Notice2026-11147
Joint Industry Plan; Notice of Filing of the Twenty-Seventh Amendment to the National Market System Plan To Address Extraordinary Market Volatility To Establish Temporary Price Band Protections in Overnight Trading
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Published
June 4, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 107 (Thursday, June 4, 2026)</title>
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[Federal Register Volume 91, Number 107 (Thursday, June 4, 2026)]
[Notices]
[Pages 33774-33832]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-11147]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105596; File No. 4-631]
Joint Industry Plan; Notice of Filing of the Twenty-Seventh
Amendment to the National Market System Plan To Address Extraordinary
Market Volatility To Establish Temporary Price Band Protections in
Overnight Trading
June 1, 2026.
I. Introduction
On May 27, 2026, Nasdaq, Inc., on behalf of Nasdaq Texas LLC
(``NDTX''), Nasdaq PHLX LLC (``PHLX''), and The Nasdaq Stock Market LLC
(``Nasdaq''), and the following parties to the Plan to Address
Extraordinary Market Volatility (``Plan'') Pursuant to Rule 608 of
Regulation NMS under the Securities Exchange Act of 1934 (``Act'' or
``Exchange Act'') \1\: 24X National
[[Page 33775]]
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, New York Stock Exchange LLC,
NYSE American LLC, NYSE Arca, Inc., NYSE Texas, Inc., and NYSE
National, Inc., (collectively with NDTX, PHLX, and Nasdaq,
``Participants''), filed with the Securities and Exchange Commission
(``Commission'') pursuant to Section 11A(a)(3) of the Exchange Act \2\
and Rule 608 thereunder,\3\ a proposal to amend the Plan (``Twenty-
Seventh Amendment'').\4\ The proposal reflects changes unanimously
approved by the Participants. The Twenty-Seventh Amendment proposes to
amend the Plan to establish temporary price band protections to
overnight trading (``Overnight Protections'') in anticipation of
overnight trading by certain national securities exchanges. The
Commission is publishing this notice to solicit comments from
interested persons on the Twenty-Seventh Amendment.\5\
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\1\ See Securities Exchange Act Release No. 67091, 77 FR 33498
(June 6, 2012); Securities Exchange Act Release No. 68953 (February
20, 2013), 78 FR 13113 (Feb. 26, 2013); Securities Exchange Act
Release No. 69287 (April 3, 2013), 78 FR 21483 (Apr. 10, 2013);
Securities Exchange Act Release No. 70273 (August 27, 2013), 78 FR
54321 (September 3, 2013); Securities Exchange Act Release No. 70530
(September 26, 2013), 78 FR 60937 (October 2, 2013); Securities
Exchange Act Release No. 71247 (January 7, 2014), 79 FR 2204
(January 13, 2014); Securities Exchange Act Release No. 71851 (April
3, 2014), 79 FR 19687 (April 9, 2014); Securities Exchange Act
Release No. 74323 (February 19, 2015), 80 FR 10169 (February 25,
2015); Securities Exchange Act Release No. 76244 (October 22, 2015),
80 FR 66099 (October 28, 2015); Securities Exchange Act Release No.
77679 (April 21, 2016), 81 FR 24908 (April 27, 2016); Securities
Exchange Act Release No. 78703 (August 26, 2016), 81 FR 60397
(September 1, 2016); Securities Exchange Act Release No. 79845
(January 19, 2017), 82 FR 8551 (January 26, 2017); Securities
Exchange Act Release No. 80455 (April 13, 2017), 82 FR 18519 (April
19, 2017); Securities Exchange Act Release No. 80549 (April 28,
2017), 82 FR 20928 (May 4, 2017); Securities Exchange Act Release
No. 81720 (September 26, 2017), 82 FR 45922 (October 2, 2017);
Securities Exchange Act Release No. 82887 (March 15, 2018), 83 FR
12414 (March 21, 2018); Securities Exchange Act Release No. 83044
(April 12, 2018), 83 FR 17205 (April 18, 2018); Securities Exchange
Act Release No. 85623 (April 11, 2019), 84 FR 16086 (April 17,
2019); Securities Exchange Act Release No. 88122 (February 5, 2020),
85 FR 7805 (February 11, 2020); Securities Exchange Act Release No.
88704 (April 21, 2020), 85 FR 23383 (April 27, 2020); Securities
Exchange Act Release No. 89420 (July 29, 2020), 85 FR 46762 (August
3, 2020); Securities Exchange Act Release No. 90068 (October 1,
2020), 85 FR 63322 (October 7, 2020); Securities Exchange Act
Release No. 101036 (September 16, 2024), 89 FR 77203 (September 20,
2024); Securities Exchange Act Release No. 103042 (May 14, 2025), 90
FR 21529 (May 20, 2025); Securities Exchange Act Release No. 103845
(September 3, 2025), 90 FR 43254 (September 8, 2025); Securities
Exchange Act Release No. 105443 (May 12, 2026), 91 FR 27995 (May 15,
2026).
\2\ 15 U.S.C 78k-1(a)(3).
\3\ 17 CFR 242.608.
\4\ See Letter from Andrew Oppenheimer, Head of U.S. Equities,
Nasdaq, to Vanessa Countryman, Secretary, Commission, dated May 27,
2026 (``Transmittal Letter'').
\5\ 17 CFR 242.608.
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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-Seventh 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 Participants filed the Plan with the Commission on April 5,
2011, to create a market-wide limit up-limit down mechanism intended to
address extraordinary market volatility in NMS Stocks, as defined in
Rule 600(b)(65) of Regulation NMS under the Exchange Act.\8\ The Plan
sets forth procedures that provide for market-wide limit up-limit down
requirements to prevent trades in individual NMS Stocks from occurring
outside of the specified Price Bands.\9\ These limit up-limit down
requirements are coupled with Trading Pauses, as defined in Section
I(Y) of the Plan, to accommodate more fundamental price moves. In
particular, the Participants adopted this Plan to address extraordinary
volatility in the securities markets, i.e., significant fluctuations in
individual securities' prices over a short period of time, such as
those experienced during the ``Flash Crash'' on the afternoon of May 6,
2010.
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\8\ 17 CFR 242.600(b)(65).
\9\ Unless otherwise stated, capitalized terms are defined in
the LULD Plan.
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As set forth in more detail in the Plan, all trading centers in NMS
Stocks, including both those operated by Participants and those
operated by members of Participants, are required to establish,
maintain, and enforce written policies and procedures that are
reasonably designed to comply with the Limit Up-Limit Down requirements
specified in the Plan. The Participants believe that the Limit Up-Limit
Down mechanism specified in the Plan has reduced the negative impacts
of sudden, unanticipated price movements in NMS Stocks (and erroneous
trades in such stocks), thereby protecting investors and promoting a
fair and orderly market.\10\
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\10\ Data collected during the pilot period between the initial
filing of the Plan and the approval of the Plan on a permanent basis
by the Commission, and studies conducted by the Participants and the
Commission's Division of Economic and Risk Analysis demonstrated
that the Plan has been beneficial to markets by serving to dampen
price volatility, and the Commission approved the Plan on a
permanent basis after finding that the LULD mechanism effectively
addressed extraordinary market volatility. See Securities Exchange
Act Release No. 84843 (December 18, 2018), 83 FR 66464 (December 26,
2018); Securities Exchange Act Release No. 85623 (April 11, 2019),
84 FR 16086 (April 17, 2019).
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The Participants propose a cautious approach to extending
protections to the unique conditions presented by overnight markets.
The proposal is to be implemented in two phases. In the first phase,
the Participants propose to apply protections based on those currently
used by certain ATSs to constrain significant fluctuations in
individual securities' prices over a short period of time. The
Participants believe that these protections are narrowly tailored to
current market conditions, and will promote market stability over an
interim period.
During implementation of this first phase, Participants will gather
and analyze information concerning overnight trading, and will use that
information to develop recommendations for a final proposal to be
implemented in the overnight session. The final proposal will be
submitted to the Commission as a plan amendment that will remove the
interim measures and replace them with revised overnight protections.
1. Authority To Amend Under Rule 608 of Regulation NMS
The Participants respectfully submit this amendment to the Plan
pursuant to Rule 608 of Regulation NMS under the Exchange Act, which
authorizes the Participants to act jointly in preparing, filing, and
implementing national market system plans. Rule 608(a)(3) specifically
provides that any two or more self-regulatory organizations, acting
jointly, may file a national market system plan or any amendment
thereto with the Commission. The Participants are self-regulatory
organizations that are parties to the Plan and have the authority under
Rule 608 to propose amendments to the Plan for Commission approval.
Section III(A) of the Plan provides that, except with respect to
the addition of new Participants to the Plan, any proposed change in,
addition to, or deletion from the Plan shall be effected by means of a
written amendment to the Plan that: (1) sets forth the change,
addition, or deletion; (2) is executed on behalf of each Participant;
and (3) is approved by the SEC pursuant to Rule 608 of Regulation NMS
under the Exchange Act, or otherwise becomes effective under Rule 608
of Regulation NMS under the Exchange Act.
Each of the Participants has approved this Twenty-Seventh Amendment
in accordance with Section III(C) of the Plan. The Participants also
received and incorporated feedback from the Plan Advisory Committee in
preparing this proposal.
The Participants believe that this amendment is consistent with
Section 11A of the Exchange Act and Rule 608 thereunder. Rule 608
provides that the Commission shall approve a proposed NMS plan, or
proposed amendment thereto, if it finds that such plan or amendment is
necessary or appropriate in the public interest, for the protection of
investors, or otherwise in furtherance of the purposes of the Act; and
such
[[Page 33776]]
plan provides that all brokers and dealers may obtain access to
transaction reports and quotations on terms that are not unreasonably
discriminatory.\11\ Section 11A of the Act establishes the
Congressional finding that it is in the public interest and appropriate
for the protection of investors and the maintenance of fair and orderly
markets to assure economically efficient execution of securities
transactions, fair competition among brokers and dealers and exchange
markets, and the availability to brokers, dealers, and investors of
information with respect to quotations for and transactions in
securities.\12\ Consistent with these standards, the proposed amendment
would enhance the stability and integrity of the national market system
by implementing price band protections during overnight trading
sessions, thereby reducing the risk of extraordinary volatility and
erroneous trades during periods of reduced liquidity.
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\11\ 15 U.S.C. 78k-1(a)(1)(C).
\12\ 15 U.S.C. 78k-1(a)(1)(C).
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2. Summary of Proposed Amendment
The Participants propose to add a new Section VIII to the Plan,
entitled ``Overnight Protections,'' which establishes a framework for
calculating and disseminating Overnight Price Bands for use during
Overnight Protected Hours (defined as 9:00 p.m. Eastern Time on Sunday
through Thursday to 4:00 a.m. Eastern Time on the next calendar day),
and requires all trading centers that are operative during such hours
to establish, maintain, and enforce written policies and procedures
that are reasonably designed to prevent trades outside of such
Overnight Price Bands. In Phase 2 of the proposal, Participants intend
to replace the interim Section VIII proposed in this amendment with a
more permanent Section VIII to govern overnight trading protections,
and expect these protections to more closely resemble the LULD program
in place during Regular Trading Hours, for instance by including
sliding bands.
The proposed amendment for Phase 1 includes the following key
aspects:
(a) Overnight Price Bands. The Primary Listing Exchange for each
NMS Stock shall calculate and disseminate to the Processors an
Overnight Lower Price Band and an Overnight Upper Price Band to be
applied during Overnight Protected Hours for NMS Stocks. The Overnight
Price Bands shall be based on two reference prices as adjusted for any
relevant corporate actions, (i) the official closing price of a stock
as reported by the listing market for such NMS stock and (ii) the
consolidated last round lot sale as of 7:45 p.m. Eastern Time, with the
Overnight Lower Price Band being 20% lower than the lower of the
reference prices, and the Overnight Upper Price Band being 20% greater
than the greater of the reference prices; the Overnight Percentage
Parameter for a leveraged ETP shall be 20%, multiplied by the leverage
ratio. For NMS Stocks with a Closing Price of less than $1.00, the
minimum Overnight Upper Price Band and minimum Overnight Lower Price
Band thresholds shall each be $1.00 from the applicable reference
price; for NMS Stocks with a Closing Price of $1.00 or more, the
minimum Overnight Upper Price Band and minimum Overnight Lower Price
Band thresholds shall each be $3.00 from the applicable reference
price. The Minimum Price Band for a leveraged ETP shall be multiplied
by the leverage ratio of such product.
(b) Primary Listing Exchanges shall transmit the calculated
Overnight Price Bands to the Processors no later than 8:55 p.m. Eastern
Time, and the Processors shall disseminate such bands to the public
prior to 9:00 p.m. Eastern Time.
(c) All trading centers in NMS Stocks that are operative during
Overnight Protected Hours, must establish, maintain, and enforce
written policies and procedures that are reasonably designed to prevent
both trades and the display of prices outside the Overnight Price Bands
during Overnight Protected Hours.
(d) The Primary Listing Exchange of a stock may declare a
Regulatory Halt in accordance with Primary Listing Exchange rules, and,
if so, shall notify the Processor.\13\ During a Regulatory Halt during
Overnight Protected Hours, Participants shall reject orders. Any NMS
Stock subject to a Regulatory Halt during Overnight Protected Hours
shall not reopen during Overnight Protected Hours.
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\13\ The Primary Listing Exchanges anticipate using halt codes
currently available within the Processors' specifications.
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(e) The proposed amendment also amends Section IV of the Plan to
require that trading center policies and procedures comply with the
overnight requirements specified in the new Section VIII.\14\
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\14\ Unlike policies at certain ATSs, the proposed amendment
does not include guidance regarding how to handle corporate actions
during Overnight Protected Hours, as this decision will be left to
the discretion of each listing exchange.
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Overnight Protected Hours
The Participants have determined to implement overnight protections
between the hours of 9:00 p.m. and 4:00 a.m. Eastern Time. The 9:00
p.m. Eastern Time commencement of the Overnight Protected Hours
corresponds to the time at which the Processors will open for overnight
trading, thereby ensuring that the limit up-limit down mechanism is
operative from the moment overnight trading activity becomes available
through the consolidated market data infrastructure. The 4:00 a.m.
Eastern Time conclusion of the Overnight Protected Hours was selected
to accommodate the well-established practice of issuers releasing
earnings announcements, material corporate disclosures, and other
price-sensitive information during pre-market hours in advance of the
Regular Trading Session. By terminating Overnight Protected Hours at
4:00 a.m. Eastern Time, the Participants intend for market participants
to be able to incorporate newly disclosed information into securities
prices without the constraints of pricing bands based on the prior
day's activity.
The Participants acknowledge that the application of price bands
during Overnight Protected Hours has the potential to inhibit price
discovery to some degree, insofar as the bands may constrain the range
of prices at which transactions can occur during those hours. However,
the Participants believe that this risk does not outweigh the
significant investor protections afforded by the proposed amendment. In
particular, the Participants' analysis \15\ indicates that only a
minority of NMS stocks would be materially impacted by the presence of
price bands during Overnight Protected Hours, suggesting that the
constraining effect on price discovery would be limited in scope and
would not broadly impair the market's ability to reflect fundamental
value. Moreover, to the extent that the price band mechanism may in
certain instances restrain price movement during the overnight session,
the Participants believe that this trade-off is justified by the
protections that the amendment provides against erroneous trades and
aberrant executions in a low-liquidity trading environment--protections
that serve the interests of investors and the integrity of the national
market system. Finally, in a circumstance in which orders are
consistently being placed outside the bands or the price bands are
otherwise limiting price discovery, Primary Listing
[[Page 33777]]
Exchanges will be able to declare a Regulatory Halt \16\ to suspend
trading for the remainder of the overnight session, allowing the market
to resume price discovery in the more liquid environment following the
end of Overnight Protected Hours.
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\15\ See Section 2 above.
\16\ In accordance with Primary Listing Exchange rules.
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This calibration of the Overnight Protected Hours appropriately
balances the Plan's dual objectives of preventing extraordinary
volatility and facilitating price discovery: during the overnight
session, when liquidity is reduced and the risk of erroneous trades or
transitory gaps in liquidity is heightened, the price band mechanism
will prevent trades at prices far removed from a security's recent
fundamental value, thereby protecting investors who might otherwise
execute transactions at aberrant prices. This is in contrast to the
pre-market session, when fundamental corporate information is being
disseminated and absorbed by the market, and the price discovery
process will be allowed to function without impediment. Accordingly,
the Participants believe that the proposed Overnight Protected Hours
window removes impediments to, and perfects the mechanism of, the
national market system by extending proven investor protections to a
trading environment that presents the types of risks that the Plan was
designed to address, while preserving the market's capacity to
efficiently incorporate material new information during the pre-market
period.
Overnight Price Band Calculation
The Participants have designed the Overnight Price Bands to balance
the Plan's dual objectives of preventing extraordinary volatility and
facilitating price discovery during overnight trading sessions. The
Overnight Price Bands are calculated using two reference prices: the
Closing Price and a more recent Consolidated Price representing an
execution in the post-market. The use of dual reference prices is
designed to mitigate the risks associated with reliance on a single
closing price that may become stale or unrepresentative of current
market conditions by the time overnight trading commences. Material
information is frequently disseminated after the close of the Regular
Trading Session, and post-market trading activity may result in prices
that differ meaningfully from the Closing Price.
If the Overnight Price Bands were anchored to just one price, the
bands could be misaligned with prevailing market sentiment, potentially
resulting in price bands that are too restrictive impeding legitimate
price discovery based on post-market developments. By incorporating the
Consolidated Price, the Overnight Price Bands dynamically account for
post-market trading activity, ensuring that the bands reflect a price
at which market participants have demonstrated a willingness to
transact, which is aligned with ATS practice, while also incorporating
the Closing Price to reflect market sentiment during Regular Trading
hours. This dual-reference methodology grounds the Overnight Price
Bands in demonstrated market sentiment across both the Regular Trading
Session and post-market hours, providing maximum flexibility in the
protections while ensuring those protections remain appropriately
calibrated to actual market conditions. The Participants believe that
this approach is consistent with the protection of investors and the
maintenance of fair and orderly markets, and removes impediments to,
and perfects the mechanism of, the national market system.
The Participants selected a Percentage Parameter of 20% for
Overnight Price Bands to align with the 20% static band protections
currently in place for overnight trading on ATSs, while differing from
ATS approach by using two reference prices in calculating those bands.
Furthermore, the Participants expect that during the initial period of
overnight trading hours (commonly referred to as ``23/5 trading''),
when market participants are adjusting to the new structure, applying
the same Percentage Parameters to all stocks in the Overnight trading
session will be easier for participants to understand, balancing the
interest of protecting investors with ensuring transparent market
practices.
The Overnight Price Bands are also subject to minimum price band
thresholds \17\ to ensure that a minimum range of permissible trading
prices remains available during overnight hours. These minimum
thresholds prevent the Overnight Price Bands from becoming so narrow as
to unduly restrict trading activity or impede legitimate price
movements, particularly for lower-priced securities where the
application of percentage-based parameters alone could result in price
bands of only a few cents. The Participants believe that establishing
minimum price band thresholds appropriately balances investor
protection against extraordinary volatility with the preservation of
fair and orderly markets by ensuring that overnight trading can
continue to occur within a reasonable price range, consistent with the
purposes of Section 11A of the Exchange Act and Rule 608 thereunder.
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\17\ For stocks with a Closing Price of $1.00 or greater, the
minimum band is $3.00, and for stocks with a Closing Price of less
than $1.00, the minimum band size is $1.00.
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Primary Listing Exchange and Processor Obligations
This proposed amendment requires the Primary Listing Exchange of an
NMS Stock to calculate the price bands and disseminate them to the
Processors, who will then disseminate those bands to the market. This
was chosen as the approach in Phase 1 because the Processors are
currently testing and implementing extensive updates \18\ and the
Participants agreed that the most effective way to implement Overnight
Protections would be to reduce the burden on the Processors that would
have come from calculating the bands themselves. Phase 1 is designed to
require minimal work from the Processors. The Processors, however, will
then disseminate the bands to the public over trade and quote multicast
channels via existing fields in the LULD messages starting at
approximately 8:55 p.m. Eastern Time, in line with their current role
during Regular Trading Hours.
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\18\ Including to implement 23/5 trading, implement changes to
collect and disseminate odd-lot quote information, incorporating
fractional share trading information, preparing for amended tick
sizes, implementing a new Issue Symbol Directory Message, and
transitioning to a new Consolidated Tape Plan. See Securities
Exchange Act Release No. 101070 (September 18, 2024), 89 FR 81620
(October 8, 2024), File No. S7-30-22; Securities Exchange Act
Release No. 88827 (May 6, 2020), 85 FR 28702 (May 13, 2020).
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Overnight Halts
At this time, the Participants have determined not to implement
automatic Trading Pauses during Overnight Protected Hours, similar to
ATSs which also do not implement automatic trading pauses during
overnight trading sessions (ATSs simply reject orders that fall outside
their bands). This approach reflects the Participants' careful
consideration of the distinct characteristics of overnight trading,
including significantly reduced liquidity, lower trading volumes, and
fewer active market participants relative to Regular Trading Hours.
During the Regular Trading Session, automatic Trading Pauses serve to
provide market participants with a brief opportunity to reassess their
trading interest and supply additional liquidity following a
significant price movement, after which trading resumes with an auction
to
[[Page 33778]]
facilitate orderly price discovery. Instead of implementing a similar
process of automatic Trading Pauses followed by an auction for the
Overnight Protected Hours, Primary Listing Exchanges would instead
retain discretion to announce Regulatory Halts, in accordance with
Primary Listing Exchange rules, during Overnight Protected Hours, which
would remain in place for the duration of the overnight trading
session. The Participants have elected not to reopen trading halts with
auctions during Overnight Protected Hours because they expect that
there will be insufficient liquidity in the initial phase of the
overnight trading session for an efficient auction to occur. Without
confidence in the standard method of reopening trading following a
halt, and without sufficient information to create a different method,
the Participants believe that it is in the best interests of the market
not to reopen trading following a halt in the overnight session.
The Participants believe that permitting the Primary Listing
Exchanges to announce Regulatory Halts during Overnight Protected Hours
aligns with the Plan's fundamental purpose of promoting a fair and
orderly market. Under this framework, the Overnight Price Bands will
continue to operate as a safeguard against trades occurring at prices
that deviate significantly from a security's recent fundamental value,
thereby preventing extraordinary volatility and protecting investors
from executing transactions at aberrant prices. When an event occurs
that a Primary Listing Exchange, in accordance with Primary Listing
Exchange rules, determines merits a Regulatory Halt, the Primary
Listing Exchange will have the authority, but not the obligation, to
announce a Regulatory Halt if, in its judgment, such action is
warranted to maintain a fair and orderly market. This discretionary
approach permits the Primary Listing Exchange to evaluate the totality
of the circumstances, including any material information that may be
affecting the security's price, and which may also include, in certain
circumstances, prevailing liquidity conditions, before determining
whether a halt is necessary and appropriate.
The Participants believe this framework is consistent with Section
11A of the Securities Exchange Act of 1934 and Rule 608 thereunder
because it preserves the core investor protections of the limit up-
limit down mechanism while the Participants analyze data on overnight
trading, thereby removing impediments to, and perfecting the mechanism
of, the national market system.
Ministerial Amendments
The Participants have proposed ministerial changes to update the
addresses of certain Participants in Section II(A) of the Plan.
The Participants have also proposed a change to the definition of
Regular Trading Hours, in Section I(S) to conform to the amended
citation in Regulation NMS for the definition of Regular Trading
Hours.\19\
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\19\ 17 CFR 242.600(b)(88). See also Securities Exchange Act
Release No. 99679 (March 6, 2024), 89 FR 26428 (April 15, 2024).
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3. Proposed Overnight Trading Protections Based on Current ATS
Protections in Anticipation of 23/5 Exchange Trading
The Commission has recently approved applications by 24X National
Exchange LLC, NYSE Arca Inc., and Nasdaq to conduct trading on a near-
continuous 23/5 basis.\20\ These approvals represent a significant
expansion of exchange trading into periods that have historically been
characterized by lower liquidity, wider spreads, and the potential for
increased price volatility due to the release of overnight news and
developments in foreign markets. The Processors are preparing to
commence overnight trading on December 6, 2026.\21\
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\20\ See Securities Exchange Act Release No. 34-102400 (Feb. 11,
2025); 90 FR 9794 (Feb. 18, 2025) (order approving NYSE Arca Inc.
proposal to lengthen its trading session to 22 hours per day, 5 days
per week) (``NYSE Arca Approval Order''); Securities Exchange Act.
Release No. 89-235 (Nov. 27, 2024); 89 FR 97092 (order approving
application of 24X National Exchange, LLC for registration as a
national securities exchange and to trade 23 hours per day, 5 days
per week) (``24X Approval Order''); Securities Exchange Act Release
No. 34-105199 (April 10, 2026) 91 FR 20222 (April 15, 2026) (SR-
NASDAQ-2025-109) (``Nasdaq Approval Order''). The Commission is also
contemplating a similar proposal by Cboe EDGX Exchange, Inc. See
Securities Exchange Act Release No. 34-105206 (April 10, 2026) 91 FR
20213 (April 15, 2026) (SR-CboeEDGX-2026-019).
\21\ See letter from Jeff Kimsey, Chair of the Operating
Committees of the Equity Data Plans, dated March 23, 2026.
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The 20% Percentage Parameter proposed in this amendment reflects
the existing price protection mechanisms employed by ATSs that
currently operate in the overnight trading space. ATSs that currently
facilitate overnight trading have generally adopted 20% trading bands
as a market-wide price protection standard, although those bands are
based on a single static price,\22\ unlike the two reference prices in
this proposal.\23\ The Participants expect that adopting a band
percentage consistent with these established ATS practices will
facilitate a smoother transition for market participants as overnight
trading expands to national securities exchanges. By aligning the
Overnight Price Bands with protections conceptually familiar to broker-
dealers, institutional investors, and retail participants who have
engaged in overnight trading through ATSs, the proposed amendment
reduces operational complexity and minimizes the risk of market
disruption that could arise from the introduction of materially
different price protection standards. The Participants submit that this
alignment serves the public interest and the protection of investors by
establishing uniform expectations across trading venues, thereby
promoting confidence in the integrity of overnight trading and
supporting the orderly expansion of 23/5 trading to the national market
system.
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\22\ See, e.g., Blue Ocean Technologies LLC, Frequently Asked
Questions, available at <a href="https://blueocean-tech.io/faq/">https://blueocean-tech.io/faq/</a>.
\23\ Due to the different approaches of one vs. two reference
prices with the same percentage parameters applied, this proposal
could result in wider trading bands than those currently used by
ATSs, although the current expectation is that using two reference
prices will have minimal impact on the bands the majority of the
time, while capturing the reality of any extraordinary shifts in the
market following the close of Regular Trading Hours.
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The Participants believe that the application of protections to
these newly approved overnight trading sessions is necessary and
appropriate and in the public interest, for the protection of investors
and for the maintenance of fair and orderly markets. The fundamental
purpose of the Plan--to prevent trades in individual NMS Stocks from
occurring at prices that are not reflective of a fair and orderly
market--applies with equal, if not greater, force during overnight
periods when market conditions may exacerbate the risk of sudden,
unanticipated price movements similar to the ``Flash Crash.'' The LULD
mechanism is intended to reduce the negative impacts of sudden,
unanticipated price movements in NMS Stocks, thereby protecting
investors and promoting a fair and orderly market. Previously conducted
data and analysis have demonstrated that the LULD mechanism has been
largely effective at reducing the negative impacts of such price
movements,\24\ and the Participants believe protections should extend
to overnight trading sessions where similar risks--or heightened risks
due to reduced liquidity--may arise.
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\24\ See, e.g., Securities Exchange Act Release No. 84843
(December 18, 2018), 83 FR 66464 (December 26, 2018).
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Based on an analysis of data from the ATS Blue Ocean, the
Participants expect
[[Page 33779]]
that the impact of this proposal on actual overnight trading will be
minimal, although the guardrails are valuable to the outliers. Using an
approximation of the proposed overnight trading bands \25\ and the
closing price and the price of a stock as of 7:45 p.m. Eastern Time, an
average of 0 S&P 500 stocks, 0.6 ETPs and 0.4 non-S&P 500 stocks per
day, or less than 0.1% of total volume, would be impacted by the bands.
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\25\ Blue Ocean rejects orders that are 20% away from the last
sale price for the security printed on a national securities
exchange as of 7:30 p.m. ET, so this analysis was conducted using
18% bands as a proxy for orders likely to hit the 20% threshold of
the proposed overnight trading bands. The Participants acknowledge
that this analysis is unable to capture orders that are currently
being cancelled or rejected for falling outside the bands, but
believe that if orders were surpassing the bands, there would also
be a concentration of orders that approach the bands, and so this
18% approximation should capture and reflect that reality.
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BILLING CODE 8011-01-P
[GRAPHIC] [TIFF OMITTED] TN04JN26.080
BILLING CODE 8011-01-C
Overnight trading sessions present unique challenges for market
integrity, including reduced liquidity, increased information asymmetry
due to overnight news flow and global developments, and a heightened
potential for erroneous trades. Implementing the proposed market
protections during overnight trading sessions should limit the
frequency and severity of harmful price dislocations, consistent with
the purposes for which the Plan was adopted.
Indeed, the development of price band protections in the overnight
trading space illustrates the organic evolution of similar safeguards
in response to market need. Before national securities exchanges sought
to extend their operating hours into overnight sessions, ATSs pioneered
overnight trading and independently implemented price band mechanisms
to protect market participants from aberrant executions during periods
of reduced liquidity. The adoption of 20% price bands by ATSs operating
in this space emerged as a market-driven response to the unique risks
presented by overnight trading--demonstrating that sophisticated market
participants recognize the necessity of such protections. Market
participants who have engaged in overnight trading through ATSs have
come to rely on these safeguards. These market participants have a
reasonable expectation that comparable protections will accompany the
expansion of overnight trading to national securities exchanges, which
the Participants believe this proposed amendment will achieve, although
with some differences to the ATS approach, including by using two
reference prices in order to reflect relevant market activity.
4. Phased Implementation of Overnight Protections
As noted above, the Participants propose to implement Overnight
Protections in two phases. The amendments to the Plan set forth herein
constitute Phase 1 of this implementation. Phase 2 is anticipated to be
implemented in 2027, following a
[[Page 33780]]
period of observation, data gathering, and assessment of overnight
trading. As no national exchange currently conducts trading in the
overnight session, comprehensive and reliable data on overnight trading
activity remains limited, and the Participants recognize that the
provisions of Phase 1 in the proposed Plan may require recalibration as
empirical evidence accumulates. Phase 1 is therefore designed not only
to provide meaningful protections against extraordinary volatility
during overnight hours, but also to serve as a structured framework for
generating the granular, real-world data necessary to evaluate and
refine these overnight provisions to craft a thoughtful Phase 2.
The Participants currently expect Phase 2 to include: (1) sliding
price bands that adjust based on market activity during Overnight
Protected Hours without imposing an absolute limit on prices (e.g.,
sliding the Upper Price Band to a higher price if a security is in a
prolonged limit state where the national best bid is equal to the
Overnight Upper Price Band; (2) the Processors calculating and
disseminating the Overnight Price Bands, rather than the Primary
Listing Exchanges; and (3) recalibrated Overnight Percentage
Parameters, which may be lower than the proposed parameters set forth
in Section VIII(A)(3) of the Plan and which may differ between Tier 1
and Tier 2 NMS Stocks.
Each of these anticipated Phase 2 enhancements reflects the
Participants' recognition that certain provisions in the current
proposal--including the initial Overnight Percentage Parameters, the
assignment of calculation and dissemination responsibilities, and the
static nature of the price bands--may not be optimally calibrated for
the unique liquidity and volatility conditions that characterize
overnight trading sessions. The Participants believe that the phased
approach is the most prudent and responsible means of addressing them
these challenges, by enabling the Plan and the Commission to collect
and analyze data on overnight trading before proceeding to a more
complex system of overnight protections.
The Operating Committee intends to evaluate data on overnight
trading and the performance of Phase 1 in 2027 and determine the
appropriate timing and specifications for Phase 2. In conducting this
evaluation, the Operating Committee will analyze, among other things,
the interactions between the market and Overnight Price Bands across
varying liquidity conditions, the incidence and causes of any trading
halts declared by Listing Exchanges, the adequacy of the Overnight
Percentage Parameters in mitigating extraordinary volatility without
unduly constraining legitimate price discovery, and the operational
performance of the Primary Listing Exchanges in calculating Overnight
Price Bands and the Processors in disseminating them. The Participants
are committed to a rigorous, evidence-based assessment and intend to
work collaboratively with the Commission and its Staff throughout this
process to identify additional data points or analytical methodologies
that may enhance the evaluation. The Participants expect to include
information regarding the operations of Phase 1 in the Plan's quarterly
reports, commencing with the quarterly report covering the first full
quarter of overnight trading. Participants expect to submit a Phase 2
proposal for consideration by the Commission with sufficient time for
implementation by the fourth quarter of 2027. The Participants will
report on the evidence gathered on overnight trading together with its
proposal for Phase 2 revisions to overnight protections.
Just as the Plan was initially approved on a trial basis \26\ to
allow the Participants and the public to gain valuable practical
experience with Plan operations, and subsequently made permanent
following extensive data collection and analysis,\27\ the Participants'
proposal to implement Overnight Protections in a phased approach will
enable the Operating Committee, the Commission, and the market as a
whole, to observe overnight trading and the effectiveness of the
Overnight Protections and compile data to inform future decisions.
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\26\ See Securities Exchange Act Release No. 67091 (May 31,
2012), 77 FR 33498 (June 6, 2012) (File No. 4-631) (``Approval
Order'').
\27\ See Securities Exchange Act Release No. 85623 (April 11,
2019), 84 FR 16086 (April 17, 2019) (File No. 4-631).
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The Plan has always operated on the premise that the Participants
will engage in a continuous data-intensive review of the National
Market System and the Plan's impact on that market. That premise
carries particular force here, where the implementation of protections
to Overnight Protected Hours presents novel challenges--including
thinner liquidity, wider spreads, and the potential for price
dislocations driven by international developments or after-hours
corporate announcements--that cannot be fully anticipated or addressed
through existing data alone. The current provisions of the proposal
reflect the Participants' best judgment based on available information,
but the Participants recognize that certain parameters and operational
assignments may require adjustment once real-world evidence becomes
available. The proposed two-phased approach, based on a review of the
evidence prior to implementing a final proposal, is consistent with
that fundamental approach, and will enable the Operating Committee and
the Commission to collaborate to review new information.
The Commission has repeatedly emphasized the importance of ongoing
review and assessment to ensure that the Plan continues to achieve its
objective of reducing extraordinary volatility. The Participants
believe that the same data-driven approach is appropriate for overnight
protections, and that the restrained approach of observing the interim
effects of this Twenty-Seventh Amendment during new overnight trading
hours will enable the Plan to respond to market activity with overnight
protections that are effective and specifically tailored to the
particular circumstances that present during overnight trading.
5. Consistency With the Purposes of the Plan and the Exchange Act
The Participants believe that the proposed amendment is necessary
and appropriate in the public interest, for the protection of
investors, and for the maintenance of fair and orderly markets, because
extending the protections afforded by the Plan to overnight hours is
consistent with the fundamental purposes of the Plan. The Plan was
originally adopted to address extraordinary volatility in the
securities markets and to prevent trades in individual NMS Stocks from
occurring outside of Price Bands selected to maintain orderly market
conditions. These objectives are equally applicable--and may be more
critical--during overnight trading sessions when market conditions may
be less liquid and more susceptible to price dislocations. The efficacy
of current LULD mechanisms in addressing extraordinary market
volatility, moreover, informs the Participants' belief that it is
appropriate to also establish price protections in the new overnight
trading environment.
The Participants believe that the proposed amendment is consistent
with Section 11A(a)(1)(C) of the Exchange Act, which directs the
Commission to facilitate the establishment of a national market system
that assures, among other things, economically efficient execution of
securities transactions, fair competition among brokers and dealers
[[Page 33781]]
and among markets, and the practicability of brokers executing
investors' orders in the best market.\28\ Applying uniform protections
across all trading centers that operate during Overnight Protected
Hours promotes fair competition and ensures that investor protection
does not vary based on the venue at which an order is executed during
overnight hours.
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\28\ 15 U.S.C. 78k-1(a)(1)(C) and (a)(2).
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This Twenty-Seventh Amendment to the Plan would enhance the public
interest, protect investors, and help maintain fair and orderly
markets, while removing impediments to and perfecting the mechanism of
the national market system in conformance with Rule 608.\29\ This
proposed amendment establishes guardrails for overnight trading to
mitigate the risk of excessive volatility in markets and will help to
prevent extreme price swings and erroneous trades, which will protect
investors from excessive volatility in the new overnight trading
session. The amendment appropriately balances the dual objectives of
preventing extraordinary volatility and facilitating price discovery,
and will thus enhance confidence in the market as a whole by
demonstrating the exchange industry's thoughtful approach to
implementing new market protections in the new world of 23/5 Trading.
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\29\ 17 CFR 242.608(b)(2).
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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 will announce the operative date of the amendment
(``Operative Date''), which will be subject to the completion of
certain systems changes by the Processors for the Unlisted Trading
Privileges (UTP) Plan and Consolidated Tape Association (CTA) Plan to
ensure dissemination of overnight trading bands.
D. Development and Implementation Phases
The Participants propose to implement the proposed amendment on the
Operative Date. As discussed, a separate ``Phase 2'' proposal will be
filed with the Commission at a later date. Phase 1 overnight
protections will remain in place until the operative date of such Phase
2 proposal.
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. 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 any other category of market participant. The
proposed amendment would apply to trading on all trading centers that
operate during Overnight Protected Hours, and all NMS Stocks (other
than rights and warrants, which are excluded from the Plan) would be
subject to the amended Plan's requirements. 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 because it would apply to all market participants
equally.
F. Written Understanding or Agreements Relating to Interpretation of,
or Participation in, Plan
The Participants have no written understandings or agreements
relating to interpretation of the Plan. Section II(C) of the Plan sets
forth how any entity registered as a national securities exchange or
national securities association may become a Participant.
G. Approval of Amendment of the Plan
Each of the Participants has approved this Twenty-Seventh Amendment
in accordance with Section III(C) of the Plan. The Participants also
received and incorporated feedback from the Plan Advisory Committee in
preparing this proposal. 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 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
This section is not applicable as the proposed amendment to the
Plan does not involve fees or charges.
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#3644435a531b55595b5b535842457645535518515940"><span class="__cf_email__" data-cfemail="cebcbba2abe3ada1a3a3aba0babd8ebdabade0a9a1b8">[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
[[Page 33782]]
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
25, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\30\
Sherry R. Haywood,
Assistant Secretary.
BILLING CODE 8011-01-P
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\30\ 17 CFR 200.30-3(a)(85).
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[FR Doc. 2026-11147 Filed 6-3-26; 8:45 am]
BILLING CODE 8011-01-C
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This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.