Notice2026-09748
Joint Industry Plan; Notice of Filing and Immediate Effectiveness of the Twenty-Sixth Amendment to the National Market System Plan To Address Extraordinary Market Volatility To Reflect the Name Change of Nasdaq BX, Inc. to Nasdaq Texas LLC
Primary source
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Published
May 15, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 94 (Friday, May 15, 2026)</title>
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[Federal Register Volume 91, Number 94 (Friday, May 15, 2026)]
[Notices]
[Pages 27995-27997]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-09748]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105443; File No. 4-631]
Joint Industry Plan; Notice of Filing and Immediate Effectiveness
of the Twenty-Sixth Amendment to the National Market System Plan To
Address Extraordinary Market Volatility To Reflect the Name Change of
Nasdaq BX, Inc. to Nasdaq Texas LLC
May 12, 2026.
I. Introduction
On May 4, 2026, Nasdaq, Inc., on behalf of the following parties to
the National Market System Plan to Address Extraordinary Market
Volatility (``Plan'' or ``LULD Plan''): \1\ 24X National
[[Page 27996]]
Exchange LLC, Cboe BZX Exchange, Inc., Cboe BYX Exchange, Inc., Cboe
EDGA Exchange, Inc., Cboe EDGX Exchange, Inc., Financial Industry
Regulatory Authority, Inc., Investors Exchange LLC, Long-Term Stock
Exchange, Inc., MEMX LLC, MIAX PEARL, LLC, Nasdaq BX, Inc., Nasdaq PHLX
LLC, The Nasdaq Stock Market LLC, New York Stock Exchange LLC, NYSE
American LLC, NYSE Arca, Inc., NYSE Texas, Inc., and NYSE National,
Inc., (collectively, ``Participants'') filed with the Securities and
Exchange Commission (``Commission'') pursuant to Section 11A(a)(3) of
the Securities Exchange Act of 1934 (``Act'' or ``Exchange Act'') \2\
and Rule 608 thereunder,\3\ a proposal to amend the Plan (``Twenty-
Sixth Amendment'').\4\
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\1\ On May 31, 2012, the Commission approved the Plan, as
modified by Amendment No. 1. See Securities Exchange Act Release No.
67091, 77 FR 33498 (June 6, 2012). On February 20, 2013, the
Commission noticed for immediate effectiveness the Second Amendment
to the Plan. See Securities Exchange Act Release No. 68953, 78 FR
13113 (Feb. 26, 2013). On April 3, 2013, the Commission approved the
Third Amendment to the Plan. See Securities Exchange Act Release No.
69287, 78 FR 21483 (Apr. 10, 2013). On August 27, 2013, the
Commission noticed for immediate effectiveness the Fourth Amendment
to the Plan. See Securities Exchange Act Release No. 70273, 78 FR
54321 (Sept. 3, 2013). On September 26, 2013, the Commission
approved the Fifth Amendment to the Plan. See Securities Exchange
Act Release No. 70530, 78 FR 60937 (Oct. 2, 2013). On January 7,
2014, the Commission noticed for immediate effectiveness the Sixth
Amendment to the Plan. See Securities Exchange Act Release No.
71247, 79 FR 2204 (Jan. 13, 2014). On April 3, 2014, the Commission
approved the Seventh Amendment to the Plan. See Securities Exchange
Act Release No. 71851, 79 FR 19687 (Apr. 9, 2014). On February 19,
2015, the Commission approved the Eight Amendment to the Plan. See
Securities Exchange Act Release No. 74323, 80 FR 10169 (Feb. 25,
2015). On October 22, 2015, the Commission approved the Ninth
Amendment to the Plan. See Securities Exchange Act Release No.
76244, 80 FR 66099 (Oct. 28, 2015). On April 21, 2016, the
Commission approved the Tenth Amendment to the Plan. See Securities
Exchange Act Release No. 77679, 81 FR 24908 (Apr. 27, 2016). On
August 26, 2016, the Commission noticed for immediate effectiveness
the Eleventh Amendment to the Plan. See Securities Exchange Act
Release No. 78703, 81 FR 60397 (Sept. 1, 2016). On January 19, 2017,
the Commission approved the Twelfth Amendment to the Plan. See
Securities Exchange Act Release No. 79845, 82 FR 8551 (Jan. 26,
2017). On April 13, 2017, the Commission approved the Thirteenth
Amendment to the Plan. See Securities Exchange Act Release No.
80455, 82 FR 18519 (Apr. 19, 2017). On April 28, 2017, the
Commission noticed for immediate effectiveness the Fourteenth
Amendment to the Plan. See Securities Exchange Act Release No.
80549, 82 FR 20928 (May 4, 2017). On September 26, 2017, the
Commission noticed for immediate effectiveness the Fifteenth
Amendment to Plan. See Securities Exchange Act Release No. 81720, 82
FR 45922 (Oct. 2, 2017). On March 15, 2018, the Commission noticed
for immediate effectiveness the Sixteenth Amendment to the Plan. See
Securities Exchange Act Release No. 82887, 83 FR 12414 (Mar. 21,
2018). On April 12, 2018, the Commission approved the Seventeenth
Amendment to the Plan. See Securities Exchange Act Release No.
83044, 83 FR 17205 (Apr. 18, 2018). On April 11, 2019, the
Commission approved the Eighteenth Amendment to the Plan. See
Securities Exchange Act Release No. 85623, 84 FR 16086 (Apr. 17,
2019). On February 5, 2020, the Commission noticed for immediate
effectiveness the Nineteenth Amendment to the Plan. See Securities
Exchange Act Release No. 88122, 85 FR 7805 (Feb. 11, 2020). On April
21, 2020, the Commission approved the Twentieth Amendment to the
Plan. See Securities Exchange Act Release No. 88704, 85 FR 23383
(Apr. 27, 2020). On July 29, 2020, the Commission noticed for
immediate effectiveness the Twenty-First Amendment to the Plan. See
Securities Exchange Act Release No. 89420, 85 FR 46762 (Aug. 3,
2020). On October 1, 2020, the Commission noticed for immediate
effectiveness the Twenty-Second Amendment to the Plan. See
Securities Exchange Act Release No. 90068, 85 FR 63322 (Oct. 7,
2020). On September 16, 2024, the Commission disapproved the Twenty-
Third Amendment to the Plan. See Securities Exchange Act Release No.
101036, 89 FR 77203 (Sept. 20, 2024). On May 14, 2025, the
Commission noticed for immediate effectiveness the Twenty-Fourth
Amendment to the Plan. See Securities Exchange Act Release No.
103042, 90 FR 21529 (May 20, 2025). On September 3, 2025, the
Commission noticed for immediate effectiveness the Twenty-Fifth
Amendment to the Plan. See Securities Exchange Act Release No.
103845, 90 FR 43254 (September 8, 2025).
\2\ 15 U.S.C 78k-1(a)(3).
\3\ 17 CFR 242.608.
\4\ See Letter from Andrew Oppenheimer, Nasdaq, Inc., to Vanessa
Countryman, Secretary, Commission, dated April 28, 2026.
(``Transmittal Letter'').
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The Twenty-Sixth Amendment proposes a non-substantive amendment to
the Plan to reflect the name change of Nasdaq BX, Inc. to Nasdaq Texas
LLC. A copy of the Plan, as proposed to be amended is attached as
Exhibit A hereto. The Participants are filing the Twenty-Sixth
Amendment for immediate effectiveness pursuant to Rule 608(b)(3)(iii)
of Regulation NMS under the Exchange Act.\5\
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\5\ 17 CFR 242.608(b)(3)(iii).
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II. Description of the Plan
Set forth in this Section II is the statement of the purpose and
summary of the Twenty-Sixth Amendment, along with the information
required by Rule 608(a)(4) and (5) under the Exchange Act,\6\ prepared
and submitted by the Participants to the Commission.\7\
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\6\ See 17 CFR 242.608(a)(4) and (a)(5).
\7\ See Transmittal Letter, supra note 4.
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A. Statement of Purpose and Summary of the Plan Amendment
The purpose of this amendment is to implement a non-substantive
change to the Plan to reflect the name change of Nasdaq BX, Inc. to
Nasdaq Texas, LLC.\8\
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\8\ Effective February 13, 2026, Nasdaq BX, Inc. converted from
a corporation organized under the laws of the state of Delaware to a
limited liability company organized under the laws of the state of
Texas and changed its legal name to Nasdaq Texas, LLC. See
Securities Exchange Act Release No. 104739 (Jan. 29, 2026), 91 FR
4989 (Feb. 2, 2026) (SR-BX-2026-006); SR-BX-2026-005 filed on
January 21, 2026, available at: <a href="https://listingcenter.nasdaq.com/rulebook/BX/rulefilings">https://listingcenter.nasdaq.com/rulebook/BX/rulefilings</a>.
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B. Governing or Constituent Documents
The governing documents of the Processor, as defined in Section
I(P) of the Plan, will not be affected by the Amendment.
C. Implementation of Amendment
The Participants are filing this Twenty-Sixth Amendment for
immediate effectiveness pursuant to Rule 608(b)(3)(iii) of Regulation
NMS under the Exchange Act.\6\ At any time within 60 days of the filing
of this amendment, the Commission may summarily abrogate this amendment
and require that it be refiled in accordance with Rule 608(a)(1) and
reviewed in accordance with Rule 608(b)(2), if it appears to the
Commission that such action is necessary or appropriate in the public
interest, for the protection of investors, or the maintenance of fair
and orderly markets, to remove impediments to, and perfect the
mechanisms of, a national market system or otherwise in furtherance of
the purposes of the Act.
D. Development and Implementation Phases
Not applicable.
E. Analysis of Impact on Competition
The Participants believe that the proposed amendment does not
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Exchange Act because it simply
effectuates a change to the name of one of the Participants. The
proposed amendment to the Plan would apply to all market participants
equally and would not impose a competitive burden on one category of
market participants in favor of another category of market participant.
The proposed amendment would apply to trading on all Trading Centers
and all NMS Stocks would be subject to the amended Plan's requirements.
For the same reason, the Participants do not believe that the proposed
amendment introduces terms that are unreasonably discriminatory for the
purposes of Section 11A(c)(1)(D) of the Exchange Act.
F. Written Understanding or Agreements Relating to Interpretation of,
or Participation in, Plan
Not applicable.
G. Approval of Amendment of the Plan
On April 15, 2026, the Operating Committee, duly constituted and
chaired by Mr. Adrian Griffiths of MEMX LLC, voted unanimously to amend
the Plan as set forth herein in accordance with Section III(C) of the
Plan. The Plan Advisory Committee was notified in connection with the
Twenty-Sixth Amendment and was in favor. Each of the Plan's
Participants has executed a written amended Plan.
H. Description of Operation of Facility Contemplated by the Proposed
Amendment
Not applicable.
I. Terms and Conditions of Access
Section II(C) of the Plan provides that any entity registered as a
national securities exchange or national securities association under
the Exchange Act may become a Participant by: (1) becoming a
participant in the applicable Market Data Plans, as defined
[[Page 27997]]
in Section I(F) of the Plan; (2) executing a copy of the Plan, as then
in effect; (3) providing each then-current Participant with a copy of
such executed Plan; and (4) effecting an amendment to the Plan as
specified in Section III(B) of the Plan.
J. Method of Determination and Imposition, and Amount of, Fees and
Charges
Not applicable.
K. Method and Frequency of Processor Evaluation
Not applicable.
L. Dispute Resolution
Section III(C) of the Plan provides that each Participant shall
designate an individual to represent the Participant as a member of an
Operating Committee. No later than the initial date of the Plan, the
Operating Committee shall designate one member of the Operating
Committee to act as the Chair of the Operating Committee. Any
recommendation for an amendment to the Plan from the Operating
Committee that receives an affirmative vote of at least two-thirds of
the Participants, but is less than unanimous, shall be submitted to the
Commission as a request for an amendment to the Plan initiated by the
Commission under Rule 608.
III. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the amendment is
consistent with the Exchange Act and the rules thereunder. 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#c9bbbca5ace4aaa6a4a4aca7bdba89baacaae7aea6bf"><span class="__cf_email__" data-cfemail="6715120b024a04080a0a020913142714020449000811">[email protected]</span></a>. Please include
file number 4-631 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 4-631.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
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 4-
631 and should be submitted on or before June 5, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
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\9\ 17 CFR 200.30-3(a)(85).
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J. Matthew DeLesDernier,
Deputy Secretary.
Exhibit A
Proposed Amendments to the Plan Marked to Show Changes From Existing
Plan
(Additions are in italics; Deletions are [bracketed]).
* * * * *
II. Parties
(A) List of Parties
The parties to the Plan are as follows:
(1) 24X National Exchange LLC, One Landmark Square, 18th Floor,
Stamford, Connecticut 06901
(2) Cboe BZX Exchange, Inc., 400 South LaSalle Street, Chicago,
Illinois 60605
(3) Cboe BYX Exchange, Inc., 400 South LaSalle Street, Chicago,
Illinois 60605
(4) Cboe EDGA Exchange, Inc., 400 South LaSalle Street, Chicago,
Illinois 60605
(5) Cboe EDGX Exchange, Inc., 400 South LaSalle Street, Chicago,
Illinois 60605
(6) Financial Industry Regulatory Authority, Inc., 1735 K Street NW,
Washington, DC 20006
(7) Investors Exchange LLC, 4 World Trade Center, 44th Floor, New
York, New York 10007
(8) Long-Term Stock Exchange, Inc., 101 Greenwich St., Suite 11A,
New York, NY 10006
(9) MEMX LLC, 111 Town Square Place, Suite 520, Jersey City, NJ
07310
(10) MIAX PEARL, LLC, 7 Roszel Road, Suite 1A, Princeton, NJ 08540
(11) Nasdaq Texas, LLC [BX, Inc.], One Liberty Plaza, New York, New
York 10006
(12) Nasdaq PHLX LLC, 1900 Market Street, Philadelphia, Pennsylvania
19103
(13) The Nasdaq Stock Market LLC, 1 Liberty Plaza, 165 Broadway, New
York, NY 10006
(14) NYSE National, Inc., 11 Wall Street, New York, NY 10005
(15) New York Stock Exchange LLC, 11 Wall Street, New York, New York
10005
(16) NYSE Arca, Inc., 11 Wall Street, New York, New York 10005
(17) NYSE American LLC, 11 Wall Street, New York, New York 10005
(18) NYSE Texas, Inc., 11 Wall Street, New York, New York 10005
* * * * *
X. Counterparts and Signatures
The Plan may be executed in any number of counterparts, no one of
which need contain all signatures of all Participants, and as many of
such counterparts as shall together contain all such signatures shall
constitute one and the same instrument.
In witness thereof, this Plan has been executed as of the _ day of
____ 202[ ] by each of the parties hereto.
24X NATIONAL EXCHANGE LLC
BY:--------------------------------------------------------------------
CBOE BZX EXCHANGE, INC.
BY:--------------------------------------------------------------------
CBOE BYX EXCHANGE, INC
BY:--------------------------------------------------------------------
CBOE EDGA EXCHANGE, INC.
BY:--------------------------------------------------------------------
CBOE EDGX EXCHANGE, INC.
BY:--------------------------------------------------------------------
FINANCIAL INDUSTRY REGULATORY AUTHORITY, INC.
BY:--------------------------------------------------------------------
INVESTORS EXCHANGE LLC
BY:--------------------------------------------------------------------
LONG-TERM STOCK EXCHANGE, INC.
BY:--------------------------------------------------------------------
MEMX LLC
BY:--------------------------------------------------------------------
MIAX PEARL, LLC
BY:--------------------------------------------------------------------
NASDAQ TEXAS, LLC [BX, Inc.]
BY:--------------------------------------------------------------------
NASDAQ PHLX LLC
BY:--------------------------------------------------------------------
THE NASDAQ STOCK MARKET LLC
BY:--------------------------------------------------------------------
NYSE NATIONAL, INC.
BY:--------------------------------------------------------------------
NEW YORK STOCK EXCHANGE LLC
BY:--------------------------------------------------------------------
NYSE AMERICAN LLC
BY:--------------------------------------------------------------------
NYSE ARCA, INC.
BY:--------------------------------------------------------------------
NYSE TEXAS, INC.
BY:--------------------------------------------------------------------
[FR Doc. 2026-09748 Filed 5-14-26; 8:45 am]
BILLING CODE 8011-01-P
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