Notice2026-03604
Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the NYSE Price List
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Published
February 24, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 36 (Tuesday, February 24, 2026)</title>
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[Federal Register Volume 91, Number 36 (Tuesday, February 24, 2026)]
[Notices]
[Pages 8926-8928]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-03604]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104868; File No. SR-NYSE-2026-09]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend the NYSE Price List
February 19, 2026.
Pursuant to 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 11, 2026, New York Stock Exchange LLC (``NYSE'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III 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.
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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 NYSE Price List (``Price List'')
to conform with an amendment to Rule 610 of Regulation NMS recently
approved by the Securities and Exchange Commission (``SEC'' or the
``Commission''). 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 the Price List to conform with an
amendment to Rule 610 of Regulation NMS (``Reg NMS'') recently approved
by the Commission.\3\ The Exchange proposes to implement the fee change
effective February 11, 2026.\4\
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\3\ See Securities Exchange Act Release No. 101070 (September
18, 2024), 89 FR 81620 (October 8, 2024) (S7-30-22) (``Release No.
101070'').
\4\ The Exchange originally filed to amend the Price List on
January 29, 2026 (SR-NYSE-2026-06). SR-NYSE-2026-06 was withdrawn on
February 11, 2026, and replaced by this filing.
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In 2022, the Commission proposed to amend certain rules under Reg
NMS after taking into account the availability of ``[n]ew data
processing and communications techniques [that] create the opportunity
for more efficient and effective market operations'' \5\ and that is in
the public interest, appropriate for investor protection and the
maintenance of fair and orderly markets to assure ``economically
efficient execution of securities transactions,'' ``fair competition
among brokers and dealers, among exchange markets,'' and ``the
practicality of brokers executing investors' orders in the best
market.'' \6\ These changes included an amendment to Rule 610 of Reg
NMS that prohibits a national securities exchange from imposing, or
permitting to be imposed, any fee, or providing, or permitting to be
provided, any rebate or other renumeration for the execution of an
order in an NMS stock unless such fee, rebate, or other renumeration
can be determined at the time of execution.\7\ As amended, Rule 610 of
Reg NMS provides that any national securities exchange that imposes a
fee or provides a rebate that is based on a certain volume threshold,
or establishes tier requirements or tiered rates based on minimum
volume thresholds, would be required to set such volume thresholds
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\5\ 15 U.S.C.78k-1(a)(1)(B).
\6\ 15 U.S.C. 78k-1(a)(1)(c)(i), (ii), and (iv).
\7\ See Release No. 101070, 89 FR at 81680.
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[[Page 8927]]
or tiers using volume achieved during a stated period prior to the
assessment of the fee or rebate.
These amendments to Rule 610 of Reg NMS were to become effective on
November 3, 2025, the first business day of November 2025. On October
31, 2025, the Commission provided temporary exemptive relief to the
exchanges to adjust their fee schedules to comply with the requirements
of Rule 610 that exchange fees be determinable at the time of execution
until the first business day of February 2026.\8\
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\8\ See Securities Exchange Act Release No. 104172 (October 31,
2025), 90 FR 51418 (November 17, 2025) (Order Granting Temporary
Exemptive Relief, Pursuant to Section 36(a)(1) of the Securities
Exchange Act of 1934 and Rules 610(f) and 612(d) of Regulation NMS,
From Compliance With Rule 600(b)(89)(i)(F), Rule 610(c), Rule 610(d)
and Rule 612 of Regulation NMS, as Amended). The lapse in
appropriations began on October 1, 2025, and ended on November 12,
2025.
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In anticipation of the upcoming compliance date, the Exchange
proposes several amendments to its Price List in order to conform to
Rule 610 of Reg NMS, as follows.
First, the Exchange would adopt new rule text in footnote * under
``Transaction Fees.'' The proposed text, which would be the last
sentence of the footnote, would provide as follows:
Unless noted otherwise, all tier calculations to determine
transaction fees and credits in a billing month are based on the
member organization's trading activity in the prior billing month.
Second, the Exchange would replace ``prior three billing months''
in MOC/LOC Tiers 1 and 2 with ``three billing months before the prior
billing month.''
Third, the Exchange proposes to replace ``current billing month''
with ``prior billing month'' in MOC/LOC Tier 3.
Fourth, for member organizations with an ADV of at least 10,000
shares entered and executed by its Floor broker, Early, Mid- and Late D
Orders up to specific monthly ADV levels are free. Given that ADV can
fluctuate during a billing month, which could impact the thresholds for
determining which level of D Order volume would be free, the Exchange
would replace ADV would replace ``ADV levels'' and ``ADV thresholds''
with ``monthly'' levels and thresholds, respectively, and increase the
thresholds for Early, Mid- and Late D Orders by multiplying the current
ADV by 21, which is the average number of days in a month. As proposed,
qualifying member organizations would not be charged for the first
10,500,000 shares of Early D Orders, the first 15,750,000 shares of Mid
D Orders, and the first 5,250,000 shares of Late D Orders, in each case
with the existing rates for Late D Orders applicable to all volume
above those thresholds. The proposed change is not intended to change
the current pricing; rather, the proposed change would provide the
transparency and certainty to member organizations required by Rule 610
of Reg NMS. Moreover, because member organizations closely track the
adding volumes they submit to the Exchange, the Exchange believes they
can readily determine at the time of execution whether their D Orders
will execute free of charge or be subject to one of the specific rates
set forth in the Price List.
For example, assume Member Organization A qualifies for free Early
D Orders in the billing month with an ADV of at least 10,000 shares
entered and executed by an affiliated Floor broker in the prior month.
Further assume that in a billing month with 20 trading days, Member
Organization A executes 750,000 shares a day for the first 10 days of
the month.
Under the current Price List, for the first 10 days, the first
500,000 shares ADV of Early D Orders would be free, and the 250,000
excess shares above the first 500,000 shares ADV would be charged a fee
of $0.0003 per share. If Member Organization A then executes 250,000
shares ADV for the last 10 days of the month, Member Organization A's
ADV would be 500,000 shares for the full month, which would instead
make the excess 250,000 shares ADV in the first 10 days without charge.
Under the proposal, the first 10,500,000 shares would not be charged,
thereby providing certainty to Member Organization A that all volume up
to 10,500,000 shares would be free.
Fifth, in the fees for non-Floor broker transactions that remove
liquidity from the Exchange (i.e., when taking liquidity from the
NYSE), and the ``Floor Broker Incentive and Rebate Program,'' the
Exchange would replace ``the billing month'' with ``prior billing
month'' in each tier where it occurs.
Sixth, in the section of the Price List setting forth liquidity
removing charges for Designated Market Makers (``DMMs'') under the
``Other Equity Per Share Charges'' heading, the Exchange would add ``in
the billing month'' following ``Quoting at the NBBO and Credit per
Symbol.''
Seventh, in the immediately following section where the DMM Quoting
Share requirements are set forth, the Exchange would replace
``applicable billing month'' with ``billing month.''
Eighth, the Exchange would add ``in the billing month'' to Quoting
Requirement 1 and Incentive Quoting Requirement 2 in the incentive for
DMMs with 150 or fewer assigned securities in the previous month for
the respective number of assigned issues that meet Incentive Quoting
Requirement 1 or 2.
Ninth, the Exchange would add ``in the billing month'' to the DMM
Exchange Traded Product (``ETP'') Incentive'' for each of the tier
requirements (Monthly DMM NBBO Quoting Per ETP Symbol, ETP Symbol
Security CADV, and DMM Providing Liquidity).
Finally, in the SLP Adding Tiers section of the Price List, the
Exchange proposes to add the following additional bullet point to the
bullets following the minimum requirements for achieving the tiers:
``All tier calculations to determine fees and credits in a billing
month are based on the member organization's trading and quoting
activity in the prior billing month.''
As noted above, the changes proposed herein are intended to conform
to Rule 610 of Reg NMS to enable market participants to determine what
fee or rebate level would be applicable to any submitted order at the
time of execution. The Exchange does not propose any other changes to
the Price List.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\9\ in general, and furthers the
objectives of Sections 6(b)(4) and (5) of the Act,\10\ in particular,
because it provides for the equitable allocation of reasonable dues,
fees, and other charges among its members, issuers and other persons
using its facilities and does not unfairly discriminate between
customers, issuers, brokers or dealers.
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\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(4) and (5).
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As described above, the proposed amendments to the Exchange's Price
List are being made to conform with recent amendments to Rule 610 of
Reg NMS that all exchange fees and rebates to be determinable at the
time of execution. The changes proposed herein are thus designed to
enable market participants to determine what fee or rebate level would
be applicable to any submitted order at the time of execution as
required by the Act. The proposed rule change would provide clarity to
market participants, including investors, to determine what fee or
rebate level would be applicable to any submitted order at the time of
execution and therefore remove impediments to and perfect the mechanism
of a free and
[[Page 8928]]
open market and a national market system by ensuring that the
Exchange's Price List properly reflect the requirements of Rule 610 of
Reg NMS. 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 market participants and the investing public
can more easily navigate and understand the Exchange's Price List. 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. Finally, by providing greater
determinism to the Exchange's Price List consistent with Rule 610(d) of
Reg NMS, the Exchange believes that the proposed fee change is
therefore reasonable. Moreover, since the proposed changes would apply
equally to all member organizations on an equal and non-discriminatory
basis, the Exchange further believes that the proposal equitably
allocates fees and credits among market participants and is not
unfairly discriminatory.
For the foregoing reasons, the Exchange believes that the proposal
is consistent with the Act.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule changes will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
The Exchange believes the proposed rule change does not impose any
burden on intramarket or intermarket competition that is not necessary
or appropriate in furtherance of the purposes of the Act. The proposed
rule change to amend the Exchange's Price List to conform to a recent
amendment to Rule 610 of Reg NMS is not intended to address competitive
issues but rather is concerned solely with ensuring that the Exchange's
Price List properly reflects the requirements of Rule 610 of Reg NMS.
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
Pursuant to Section 19(b)(3)(A)(ii) of the Act,\11\ and Rule 19b-
4(f)(2) thereunder \12\ the Exchange has designated this proposal as
establishing or changing a due, fee, or other charge imposed on any
person, whether or not the person is a member of the self-regulatory
organization, which renders the proposed rule change effective upon
filing. 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.
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\11\ 15 U.S.C. 78s(b)(3)(A)(ii).
\12\ 17 CFR 240.19b-4.
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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#0371766f662e606c6e6e666d7770437066602d646c75"><span class="__cf_email__" data-cfemail="b9cbccd5dc94dad6d4d4dcd7cdcaf9cadcda97ded6cf">[email protected]</span></a>. Please include
file number SR-NYSE-2026-09 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-NYSE-2026-09. 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-NYSE-2026-09 and should be submitted on
or before March 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)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-03604 Filed 2-23-26; 8:45 am]
BILLING CODE 8011-01-P
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