Notice2026-08273
Self-Regulatory Organizations; Texas Stock Exchange LLC; Notice of Filing of a Proposed Rule Change To Amend Certain Parts of its Opening and Closing Auctions
Primary source
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
April 29, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 82 (Wednesday, April 29, 2026)</title>
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[Federal Register Volume 91, Number 82 (Wednesday, April 29, 2026)]
[Notices]
[Pages 23128-23135]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-08273]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105309; File No. SR-TXSE-2026-006]
Self-Regulatory Organizations; Texas Stock Exchange LLC; Notice
of Filing of a Proposed Rule Change To Amend Certain Parts of its
Opening and Closing Auctions
April 24, 2026.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on April 17, 2026, Texas Stock Exchange LLC (the ``Exchange'' or
``TXSE'') 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 filed a proposal to amend certain parts of its Opening
and Closing Auctions, as further described below.
The text of the proposed rule change is provided in Exhibit 5.
The text of the proposed rule change is available on the
Commission's website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>) at the
Exchange's website (<a href="https://txse.com/rule-filings">https://txse.com/rule-filings</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
The Exchange proposes to amend Rule 11.022 to make certain changes
to its Opening \3\ and Closing Auctions \4\ to enhance the price
discovery process and make the Exchange's auction process more robust.
Specifically, the Exchange is proposing to make changes to its late
limit order types, Late-Limit-On-Close (``LLOC'') \5\ and Late-Limit-
On-Open (``LLOO'' and, collectively with LLOC, ``Late Auction Orders'')
\6\ as currently described under Rule 11.022(a)(11) and (12),
respectively, such that they will be constrained by recent transaction-
and/or quotation-based calculations (described more fully below as
``Participation Bands'') rather than by the NBBO. The Exchange is also
proposing to: (i) change the time that LOC,\7\ MOC,\8\ and LLOC orders
can be submitted to the Exchange and prevent LOC, MOC, and LLOC orders
from being amended or cancelled after 3:58 p.m. and to prevent Regular
Hours Only (``RHO'') \9\ orders from being modified between 9:28 a.m.
and 9:30 a.m.; (ii) change the information related to Opening and
Closing Auctions that is disseminated prior to the auction; (iii) add
an additional tiebreaker step to the waterfall it uses to break ties in
determining the TXSE Official Opening Price,\10\ TXSE Official Closing
Price,\11\ and to the Auction Only Price; \12\ and
[[Page 23129]]
(iv) change the name of LLOC and LLOO orders to ``Limit-On-Close-Late''
or ``LOC.L'' orders and ``Limit-On-Open-Late'' or ``LOO.L.'' The
Exchange is also proposing to make one clarifying change to Rule
11.022(c)(2)(B) and to make corresponding renumbering changes to Rule
11.022(a). While the analysis below largely focuses on closing
auctions, the Exchange believes that the points raised apply equally to
opening auctions.
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\3\ The Exchange's Opening Auction is described in Rule
11.022(b).
\4\ The Exchange's Closing Auction is described in Rule
11.022(c).
\5\ As provided in Rule 11.022(a)(11), the term ``Late-Limit-On-
Close'' or ``LLOC'' means a TXSE limit order that is designated for
execution only in the Closing Auction. To the extent a LLOC bid or
offer received by the Exchange has a limit price that is more
aggressive than the NBB or NBO, the price of such bid or offer is
adjusted to be equal to the NBB or NBO, respectively, at the time of
receipt by the Exchange. Where the NBB or NBO becomes more
aggressive, the limit price of the LLOC bid or offer will be
adjusted to the more aggressive price, only to the extent that the
more aggressive price is not more aggressive than the original User
entered limit price. The limit price will not be adjusted to a less
aggressive price, unless otherwise provided by Exchange Rules. If
there is no NBB or NBO, the LLOC bid or offer, respectively, will
assume its entered limit price.
\6\ As provided in Rule 11.022(a)(12), the term ``Late-Limit-On-
Open'' or ``LLOO'' means a TXSE limit order that is designated for
execution only in the Opening Auction. To the extent a LLOO bid or
offer received by the Exchange has a limit price that is more
aggressive than the NBB or NBO, the price of such bid or offer is
adjusted to be equal to the NBB or NBO, respectively, at the time of
receipt by the Exchange. Where the NBB or NBO becomes more
aggressive, the limit price of the LLOO bid or offer will be
adjusted to the more aggressive price, only to the extent that the
more aggressive price is not more aggressive than the original User
entered limit price. The limit price will not be adjusted to a less
aggressive price, unless otherwise provided by Exchange Rules. If
there is no NBB or NBO, the LLOO bid or offer, respectively, will
assume its entered limit price. Notwithstanding the foregoing, a
LLOO order entered during the Quote-Only Period of an IPO will be
converted to a limit order with a limit price equal to the original
User entered limit price and any LLOO orders not executed in their
entirety during the IPO Auction will be cancelled upon completion of
the IPO Auction.
\7\ As provided in Rule 11.022(a)(13), the term ``Limit-On-
Close'' or ``LOC'' means a TXSE limit order that is designated for
execution only in the Closing Auction.
\8\ As provided in Rule 11.022(a)(15), the term ``Market-On-
Close'' or ``MOC'' means a TXSE market order that is designated for
execution only in the Closing Auction.
\9\ As defined in Rule 11.006(o)(5), RHO means an instruction a
User may attach to an order stating that an order to buy or sell is
designated for execution only during Regular Trading Hours which
includes the Opening Auction, the Closing Auction and IPO/Halt
Auctions for TXSE-Listed securities and the Opening Process for non-
TXSE-Listed securities (as such terms are defined in TXSE Rules
11.022 and 11.023) and, if not executed, expires at the end of
Regular Trading Hours. Any order with a TIF instruction of RHO
entered into the System after the closing of Regular Trading Hours
will be rejected. Any portion of a market RHO order will be
cancelled immediately following any auction in which it is not
executed.
\10\ As provided in Rule 11.022(b)(2)(B), the Opening Auction
price will be established by determining the price level within the
Collar Price Range that maximizes the number of shares executed
between the Continuous Book and Auction Book in the Opening Auction.
In the event of a volume based tie at multiple price levels, the
Opening Auction price will be the price which results in the minimum
total imbalance. In the event of a volume based tie and a tie in
minimum total imbalance at multiple price levels, the Opening
Auction price will be the price closest to the Volume Based Tie
Breaker. The Opening Auction price will be the TXSE Official Opening
Price. In the event that there is no Opening Auction for an issue,
the TXSE Official Opening Price will be the price of the Final Last
Sale Eligible Trade, which will be the previous TXSE Official
Closing Price. As provided in Rule 11.022(a)(6), the term ``Collar
Price Range'' shall mean the range from a set percentage below the
Collar Midpoint (as defined below) to above the Collar Midpoint,
such set percentage being dependent on the value of the Collar
Midpoint at the time of the auction, as described below. The Collar
Midpoint will be the Volume Based Tie Breaker for all applicable
auctions, except for IPO Auctions (as defined below) in exchange
traded products (``ETPs''), for which the Collar Midpoint will be
the issue price. Specifically, the Collar Price Range will be
determined as follows: where the Collar Midpoint is $25.00 or less,
the Collar Price Range shall be the range from 10% below the Collar
Midpoint to 10% above the Collar Midpoint; where the Collar Midpoint
is greater than $25.00 but less than or equal to $50.00, the Collar
Price Range shall be the range from 5% below the Collar Midpoint to
5% above the Collar Midpoint; and where the Collar Midpoint is
greater than $50.00, the Collar Price Range shall be the range from
3% below the Collar Midpoint to 3% above the Collar Midpoint. As
provided in current Rule 11.022(a)(22), the term ``Volume Based Tie
Breaker'' shall mean the midpoint of the NBBO for a particular
security where the NBBO is a Valid NBBO. A NBBO is a Valid NBBO
where: (i) there is both a NBB and NBO for the security; (ii) the
NBBO is not crossed; and (iii) the midpoint of the NBBO is less than
the ``Maximum Percentage'' away from both the NBB and the NBO. The
``Maximum Percentage'' will be determined by the Exchange and will
be published in a circular distributed to Members with reasonable
advance notice prior to initial implementation and any change
thereto. Where the NBBO is not a Valid NBBO, the price of the Final
Last Sale Eligible Trade will be used.
\11\ As provided in Rule 11.022(c)(2)(B), the Closing Auction
price will be established by determining the price level within the
Collar Price Range that maximizes the number of shares executed
between the Continuous Book and Auction Book in the Closing Auction.
In the event of a volume based tie at multiple price levels, the
Closing Auction price will be the price which results in the minimum
total imbalance. In the event of a volume based tie and a tie in
minimum total imbalance at multiple price levels, the Closing
Auction price will be the price closest to the Volume Based Tie
Breaker.
\12\ As provided in current Rule 11.022(a)(2), the term
``Auction Only Price'' means the price at which the most shares from
the Auction Book would match. In the event of a volume based tie at
multiple price levels, the Auction Only Price will be the price
which results in the minimum total imbalance. In the event of a
volume based tie and a tie in minimum total imbalance at multiple
price levels, the Auction Only Price will be the price closest to
the Volume Based Tie Breaker (as defined below).
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Overview
Currently, between 9:28 a.m. and 9:30 a.m. and 3:59 p.m. and 4:00
p.m. Users \13\ can submit Late Auction Orders for participation in the
Opening Auction and Closing Auction, respectively. To the extent that
such a Late Auction Order is priced more aggressively than the NBB \14\
(for bids) or NBO (for offers), the price of such Late Auction Order
bids and offers will be the NBB and NBO. Where the NBB or NBO becomes
more aggressive, the limit price of the Late Auction Order bid or offer
will be adjusted to the more aggressive price, only to the extent that
the more aggressive price is not more aggressive than the original User
entered limit price. The limit price will not be adjusted to a less
aggressive price, unless otherwise provided by Exchange Rules. If there
is no NBB or NBO, the Late Auction Order bid or offer, respectively,
will assume its entered limit price.
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\13\ As provided in Rule 1.005(jj), the term ``User'' means any
Member or Sponsored Participant who is authorized to obtain access
to the System pursuant to TXSE Rule 11.003.
\14\ As provided in Rule 1.005(jj), the terms ``National Best
Bid'' and ``NBB'' mean the national best bid; the terms ``National
Best Offer'' and ``NBO'' shall mean the national best offer; and the
term ``NBBO'' shall mean the national best bid or offer.
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Because Late Auction Orders are the only Eligible Auction Order
\15\ that can be submitted after 9:28 a.m. and 3:59 p.m. and are
constrained to the less aggressive side of the NBBO, the current Late
Auction Order functionality limits Users' ability to enter marketable
orders at a time critical to price formation and price discovery. Late
Auction Order functionality also prevents liquidity providers from
being able to support auction liquidity within the NBBO, which can lead
to auction volatility, especially in securities with wider spreads.
Finally, Late Auction Order functionality also creates uncertainty
around executions in the Opening and Closing Auctions which hinders
hedging activity for liquidity providers. As noted above, this
inability to provide liquidity in Opening and Closing Auctions can
result in significant price swings around the open and close and into
the Opening and Closing Auctions.
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\15\ As provided in current Rule 11.022(a)(8), the term
``Eligible Auction Order'' means any MOO, LOO, LLOO, MOC, LOC or
LLOC order (each as defined below) that is entered in compliance
with its respective cutoff for an Opening Auction (as defined below)
or Closing Auction (as defined below), any RHO order prior to the
Opening Auction, any limit or market order not designated to
exclusively participate in the Closing Auction entered during the
Quote-Only Period (as defined below) of an IPO Auction subject to
the below restrictions, and any limit or market order not designated
to exclusively participate in the Opening Auction or Closing Auction
entered during the Quote-Only Period of a Halt Auction (as defined
below).
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Proposed Changes
As such, the Exchange is proposing to make several changes to its
Opening and Closing Auctions. Specifically, the Exchange is proposing
to change the functionality of Late Auction Orders such that they are
constrained by the Participation Band,\16\ a dynamic price band applied
on a security-by-security basis that is based on quotes and/or trades
in the applicable TXSE-listed security, instead of the NBBO. This will
allow Late Auction Orders to be entered at prices that are more likely
to be able to participate in the Opening and Closing Auction than
current functionality while at the same time still constraining a Late
Auction Order's limit price to mitigate volatility around the Opening
and Closing Auction.\17\ The Exchange is also proposing to make several
changes related to cut-off times, the ability to modify Auction
Eligible Orders, the way that tiebreakers are applied, the data
disseminated prior to the Opening and Closing Auction, and to refer to
LLOO orders as ``Limit-On-Open-Late'' or ``LOO.L'' orders and LLOC
orders as ``Limit-On-Close-Late'' or ``LOC.L'' orders.
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\16\ As defined in proposed Rule 11.022(a)(20), the term
``Participation Band'' means a dynamic price band within the Collar
Price Range that is calculated on a security-by-security basis that
is based on quotes and/or trades in the applicable TXSE-listed
security over a lookback period of between two and 30 minutes or 20
and 500 events (i.e. quotes and/or trades). The specific methodology
for the Participation Band calculation, including the weighting of
inputs, lookback periods, and filtering criteria, shall be
determined by the Exchange and set forth in a circular distributed
to Members with 30-days advance notice prior to initial
implementation and any material change thereto. The lower priced
side of the Participation Band is the ``Lower Band'' and the higher
priced side of the Participation Band is the ``Upper Band.''
The Exchange will utilize real-time transaction and/or quotation
data from the consolidated tape to calculate the Participation Band
for the applicable security and a mathematical calculation to
determine a dynamic, symbol-specific price range within the Collar
Price Range. The Participation Band is recalculated every five
seconds between 9:28 a.m. and 9:30 a.m. for Opening Auctions and
3:58 p.m. and 4:00 p.m. for Closing Auctions.
\17\ As further discussed below, the Exchange believes that this
functionality, combined with several of the Exchange's other rule
changes proposed herein, will help enhance liquidity in the Opening
and Closing Auctions while also mitigating volatility.
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In order to accomplish these changes, the Exchange proposes to
amend the definition of LLOO and LLOC under Rule 11.022(a)(12) and
(11), respectively, to reflect that the names are changing to LOO.L and
LOC.L, respectively. Late Auction Orders continue to represent TXSE
limit orders that are designated for execution only in the Opening or
Closing Auction, as applicable. Late Auction Orders cannot be amended
or cancelled after entry. To the extent that Late Auction Order bids
and offers received by the Exchange have a limit price that is more
aggressive than the Upper Band or Lower Band, respectively, immediately
prior to the Opening or Closing Auction, as applicable, the price of
such bid or offer is adjusted to be equal to the Upper Band or Lower
Band, respectively.
The Exchange is also proposing to change the information that it
disseminates before the Opening and Closing Auction. Rule
11.022(b)(2)(A) currently provides that beginning at 8:00 a.m. and
disseminated every five seconds thereafter, the Reference Price,
Indicative Price, Auction Only Price, Reference Buy Shares, and
Reference Sell Shares associated with the Opening Auction will be
disseminated via electronic means until the Opening Auction occurs.
Similarly, Rule 11.022(c)(2) currently provides that beginning at 3:00
p.m. and updated every five seconds thereafter, the Reference Price,
Indicative Price, Auction Only Price, Reference Buy Shares, and
Reference Sell Shares associated with the Closing Auction will be
disseminated via electronic means until the Closing Auction occurs. The
Exchange is instead proposing to disseminate information related to the
Opening and Closing Auction in two separate periods: first, the
Exchange will disseminate Matched Shares \18\ and the Offset Side \19\
associated with the applicable auction every five seconds between 8:00
a.m. and 9:28 a.m. for Opening Auctions and between 3:00 p.m. and 3:58
p.m. for Closing Auctions; beginning at 9:28 a.m. for Opening
[[Page 23130]]
Auctions and 3:58 p.m. for Closing Auctions, the Exchange will
disseminate the Participation Band, the Lower Band Auction
Interest,\20\ and the Upper Band Auction Interest.\21\ Such data will
be updated every five seconds. The Lower Band Auction Interest and
Upper Band Auction Interest provide participants with visibility into
buy and sell interest at the boundaries of the Participation Band. By
comparing quantities at each boundary and observing how those
quantities change, participants can assess the relative balance of
supply and demand within the band. This informs decisions about the
size, direction, and pricing of any Late Auction Orders or Continuous
Book \22\ interest they may wish to enter during the final two minutes
of trading.\23\
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\18\ As proposed in Rule 11.022(a)(18), the term ``Matched
Shares'' means the number of shares that would match at the Auction
Only Price.
\19\ As proposed in Rule 11.022(a)(19), the term ``Offset Side''
means the side (either Buy, Sell, or Equal) for which there are more
shares available if a Closing Auction took place at the Auction Only
Price. Where there are the same number of shares on the buy side and
the sell side, the Offset Side will be ``Equal''.
\20\ As proposed in Rule 11.022(a)(15), the term ``Lower Band
Auction Interest'' means the number of Eligible Auction Order shares
to buy that are priced equal to or more aggressively than the Lower
Band and the number of Eligible Auction Order shares to sell that
are priced equal to or more aggressively than the Lower Band.
\21\ As proposed in Rule 11.022(a)(26), the term ``Upper Band
Auction Interest'' means the number of Eligible Auction Order shares
to buy that are priced equal to or more aggressively than the Upper
Band and the number of Eligible Auction Order shares to sell that
are priced equal to or more aggressively than the Upper Band.
\22\ As defined in Rule 11.022(a)(7), the term ``Continuous
Book'' means all orders on the TXSE Book that are not Eligible
Auction Orders.
\23\ These data points are designed to provide market makers and
LMMs with the information necessary to make informed decisions about
providing liquidity in the Opening and Closing Auctions.
Specifically, the dissemination of Matched Shares and the Offset
Side beginning at 8:00 a.m. and 3:00 p.m. enables liquidity
providers to assess the direction and magnitude of order flow, while
the dissemination of the Participation Band, Lower Band Auction
Interest, and Upper Band Auction Interest beginning at 9:28 a.m. and
3:58 p.m. enables them to calibrate the pricing and size of Late
Auction Orders within the constraints of the band. Together, these
data points reduce the informational uncertainty that might
otherwise discourage liquidity provision in the Exchange's Opening
and Closing Auction processes.
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The Exchange is also proposing to amend Rule 11.022(c)(1)(A) and
(B) in order to provide that LOC and MOC orders may be submitted until
3:58 p.m. instead of 3:59 p.m., that LOC.L orders (formerly LLOC
orders) can be submitted starting at 3:58 p.m. instead of 3:59 p.m.,
and that Eligible Auction Orders may not be modified or cancelled after
3:58 p.m. whereas they were previously non-cancellable after 3:59 p.m.
and could be modified any time prior to the Closing Auction. Similarly,
the Exchange is proposing to delete text in Rule 11.022(b)(1)(B) to
provide that RHO orders cannot be modified or cancelled between 9:28
a.m. and 9:30 a.m. in order to ensure consistent treatment across
Eligible Auction Orders in the Opening Auction. The Exchange is
proposing these changes in order to both align the functionality across
its Opening and Closing Auctions and to create a longer period before
an auction in which Eligible Auction Orders cannot be cancelled or
modified, providing greater certainty around the liquidity available in
Exchange auctions in support of price formation. The Exchange is not
proposing to make any equivalent changes for MOO, LOO, or LOO.L orders
in Opening Auctions because the Opening Auction rules already reflect
this same functionality beginning at 9:28 a.m. (two minutes before the
Opening Auction occurs).
The Exchange is also proposing to add one additional step to the
waterfall that it uses to break ties in determining the TXSE Official
Opening Price, TXSE Official Closing Price, and Auction Only Price.
Currently, Rule 11.022(c)(2)(B) provides that the Closing Auction price
will be established by: (i) determining the price level within the
Collar Price Range that maximizes the number of shares executed between
the Continuous Book and Auction Book \24\ in the Closing Auction; (ii)
in the event of a volume based tie at multiple price levels, the
Closing Auction price will be the price which results in the minimum
total imbalance; and (iii) in the event of a volume based tie and a tie
in minimum total imbalance at multiple price levels, the Closing
Auction price will be the price closest to the Volume Based Tie
Breaker. The Opening Auction has an identical tie-breaking
waterfall.\25\ The Exchange is proposing to add a new step to this
process before step (iii) which states that ``in the event of a volume
based tie and a tie in minimum total imbalance at multiple price
levels, the Closing Auction price will be the entered price at which
shares will remain unexecuted in the Closing Auction.'' If more than
one price exists under this new step (iii), the Closing Auction price
would then be the price closest to the Volume Based Tie Breaker. The
Exchange notes that this proposed change is substantively identical to
Nasdaq Rule 4754(b)(2)(C). The Exchange is proposing to make equivalent
changes to the Opening Auction under Rule 11.022(b)(2)(B) and the
definition of Auction Only Price in Rule 11.022(a)(2).
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\24\ As defined in Rule 11.022(a)(1), the term ``Auction Book''
means all Eligible Auction Orders (as defined below) on the TXSE
Book.
\25\ See Exchange Rule 11.022(b)(2)(B).
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Examples
The following examples are based on the Closing Auction and Closing
Auction orders, including MOC, LOC, and LOC.L, but the same scenarios
in the Opening Auction with MOO, LOO, and LOO.L orders would yield
identical results.
Example 1 (Data Calculation and LOC.L Basics)
Below is a snapshot of the Auction Book and Continuous Book
immediately prior to 3:58:00 p.m. where the Volume Based Tie Breaker is
$50.10.
Auction Book Prior to 3:58:00 p.m.
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Time Order Side Type Limit Shares
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3:05:00...................... Order A........ Sell........... MOC............ N/A 4,000
3:30:00...................... Order B........ Buy............ LOC............ $50.10 2,000
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Continuous Book
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Time Order Side Type Limit Shares
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3:55:15...................... Order C........ Buy............ Displayed Limit $50.00 2,000
3:57:00...................... Order D........ Sell........... Displayed Limit 50.10 4,000
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[[Page 23131]]
Before 3:58 p.m. the Exchange is proposing to disseminate Matched
Shares and Offset Side every five seconds, both of which are calculated
based on the Auction Only Price \26\ at that time. Based on the above
Auction Book, the Auction Only Price would be $50.10 and 2,000 shares
would execute.\27\ This means that the Exchange would disseminate a
Matched Shares of 2,000 and an Offset Side of Sell.
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\26\ As defined in proposed amended Rule 11.022(a)(2), the term
``Auction Only Price'' means the price at which the most shares from
the Auction Book would match. In the event of a volume based tie at
multiple price levels, the Auction Only Price will be the price
which results in the minimum total imbalance. In the event of a
volume based tie and a tie in minimum total imbalance at multiple
price levels, the Closing Auction price will be the entered price at
which shares will remain unexecuted in the Closing Auction. In the
event of a volume based tie, a tie in minimum total imbalance, and a
tie in shares unexecuted at multiple price levels, the Auction Only
Price will be the price closest to the Volume Based Tie Breaker (as
defined below).
\27\ This calculation provides an example of the proposed new
tie breaker language in Rule 11.022(a)(2). In determining the
Auction Only Price as proposed, 2,000 shares would execute at each
price level below $50.10 with an imbalance of 2,000 shares. In the
event of a volume-based tie at multiple price levels and a tie in
minimum total imbalance at multiple price levels, the Auction Only
Price will be the entered price at which shares will remain
unexecuted. Here, there are no price levels at which an entered
price will have unexecuted shares (Order B executes fully and Order
A has no entered price), so the Auction Only Price will be the price
closest to the Volume Based Tie Breaker. Because the Volume Based
Tie Breaker is $50.10, the Auction Only Price would be $50.10 and
because there are 2,000 buy shares and 4,000 sell shares at $50.10,
the Offset Side would be ``Sell.''
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LOC.L Orders Entered After 3:58:00 p.m.
At 3:58:00 p.m. all Eligible Auction Orders (MOCs and LOCs) may no
longer be modified or cancelled and LOC.L Orders are the only Eligible
Auction Orders that can be entered. As described above, the Exchange is
proposing that such LOC.L orders can be entered at their limit price
without restriction but cannot be modified or cancelled. Immediately
prior to the Closing Auction, LOC.L bids and offers that have a limit
price that is more aggressive than the Upper Band or Lower Band,
respectively, will be adjusted to be equal to the Upper Band or Lower
Band, respectively.
For purposes of this example, the Participation Band is $49.80 x
$50.20.
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Time Order Side Type Limit Shares
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3:59:00...................... Order E........ Buy............ LOC.L.......... $50.10 5,000
3:59:30...................... Order F........ Sell........... LOC.L.......... 49.00 2,000
----------------------------------------------------------------------------------------------------------------
At 3:58:00 p.m., the Exchange will also start calculating and
disseminating the following values in every five seconds: (i) the
Participation Band (which includes both the Lower Band and the Upper
Band); (ii) the Lower Band Auction Interest (which includes both the
buy shares and the sell shares); (iii) and the Upper Band Auction
Interest (which also includes both the buy shares and the sell shares.
The Lower Band Auction Interest buy shares includes all bids that
are Eligible Auction Orders priced more aggressively than the Lower
Band ($49.80). At 3:58, the Lower Band Auction Interest buy shares is
calculated as follows: Order B (2,000 shares at $50.10) = 2,000 shares.
When Order E (5,000 shares at $50.10) comes in at 3:59:00, Lower Band
Auction Interest buy shares would increase to 7,000 shares.
The Lower Band Auction Interest sell shares includes all offers
that are Eligible Auction Orders priced more aggressively than the
Lower Band ($49.80). At 3:58, the Lower Band Auction Interest sell
shares is calculated as follows: Order A (4,000 shares at market) =
4,000 shares. When Order F (2,000 shares at $49.00) comes in at
3:59:30, Lower Band Auction interest sell shares would increase to
6,000 shares.
The Upper Band Auction Interest buy shares includes all bids that
are Eligible Auction Orders priced more aggressively than the Upper
Band ($50.20). At 3:58, the Upper Band Auction Interest buy shares is
calculated as follows: no Eligible Auction Orders to buy priced more
aggressively than $50.20 = 0 shares. There are no subsequent LOC.L buy
orders priced more aggressively than $50.20, so there are no changes to
the Upper Band Auction Interest buy shares.
The Upper Band Auction Interest sell shares includes all offers
that are Eligible Auction Orders priced more aggressively than the
Upper Band ($50.20). At 3:58, the Upper Band Auction Interest sell
shares is calculated as follows: Order A (4,000 shares at market) =
4,000 shares. When Order F (2,000 shares at $49.00) comes in at
3:59:30, Upper Band Auction interest sell shares would increase to
6,000 shares.
Complete Order Book Immediately Prior to Closing Auction Sorted by
Priority
----------------------------------------------------------------------------------------------------------------
Time Order Side Type Limit Shares
----------------------------------------------------------------------------------------------------------------
3:05:00...................... Order A........ Sell........... MOC............ N/A 4,000
3:59:30...................... Order F........ Sell........... LOC.L.......... $49.00 2,000
3:57:00...................... Order D........ Sell........... Displayed Limit 50.10 4,000
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Time Order Side Type Limit Shares
----------------------------------------------------------------------------------------------------------------
3:59:00...................... Order E........ Buy............ LOC.L.......... $50.10 5,000
3:30:00...................... Order B........ Buy............ LOC............ 50.10 2,000
3:55:15...................... Order C........ Buy............ Displayed Limit 50.00 2,000
----------------------------------------------------------------------------------------------------------------
Immediately prior to the beginning of the Closing Auction process,
LOC.L bids and offers that have a limit price more aggressive than the
Upper Band or Lower Band, respectively, will be adjusted to be equal to
the Upper Band or Lower Band, respectively. Here, there are two LOC.L
orders: Order E and Order F. Order F is a sell order with a limit price
of $49.00, which is more aggressive than the Lower Band of $49.80, so
it will be adjusted to a limit price of $49.80 for participation in the
Closing Auction. Order E is a buy order with a limit price of $50.10,
which is
[[Page 23132]]
less aggressive than the Upper Band of $50.20, so it will not be
adjusted and will participate in the Closing Auction with a limit price
of $50.10.
Complete Order Book for Closing Auction Sorted by Priority
----------------------------------------------------------------------------------------------------------------
Time Order Side Type Limit Shares
----------------------------------------------------------------------------------------------------------------
3:05:00...................... Order A........ Sell........... MOC............ N/A 4,000
3:59:30...................... Order F........ Sell........... LOC.L.......... $49.80 2,000
3:57:00...................... Order D........ Sell........... Displayed Limit 50.10 4,000
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
Time Order Side Type Limit Shares
----------------------------------------------------------------------------------------------------------------
3:59:00...................... Order E........ Buy............ LOC.L.......... $50.10 5,000
3:30:00...................... Order B........ Buy............ LOC............ 50.10 2,000
3:55:15...................... Order C........ Buy............ Displayed Limit 50.00 2,000
----------------------------------------------------------------------------------------------------------------
Based on the above combined Auction Order Book and Continuous Order
Book, 4,000 shares would execute at every price up to $49.79, 6,000
shares would execute between $49.80 and $50.09, 7,000 shares would
execute at $50.10, and 0 shares would execute above $50.10. Based on
the logic in Rule 11.022(c)(2)(B), which provides that the Closing
Auction will occur at the price level within the Collar Price Range
\28\ that maximizes the number of shares executed between the
Continuous Book and Auction Book, the Closing Auction would occur at
$50.10.
---------------------------------------------------------------------------
\28\ The Exchange notes that because it is not proposing to make
any changes to the Collar Price Range in this proposal, it is not
discussing the Collar Price Range in the examples in this filing in
order to keep the examples as straight-forward as possible as it
relates to the rules that it is proposing to change.
---------------------------------------------------------------------------
In this instance, the adjustment of Order F did not impact the
price of the Closing Auction because the most shares that could execute
would have been at $50.10 (still 7,000 shares) even if the LOC.L was
priced at $49.00 (would have been 6,000 shares at each price level
between $49.00 and $50.09 instead of $49.80 and $50.09).
Example 2 (Participation Bands Impact Closing Auction Price)
Taking the same example as above, but in this example Order F is
for 10,000 shares instead of 2,000, and one additional order is entered
as follows:
----------------------------------------------------------------------------------------------------------------
Time Order Side Type Limit Shares
----------------------------------------------------------------------------------------------------------------
3:59:30...................... Order F........ Sell........... LOC.L.......... $49.00 10,000
3:59:50...................... Order G........ Buy............ LOC.L.......... 49.00 1,000
----------------------------------------------------------------------------------------------------------------
In this instance, Order F would again be adjusted to a limit price
of $49.80 because it is an LOC.L sell order that is priced more
aggressively than the Lower Band. Order G would not be adjusted because
it is an LOC.L buy order that is not priced more aggressively than the
Upper Band. Based on updated orders and the new combined Auction Order
Book and Continuous Book, 4,000 shares would execute at every price up
to $49.79, 9,000 shares would execute between $49.80 and $50.00, 7,000
shares would execute between $50.01 and $50.10, and 0 shares would
execute above $50.10. Based on the logic in Rule 11.022(c)(2)(B), which
provides that the Closing Auction will occur at the price level within
that maximizes the number of shares executed between the Continuous
Book and Auction Book, there would be a volume based tie between $49.80
and $50.00.\29\ The next step is to find the price level within that
range that minimizes the imbalance, but every price in that range has
an imbalance of 5,000 sell shares. The next step (which is the proposed
new tie breaker functionality) is to find the entered price at which
shares will remain unexecuted in the Closing Auction, and here the only
entered price within the range at which shares will remain unexecuted
is $49.80 (Order F's adjusted price). Therefore, 9,000 shares would
execute in the Closing Auction at $49.80.
---------------------------------------------------------------------------
\29\ The Exchange notes that Rule 11.022(c)(2)(B) specifically
refers to the price level within the Collar Price Range that
maximizes the number of shares executed, but is intentionally not
including the Collar Price Range in the examples in this proposal in
order to prevent the overcomplication of these examples in areas of
its rules that it is not proposing to change.
---------------------------------------------------------------------------
In this instance, the adjustment of Order F did impact the price of
the Closing Auction because the most shares that could execute would
have been at $49.00 if the LOC.L was priced at $49.00 (would have been
10,000 shares that could have executed at $49.00, greater than any
other price level). Consistent with the logic above, the Participation
Bands, which are based on actual executions and quotes in the market,
allowed price formation to occur in the Closing Auction within
reasonable market-based bounds.
Policy Argument
The Exchange believes that these proposed changes collectively
provide a deterministic, market-based solution to creating orderly
closing auctions that is conceptually similar to both the Exchange's
current functionality (gating Late Auction Orders based on market
conditions, which under current Exchange Rules are the NBB and NBO),
other similar late auction order functionality on other exchanges
(which provide similar market-based restrictions on the price of late
auction orders),\30\ and the Designated Market
[[Page 23133]]
Maker (``DMM'') closing auction process on New York Stock Exchange LLC
(``NYSE''). Under NYSE Rule 7.35B(g), DMMs are responsible for deciding
the Auction Price for a Closing Auction on NYSE and have significant
discretion in determining what that Auction Price should be. NYSE
describes the criteria for the DMM to decide on the Closing Price as
follows: ``the Auction Price must be at or between the last-published
Imbalance Reference Price, which is the Exchange Last Sale Price bound
by the Exchange BBO,\31\ and the last-published non-zero Continuous
Book Clearing Price, which is the price at which all better-priced
orders eligible to trade in the Closing Auction on the Side of the
Imbalance can be traded.\32\ Rule 7.35B promotes determinism with
respect to the Closing Auction because the Closing Auction Price must
be within the predetermined range of prices that have been disseminated
via the Closing Auction Imbalance Information and that cannot be
changed after the end of Core Trading Hours.'' \33\ Providing a market
conditions-based price range at which the DMM can choose the auction
price serves a similar function to the restrictions on late auction
orders on other exchanges and the Participation Band restrictions on
LOO.L and LOC.L orders entered after 9:28 a.m. and 3:58 p.m.,
respectively. They all serve to allow for liquidity providers to
participate in the auction process but in a way that does not impact
the price of the auction in a way that diverges from the exchanges'
respective chosen measure of ``current market conditions.''
---------------------------------------------------------------------------
\30\ Cboe BZX Exchange, Inc. (``BZX'') has identical late
auction order functionality as the Exchange's current
functionality--late auction orders in both the opening and closing
auctions are collared by the NBBO. See BZX Rules 11.23(a)(12) and
(13). NYSE Arca, Inc.'s (``Arca'') opening auction does not allow
cancel and cancel and replace requests for one minute prior to the
Opening Auction and a Core Open Auction Imbalance Freeze occurs five
seconds before the scheduled Core Open Auction. During this period
the only orders accepted for auction participation are Limit Orders
designated for the Core Trading Session and such orders are only
allowed to participate in the Core Open Auction to offset an
imbalance remaining after all orders entered before the Core Open
Auction Imbalance Freeze. For the Arca closing auction, the Closing
Auction Imbalance Freeze begins one minute prior to the closing
auction. During this period, all LOC and MOC orders that are on the
same side of the Total Imbalance, would flip the Total Imbalance, or
would create a new Total Imbalance are rejected and no LOC Orders or
MOC Orders can be cancelled or cancelled and replaced. See Arca Rule
7.35-E. Nasdaq Stock Market LLC's (``Nasdaq'') allows LOO orders to
be entered until 9:29:30 a.m. but restricts LOO orders received
after 9:28 a.m. to only be priced to the more aggressive of the 9:28
a.m. price or the previous day's official closing price. Similarly,
LOC orders received after 3:55 p.m. are accepted at their limit
price unless it is more aggressive than the 3:50 p.m. or the 3:55
p.m. Reference Prices, in which case it will be re-priced to the
more aggressive of the two prices. Nasdaq accepts Imbalance Only
orders for both the opening and closing auction and if those orders
are re-priced to the best bid/ask price prior to the execution of
the auction, up to their limit price. See Nasdaq Rules 4752 and 4754
\31\ See NYSE Rule 7.35(a)(4)(C). In the case of a buy
Imbalance, the Continuous Book Clearing Price would be the highest
potential Closing Auction Price and in the case of a sell Imbalance,
the Continuous Book Clearing Price would be the lowest potential
Closing Auction Price.
\32\ See NYSE Rule 7.35B(e)(3).
\33\ See Securities Exchange Act Release No. 104887 (February
25, 2026), 91 FR 10175 (March 2, 2026) (File No. SR-NYSE-2026-11)
(Notice of Filing and Immediate Effectiveness of Proposed Rule
Change to Amend Rule 7.35B(g)(2))
---------------------------------------------------------------------------
To this point, the Exchange believes that restricting the price of
Late Auction Order bids and offers to the Upper Band and Lower Band,
respectively, immediately prior to the Opening and Closing Auction is a
reasonable way to ensure that participants are able to add liquidity in
Opening and Closing Auctions on the Exchange while mitigating
volatility and ensuring that Opening and Closing Auctions remain
tethered to market conditions in a security.\34\ The data points that
the Exchange is proposing to disseminate prior to its Opening and
Closing Auctions further bolster this ability. The Exchange believes
that the examples above support this belief.
---------------------------------------------------------------------------
\34\ As noted above, the Participation Bands are calculated
utilizing real-time transaction and/or quotation data from the
consolidated tape for the applicable security and a mathematical
calculation to determine a dynamic, symbol-specific price range
within the Collar Price Range and will be disseminated every five
seconds between 3:58 p.m. and 4:00 p.m.
---------------------------------------------------------------------------
Clarifying Changes
Finally, the Exchange is proposing to add a clarifying clean-up
change in Rule 11.022(c)(2)(B) to add the phrase ``that is a corporate
security'' in two places in order to make the following language clear
``For a TXSE-Listed Security that is a corporate security, the Closing
Auction price will be the TXSE Official Closing Price. In the event
that there is no Closing Auction for a TXSE-Listed Security that is a
corporate security, the TXSE Official Closing Price will be the price
of the Final Last Sale Eligible Trade.'' Without this clarifying
language, the following sentence related to ``The TXSE Official Closing
Price for all other TXSE-Listed Securities will be determined as
follows:'' would never apply. The language under this provision is
intended to apply to ETPs in order to find a TXSE Official Closing
Price for ETPs where there is less than one round lot executed in the
Closing Auction. Without the qualifier ``that is a corporate security''
all securities would have their TXSE Official Closing Price determined
by the preceding language. The Exchange is also proposing to renumber
certain defined terms under Rule 11.022(a) in order to accommodate the
new definitions proposed herein.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\35\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\36\ in particular, in that 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 regulating,
clearing, settling, processing information with respect to, and
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.
Additionally, the Exchange believes that the proposed rule change is
consistent with the Section 6(b)(5) requirement that the rules of an
exchange not be designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------
\35\ 15 U.S.C. 78f(b).
\36\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
Specifically, the Exchange believes that the proposed changes to
LOO.L and LOC.L functionality, the new data points that will be
provided in advance of the Opening and Closing Auctions, and the
changes to the timing and cancellability of RHO, MOC, LOC, and LOC.L
orders collectively provide a deterministic, market-based solution to
creating orderly auctions. To this point, the Exchange believes that
restricting the price of Late Auction Order bids and offers to the
Upper Band and Lower Band, respectively, immediately prior to the
Opening and Closing Auction is a reasonable way to ensure that
participants are able to add liquidity in Opening and Closing Auctions
on the Exchange while mitigating volatility and ensuring that Opening
and Closing Auctions remain tethered to market conditions in a
security.\37\ The data points that the Exchange is proposing to
disseminate prior to its Opening and Closing Auctions further bolster
this ability.
---------------------------------------------------------------------------
\37\ As noted above, the Participation Bands are calculated
utilizing real-time transaction and/or quotation data from the
consolidated tape for the applicable security and a mathematical
calculation to determine a dynamic, symbol-specific price range
within the Collar Price Range and will be disseminated every five
seconds between 3:58 p.m. and 4:00 p.m.
---------------------------------------------------------------------------
The Exchange also notes that the proposed Late Auction Order
functionality is conceptually similar to both the Exchange's current
functionality (gating Late Auction Orders based on market conditions,
which under current Exchange Rules are the NBB and NBO), other similar
late auction order functionality on other exchanges (which provide
similar market-based restrictions on the price of late auction
orders),\38\ and the DMM
[[Page 23134]]
closing auction process on NYSE. Under NYSE Rule 7.35B(g), DMMs are
responsible for deciding the Auction Price for a Closing Auction on
NYSE and have significant discretion in determining what that Auction
Price should be. NYSE describes the criteria for the DMM to decide on
the Closing Price as follows: ``the Auction Price must be at or between
the last-published Imbalance Reference Price, which is the Exchange
Last Sale Price bound by the Exchange BBO,\39\ and the last-published
non-zero Continuous Book Clearing Price, which is the price at which
all better-priced orders eligible to trade in the Closing Auction on
the Side of the Imbalance can be traded.\40\ Rule 7.35B promotes
determinism with respect to the Closing Auction because the Closing
Auction Price must be within the predetermined range of prices that
have been disseminated via the Closing Auction Imbalance Information
and that cannot be changed after the end of Core Trading Hours.'' \41\
Providing a market conditions-based price range at which the DMM can
choose the auction price serves a similar function to the restrictions
on late auction orders on other exchanges and the Participation Band
restrictions on LOO.L and LOC.L orders entered after 9:28 a.m. and 3:58
p.m., respectively, being proposed herein. They all serve to allow for
liquidity providers to participate in the auction process but in a way
that does not impact the price of the auction in a way that diverges
from the exchanges' respective chosen measure of ``current market
conditions.'' While the analysis above focuses on closing auctions, the
Exchange believes that the points raised apply equally to opening
auctions as well.
---------------------------------------------------------------------------
\38\ BZX has identical late auction order functionality as the
Exchange's current functionality--late auction orders in both the
opening and closing auctions are collared by the NBBO. See BZX Rules
11.23(a)(12) and (13). Arca's opening auction does not allow cancel
and cancel and replace requests for one minute prior to the Opening
Auction and a Core Open Auction Imbalance Freeze occurs five seconds
before the scheduled Core Open Auction. During this period the only
orders accepted for auction participation are Limit Orders
designated for the Core Trading Session and such orders are only
allowed to participate in the Core Open Auction to offset an
imbalance remaining after all orders entered before the Core Open
Auction Imbalance Freeze. For the Arca closing auction, the Closing
Auction Imbalance Freeze begins one minute prior to the closing
auction. During this period, all LOC and MOC orders that are on the
same side of the Total Imbalance, would flip the Total Imbalance, or
would create a new Total Imbalance are rejected and no LOC Orders or
MOC Orders can be cancelled or cancelled and replaced. See Arca Rule
7.35-E. Nasdaq's allows LOO orders to be entered until 9:29:30 a.m.
but restricts LOO orders received after 9:28 a.m. to only be priced
to the more aggressive of the 9:28 a.m. price or the previous day's
official closing price. Similarly, LOC orders received after 3:55
p.m. are accepted at their limit price unless it is more aggressive
than the 3:50 p.m. or the 3:55 p.m. Reference Prices, in which case
it will be re-priced to the more aggressive of the two prices.
Nasdaq accepts Imbalance Only orders for both the opening and
closing auction and if those orders are re-priced to the best bid/
ask price prior to the execution of the auction, up to their limit
price. See Nasdaq Rules 4752 and 4754.
\39\ See NYSE Rule 7.35(a)(4)(C). In the case of a buy
Imbalance, the Continuous Book Clearing Price would be the highest
potential Closing Auction Price and in the case of a sell Imbalance,
the Continuous Book Clearing Price would be the lowest potential
Closing Auction Price.
\40\ See NYSE Rule 7.35B(e)(3).
\41\ See Securities Exchange Act Release No. 104887 (February
25, 2026), 91 FR 10175 (March 2, 2026) (File No. SR-NYSE-2026-11)
(Notice of Filing and Immediate Effectiveness of Proposed Rule
Change to Amend Rule 7.35B(g)(2))
---------------------------------------------------------------------------
The Exchange further believes that its proposal to add a new third
tie-breaker to the calculation of the TXSE Official Opening Price, TXSE
Official Closing Price, and the Auction Only Price is consistent with
the Act because the proposed change adds another tie breaker that is
based on actual auction orders in the Auction Book before using the
Volume Based Tie Breaker, which the Exchange believes better reflects
actual market interest. Further, the proposed change is substantively
identical to Nasdaq Rule 4754(b)(2)(C).
Finally, the Exchange believes that the proposed clarifying clean-
up and corresponding numbering changes are consistent with the Act
because they make the Exchange's Rules more clear and understandable.
As it specifically relates to adding the phrase ``that is a corporate
security'' in two places, the proposed rule change will correct a
drafting error to make clear how the TXSE Official Closing Price is
determined for non-corporate securities.
For these reasons, the Exchange believes that the proposed changes
are consistent with the Act.
(B) Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposal will impose any
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act. The proposed change is designed
to revise auctions on the Exchange to make it more transparent, robust,
and deterministic. The Exchange believes that the proposed rule change
would promote intermarket competition, particularly for issuers in
connection with their determination of which exchange to select as a
primary listing venue and among market participants that may decide to
participate in auctions on the Exchange. The Exchange does not believe
that the proposed rule change will impose any burden on intermarket
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. Competing exchanges have their own auction
functionality and are free to adopt similar rules if they so choose.
The Exchange also does not believe that the proposed rule change
will impose any burden on intramarket competition that is not necessary
or appropriate in furtherance of the purposes of the Act. All Members
would be eligible to participate in the Exchange's auctions and all
issuers would have their securities participate in the auctions on the
same terms.
(C) Self-Regulatory Organization's Statement on Comments on the
Proposed Rule Change Received From Members, Participants or Others
The Exchange has neither solicited nor received written comments on
the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange consents, the Commission will:
A. By order approve or disapprove such proposed rule change; or
B. Institute proceedings to determine whether the proposed rule
change should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposal 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#f280879e97df919d9f9f979c8681b2819791dc959d84"><span class="__cf_email__" data-cfemail="87f5f2ebe2aae4e8eaeae2e9f3f4c7f4e2e4a9e0e8f1">[email protected]</span></a>. Please include
File No. SR-TXSE-2026-006 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 No. SR-TXSE-2026-006. 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="http://www.sec.gov/rules/sro.shtml">http://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
[[Page 23135]]
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-TXSE-2026-006 and should be submitted on or before May 20, 2026.
---------------------------------------------------------------------------
\42\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\42\
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-08273 Filed 4-28-26; 8:45 am]
BILLING CODE 8011-01-P
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