Notice2026-11026
Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Update Rule 13.4(a)
Primary source
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Published
June 3, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 106 (Wednesday, June 3, 2026)</title>
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[Federal Register Volume 91, Number 106 (Wednesday, June 3, 2026)]
[Notices]
[Pages 33265-33267]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-11026]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105573; File No. SR-CboeEDGA-2026-018]
Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Update Rule 13.4(a)
May 29, 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 May 15, 2026, Cboe EDGA Exchange, Inc. (the ``Exchange'' or
``EDGA'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the Exchange. The Exchange
filed the proposal as a ``non-controversial'' proposed rule change
pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-
4(f)(6) thereunder.\4\ The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe EDGA Exchange, Inc. (``EDGA'' or the ``Exchange'') proposes to
update Rule 13.4(a) regarding the public disclosure of the sources of
data that the Exchange utilizes when performing: (i) order handling;
(ii) order routing; (iii) order execution; and (iv) related compliance
processes to reflect the planned operation of the Texas Stock Exchange
LLC (``TXSE'') as a registered national securities exchange \5\
beginning between July 2, 2026, and July 17, 2026.\6\ The text of the
proposed rule change is provided in Exhibit 5.
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\5\ See Securities Exchange Act Release No. 104146 (September
30, 2025), 90 FR 47880 (October 2, 2025).
\6\ See Member Readiness and Launch Guide, dated December, 2025
(<a href="https://www.txse.com/trading-membership/member-readiness-and-launch-guide">https://www.txse.com/trading-membership/member-readiness-and-launch-guide</a>) (stating that TXSE anticipates that trading will
commence between July 2, 2026-July 17, 2026).
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The text of the proposed rule change is also available on the
Commission's website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>), the
Exchange's website (<a href="https://www.cboe.com/us/equities/regulation/rule_filings/bzx/">https://www.cboe.com/us/equities/regulation/rule_filings/bzx/</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 Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to update Rule 13.4(a) regarding the public
disclosure of the sources of data that the Exchange utilizes when
performing: (i) order handling; (ii) order routing; (iii) order
execution; and (iv) related compliance processes to reflect the
[[Page 33266]]
operation of the TXSE as a registered national securities exchange.
On September 30, 2025, the Commission approved TXSE's application
to register as a national securities exchange.\7\ As part of its
transition to exchange status, TXSE announced that it plans to commence
trading on its exchange between July 2, 2026 and July 17, 2026.\8\ The
Exchange, therefore, proposes to update Rule 13.4(a) regarding the
public disclosure of the sources of data that the Exchange utilizes
when performing: (i) order handling; (ii) order routing; (iii) order
execution; and (iv) related compliance processes to reflect the
operation of TXSE as a registered national securities exchange
beginning between July 2, 2026 and July 17, 2026. Specifically, the
Exchange proposes to amend Rule 13.4(a) to include TXSE by stating it
will utilize TXSE market data from the Consolidated Quotation System
(``CQS'')/UTP Quotation Data Feed (``UQDF'') for purposes of order
handling, routing, execution, and related compliance processes.
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\7\ Supra note 4.
\8\ Supra note 5.
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Additionally, on January 29, 2026, Nasdaq BX filed with the
Commission a proposal to convert from a corporation organized under the
laws of the state of Delaware to one organized under the laws of the
state of Texas and changed its name from Nasdaq BX, LLC to Nasdaq
Texas, LLC.\9\ The Exchange accordingly proposes a conforming change to
its rules to replace the name of Nasdaq BX with Nasdaq Texas.
Specifically, the Exchange proposes to replace one reference to ``BX''
in Rule 13.4(a) with ``Texas.''
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\9\ See Securities Exchange Act Release No. 104736 (January 29,
2026), 91 FR 4980 (February 3, 2026) (SR-BX-2026-05) (Notice of
Filing and Immediate Effectiveness of Proposed Rule Change to Repeal
the Restated Certificate of Incorporation and Adopt a Certificate of
Formation and Company Agreement).
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2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\10\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\11\ 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.
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\10\ 15 U.S.C. 78f.
\11\ 15 U.S.C. 78f(b)(5).
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The Exchange believes that its proposal to update Exchange Rule
13.4(a) to include TXSE and reference Nasdaq Texas will ensure that the
Rule publicly states on a market-by-market basis all of the specific
network processor and proprietary data feeds that the Exchange utilizes
for the handling, routing, and execution of orders, and for performing
the regulatory compliance checks related to each of those functions.
The proposed rule change also removes impediments to and perfects the
mechanism of a free and open market and protects investors and the
public interest because it provides additional specificity, clarity and
transparency.
In addition, the proposed amendments would reduce potential
investor and market participant confusion and therefore remove
impediments to and perfect the mechanism of a free and open market and
a national market system by ensuring that investors and market
participants can more easily navigate, understand, and comply with the
Exchange's rules. The Exchange also believes that the proposed
amendments remove impediments to and perfects the mechanism of a free
and open market by ensuring that persons subject to the Exchange's
jurisdiction, regulators, and the investing public can more easily
navigate and understand the Exchange's rules. The proposed amendments
would not be inconsistent with the public interest and the protection
of investors because investors will not be harmed and in fact would
benefit from the increased transparency and clarity, thereby reducing
potential confusion.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes its proposed rule change would not impose any
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act. To the contrary, the Exchange
believes the proposal would enhance competition because including all
of the exchanges enhances transparency and enables investors to better
assess the quality of the Exchange's execution and routing services.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from Members or other interested
parties.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (i)
significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \12\ and Rule 19b-
4(f)(6) \13\ thereunder.
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\12\ 15 U.S.C. 78s(b)(3)(A).
\13\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the written notice
of its intent to file the proposed rule change at least five
business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \14\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\15\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposed
rule changes may become operative upon filing. In the filing, the
Exchange stated it is proposing these changes to reflect the launch of
TXSE as a national securities exchange and reflect the name change of
Nasdaq BX to Nasdaq Texas that will allow the Exchange to identify on a
market-by-market basis all the specific network processor and
proprietary data feeds that the Exchange utilizes for the handling,
routing, and execution of orders, and for performing the regulatory
compliance checks related to each of those functions. The Commission
has published a similar prior proposed rule change by the Exchange to
disclose via its rules the data feeds it currently utilizes for order
handling, routing, execution, and related compliance processes.\16\ The
proposed rule changes do not raise any novel issues, and waiver of the
operative delay allows for the immediate clarification of the
Exchange's rules to reflect these changes. Therefore, waiver of the 30-
day
[[Page 33267]]
operative delay is consistent with the protection of investors and the
public interest. Accordingly, the Commission hereby waives the
operative delay and designates the proposal operative upon filing.\17\
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\14\ 17 CFR 240.19b-4(f)(6).
\15\ 17 CFR 240.19b-4(f)(6)(iii).
\16\ See Securities Exchange Act Commission Release No. 104077
(September 25, 2025), 90 FR 46944 (September 30, 2025) (SR-CboeEDGX-
2025-074).
\17\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#740601181159171b1919111a0007340711175a131b02"><span class="__cf_email__" data-cfemail="1260677e773f717d7f7f777c6661526177713c757d64">[email protected]</span></a>. Please include
file number
SR-CboeEDGA-2026-018 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-CboeEDGA-2026-018. 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-CboeEDGA-2026-018 and should be
submitted on or before June 24, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
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\18\ 17 CFR 200.30-3(a)(12), (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-11026 Filed 6-2-26; 8:45 am]
BILLING CODE 8011-01-P
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