Notice2026-03019
Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 2613(a), Usage of Data Feeds
Primary source
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Published
February 17, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 31 (Tuesday, February 17, 2026)</title>
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[Federal Register Volume 91, Number 31 (Tuesday, February 17, 2026)]
[Notices]
[Pages 7327-7328]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-03019]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104820; File No. SR-PEARL-2026-08]
Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing
and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange
Rule 2613(a), Usage of Data Feeds
February 11, 2026.
Pursuant to the provisions of Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice
is hereby given that on February 4, 2026, MIAX PEARL, LLC (``MIAX
Pearl'' or the ``Exchange''),\3\ filed with the Securities and Exchange
Commission (``Commission'') a proposed rule change as described in
Items I and II below, which Items have been prepared by the Exchange.
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.
\3\ All references to ``MIAX Pearl'' in this filing are to MIAX
Pearl Equities, the equities trading facility of MIAX PEARL, LLC.
See Exchange Rule 1901.
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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 Exchange Rule 2613(a), Usage of Data
Feeds, to reflect the name change of ``Nasdaq BX, Inc.,'' to ``Nasdaq
Texas, LLC.''
The text of the proposed rule change is available on the Exchange's
website at <a href="https://www.miaxglobal.com/markets/us-equities/pearl-equities/rule-filings">https://www.miaxglobal.com/markets/us-equities/pearl-equities/rule-filings</a>, and at MIAX Pearl's principal office.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, MIAX Pearl 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. MIAX Pearl 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
The Exchange proposes to amend Exchange Rule 2613(a) to reflect the
name change of ``Nasdaq BX, Inc.,'' to ``Nasdaq Texas, LLC.''
Nasdaq BX, Inc. (``Nasdaq BX'') recently converted from a
corporation organized under the laws of the state of Delaware to a
limited liability company (``LLC'') organized under the laws of the
state of Texas and changed its name to ``Nasdaq Texas, LLC.'' (``Nasdaq
Texas'').\4\ The Exchange accordingly proposes a conforming change to
its rule to reflect the name change of Nasdaq BX to Nasdaq Texas.
Specifically, the Exchange proposes to replace one reference to
``Nasdaq BX, Inc.'' in Exchange Rule 2613(a) with ``Nasdaq Texas,
LLC.''
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\4\ See Securities Exchange Act Release No. 104736 (January 29,
2026), 91 FR 4980 (February 3, 2026) (SR-BX-2026-005) (Notice of
Filing and Immediate Effectiveness of Proposed Rule Change to Repeal
the Restated Certificate of Incorporation and Adopt a Certificate of
Formation and Company Agreement.).
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The proposed change is conforming and non-substantive in nature.
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the
Act,\5\ in general, and furthers the objectives of Section 6(b)(1) \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) \7\ of the Act 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 proposed non-substantive change would 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 Exchange also believes that the proposed
rule change would remove impediments to and perfects the mechanism of a
free and open market by ensuring that persons subject to the Exchange's
jurisdiction, regulators, and the investing public can more easily
navigate and understand 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.
Intramarket Competition
The Exchange believes the proposed rule change does not impose any
burden on intramarket competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The
[[Page 7328]]
proposed rule change is not intended to address competitive issues but
rather is concerned solely with updating the Exchange's rule to reflect
the name change of Nasdaq BX to Nasdaq Texas.
Intermarket Competition
The Exchange believes the proposed rule change does not impose any
burden on intermarket competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The proposed rule change is
not intended to address competitive issues but rather is concerned
solely with updating the Exchange's rule to reflect the name change of
Nasdaq BX to Nasdaq Texas.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Pursuant to Section 19(b)(3)(A) of the Act \8\ and Rule 19b-4(f)(6)
\9\ thereunder, the Exchange has designated this proposal as one that
effects a change that: (i) does not significantly affect the protection
of investors or the public interest; (ii) does not impose any
significant burden on competition; and (iii) by its terms, does not
become operative for 30 days after the date of the filing, or such
shorter time as the Commission may designate if consistent with the
protection of investors and the public interest.
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\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6).
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A proposed rule change filed under Rule 19b-4(f)(6) \10\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\11\ the Commission
may 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 upon filing. In the filing, the
Exchange stated that the proposed change will not adversely impact
investors as the Exchange is proposing a non-substantive, conforming
change to reflect the name change of Nasdaq BX to Nasdaq Texas and that
does not impose any significant burden on competition because it
applies evenly to all Equity Members. The proposed rule change does not
raise any novel issues, as the name change from Nasdaq BX to Nasdaq
Texas has already occurred and waiver of the operative delay allows for
the immediate clarification of the Exchange's rules to reflect this
change, and therefore, waiver of the 30-day operative delay is
consistent with the protection of investors and the public interest.
Accordingly, the Commission hereby waives the operative delay and
designates the proposal 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 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="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#cab8bfa6afe7a9a5a7a7afa4beb98ab9afa9e4ada5bc"><span class="__cf_email__" data-cfemail="a8daddc4cd85cbc7c5c5cdc6dcdbe8dbcdcb86cfc7de">[email protected]</span></a>. Please include
file number SR-PEARL-2026-08 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-PEARL-2026-08. 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-PEARL-2026-08 and
should be submitted on or before March 10, 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)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-03019 Filed 2-13-26; 8:45 am]
BILLING CODE 8011-01-P
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