participant
will be required to pay a proportionate share of the aggregate
development costs previously paid by other Participants. The
Participants agree that such additional Participant will contribute to
the operating costs of the extended operating hours from the point at
which it begins utilizing the extended hours, but that previously-
incurred operating costs will not be reapportioned when a Participant
begins utilizing the extended hours.
The UTP Plan already contains provisions \10\ relating to the
allocation of development costs for technical enhancements made at the
request of a Participant and solely for its use; however, unlike the
CQ/CTA Plans, the UTP Plan is silent on the allocation of operating
costs.\11\ The Participants accordingly believe it is reasonable to
amend the cost allocation provisions of the UTP Plan with respect to
operating costs to effectuate the Participants' agreement above, which
itself provides for a reasonable method to apportion the costs and
expenses of the Proposal. Such proposed amendments would also eliminate
the current inconsistency between the UTP and CTA/CQ Plans on the issue
of cost allocation for such system enhancements, enhance the
transparency of the Equity Data Plans as to how such costs will be
borne and divided, and eliminate potential conflicts in the future
among Participants about their individual financial responsibility for
the enhancements described in this Proposal.\12\
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\10\ See UTP Plan, Section XIII.A.
\11\ See CQ Plan Section VIII.(b); CTA Plan Section XI.(b).
\12\ The fact that the current Equity Data Plans will shortly be
supplanted by the CT Plan does not eliminate the need to amend the
cost allocations of the current UTP and CTA/CQ Plans as proposed
here. Subject to SEC approval and Processor readiness, and
satisfaction of market conditions to support extended hours of
operation as discussed above, the Participants are working to make
extended trading hours available in December 2026, before the CT
Plan will become operative.
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2. Governing or Constituent Documents
No changes as a result of amendments.
3. Implementation of Amendments
All of the Participants have manifested their approval of the
proposed amendments by means of their execution of the UTP Plan
Amendment. The Participants also solicited the Advisory Committee for
its thoughts and any comments on the amendments.
If this amendment is approved by the Commission, the amendment,
including the proposed changes to the language of the UTP Plan, will
not become operative until the Operating Committee determines that
market conditions will support the extended hours of operation. The
specific market conditions to be considered by the Operating Committee
include, but are not limited to, the following:
<bullet> Depository Trust & Clearing Corporation (``DTCC'') offers
clearing during the extended hours of operation.
<bullet> The Processor has implemented changes to symbol directory
messages as specified in a previously approved change request, which
requires the processors to disseminate specified reference information
for Eligible Securities in symbol directory messages.
<bullet> Listing markets are able to support the changes to the
symbol directory messages, including corporate actions information.
<bullet> The Processor will be able to disseminate all quotes and
trades, including off-exchange trades, during the extended trading
hours.
The Participants request the SEC determine whether dissemination of
real-time Trade Reporting Facility (``TRF'') information outside of
Regular Hours is a prerequisite for implementation.
4. Development and Implementation Phases
The Operating Committee expects that the implementation of the
amendment will occur in December 2026. Prior to the implementation, the
Processor will announce testing dates.
5. Analysis of Impact on Competition
The amendments proposed herein do not impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Securities Exchange Act of 1934 (the ``Act'') because
the amendments implement the extended trading hours as approved by the
Commission as part of proposals by the Participants. Similarly, the
Participants do not believe that the proposed amendments introduce
terms that are unreasonably discriminatory for the purposes of Section
11A(c)(1)(D) of the Act because the amendments implement the extended
trading hours as approved by the Commission as part of proposals by the
Participants. Additionally, the implementation decisions were made
after extensive discussion among the Participants (including those with
pending proposals to offer extended trading hours) as well as the
Advisory Committee. The amendments were designed with a view to
maximizing industry benefit while being agnostic to current proposals
from Participants. While certain specific aspects of the
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amendments differ from the proposals by the Participants, the
Participants have agreed to these changes after discussing the
practicality of implementing extended trading hours. The Participants
do not believe that the design choices discussed herein impose a burden
on competition because the Participants have developed an approach that
minimizes downtime of the system while also ensuring that the
Processor, the Participants, and other market participants have the
opportunity to refresh their systems during the pause prior to the
start of a trading day. The Participants believe that implementing the
pause will minimize the technological burden of the expanded trading
hours.
The Participants believe that the amendments related to the
allocation of costs is necessary and appropriate as it, (1) aligns the
UTP Plan with the CQ/CTA Plans with respect to allocating costs, and
(2) ensures that only those Participants that utilize the extended
trading hours are required to pay for the costs associated with its
development and operation. The Participants further believe that
reapportioning development costs is appropriate so that if a
Participant begins trading during the extended hours after the initial
development costs have been paid by first users, such Participant
should not be able to avoid paying a share of the development costs.
Otherwise, a Participant could avoid paying for such development costs
by slightly delaying its extension of hours. On the other hand, the
Participants believe it is appropriate to not reapportion the operating
costs as such operating costs are incurred in real time and directly
reflect the ongoing use of the system. Unlike development costs, which
are borne before tangible operational benefits are realized, operating
expenses are linked to actual usage of the system. As a result,
traditional free-riding problems are not raised since there is no
opportunity to defer or avoid operating expenses without also losing
the ability to receive the benefits of the extended trading hours.
6. Written Understanding or Agreements Relating to Interpretation of,
or Participation in, Plan
No changes as a result of amendments.
7. Approval by Sponsors in Accordance With Plan
Section IV(C)(1)(a) of the UTP Plan requires the Participants to
unanimously approve the amendments proposed herein. They have so
approved it as of the date specified in Amendment No. 55.
8. Description of Operation of Facility Contemplated by the Proposed
Amendment
Other than extending the hours of operations, the Processor will
operate as it currently does.
9. Terms and Conditions of Access
No changes as a result of amendments.
10. Method of Determination and Imposition, and Amount of, Fees and
Charges
The Participants have agreed that only Participants that utilize
the extended hours described herein would be required to pay for the
development and operating costs and expenses which would not have been
incurred by the Processor had it not made the changes described herein.
Further, the Participants have agreed that to the extent any additional
Participant begins utilizing the extended hours described herein at a
later time, such additional Participant will be required to pay a
proportionate share of the aggregate development costs previously paid
by other Participants. The Participants agree that such additional
Participant will contribute to the operating costs of the extended
operating hours from the point at which it begins utilizing the
extended hours, but that previously-incurred operating costs will not
be reapportioned when a Participant begins utilizing the extended
hours.
The UTP Plan already contains provisions relating to the allocation
of development costs for technical enhancements made at the request of
a Participant and solely for its use; however, unlike the CQ/CTA Plans,
the UTP Plan is silent on the allocation of operating costs. The
Participants accordingly believe it is reasonable to amend the cost
allocation provisions of the UTP Plan with respect to operating costs
to effectuate the Participants' agreement above, which itself provides
for a reasonable method to apportion the costs and expenses of the
Proposal. Such proposed amendments would also eliminate the current
inconsistency between the UTP and CTA/CQ Plans on the issue of cost
allocation for such system enhancements, enhance the transparency of
the Equity Data Plans as to how such costs will be borne and divided,
and eliminate potential conflicts in the future among Participants
about their individual financial responsibility for the enhancements
described in this Proposal.
11. Method and Frequency of Processor Evaluation
No changes as a result of amendments.
12. Dispute Resolution
No changes as a result of amendments.
II. Rule 601(a)
1. Equity Securities for Which Transaction Reports Shall Be Required by
the Plan
No changes as a result of amendments.
2. Reporting Requirements
Other than extending the hours of operations, the Processor will
operate as it currently does.
3. Manner of Collecting, Processing, Sequencing, Making Available and
Disseminating Last Sale Information
Other than extending the hours of operations, the Processor will
operate as it currently does.
4. Manner of Consolidation
Other than extending the hours of operations, the Processor will
operate as it currently does.
5. Standards and Methods Ensuring Promptness, Accuracy and Completeness
of Transaction Reports
Other than extending the hours of operations, the Processor will
operate as it currently does.
6. Rules and Procedures Addressed to Fraudulent or Manipulative
Dissemination
No changes as a result of amendments.
7. Terms of Access to Transaction Reports
No changes as a result of amendments.
8. Identification of Marketplace of Execution
No changes as a result of amendments.
III. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed
Amendment 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
[[Page 3612]]
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#790b0c151c541a1614141c170d0a390a1c1a571e160f"><span class="__cf_email__" data-cfemail="5f2d2a333a723c3032323a312b2c1f2c3a3c71383029">[email protected]</span></a>. Please include
file number S7-24-89 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 S7-24-89. 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 offices of the Participants. 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 S7-24-89 and should be submitted on or before
February 17, 2026.
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)(85).
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Vanessa A. Countryman,
Secretary.
Exhibit A
Addendum 1
BILLING CODE 8011-01-P
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[FR Doc. 2026-01532 Filed 1-26-26; 8:45 am]
BILLING CODE 8011-01-C
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