Notice2026-17463
Self-Regulatory Organizations; Nasdaq Texas, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Introduce Intra-Day Snapshots to NTX Options Trade Outline
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
August 27, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 165 (Thursday, August 27, 2026)</title>
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[Federal Register Volume 91, Number 165 (Thursday, August 27, 2026)]
[Notices]
[Pages 55368-55373]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-17463]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-106176; File No. SR-NasdaqTX-2026-036]
Self-Regulatory Organizations; Nasdaq Texas, LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Introduce
Intra-Day Snapshots to NTX Options Trade Outline
August 24, 2026.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on August 11, 2026, Nasdaq Texas, LLC (``Nasdaq Texas'' or
``Exchange'') filed with ``Commission'') the proposed rule change as
described in Items I, II, and III, below, which Items have been
prepared by the Exchange. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to introduce Intra-Day Snapshots to NTX
Options Trade Outline, a product enhancement designed to provide
aggregated updates of market sentiment information.
The text of the proposed rule change is available on the Exchange's
website at <a href="https://listingcenter.nasdaq.com/rulebook/nasdaqtx/rulefilings">https://listingcenter.nasdaq.com/rulebook/nasdaqtx/rulefilings</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.
[[Page 55369]]
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to enhance NTX Options Trade Outline (``Trade
Outline'') with Intra-Day Snapshots, a new optional delivery mechanism
which will provide customers with the option of viewing changes in
market sentiment information as they occur. The proposal is designed to
provide the customer with the same market sentiment information
available on Trade Outline today, but with the possibility of more
frequent updates that will provide the customer with information on
changes in market sentiment as they occur, as well as facilitate
ingestion of information by providing it in smaller amounts at a time.
Intra-Day Snapshots will disseminate the aggregated information
described below whenever two or more trades involving three or more
origin types (Customers, Broker-Dealers, NTX Options Market Makers,
Firms, and Professionals) occur within an options series during a
regular 1-minute period beginning at 9:30 a.m.; any activity that does
not meet these criteria will be reported at the end of the 1-minute
interval.
Intra-Day Snapshots will offer Exchange customers more choice in
the frequency of their ingestion of market sentiment information.
Currently, customers may consume market sentiment information at 10-
minute intervals, in End of Day Information, and through Historical
Information in either Intra-Day or End of Day formats. Intra-Day
Snapshots will allow customers to observe changes in market sentiment
as they occur.
This product enhancement is being offered to meet the demand of
market participants for more frequent updates of investor sentiment
over the course of the trading day. A competitor exchange recently
introduced 1-minute updates to meet this demand, increasing the
frequency of its updates by 10-fold, from the 10-minute intervals that
have become standard for the industry to 1-minute intervals.\3\ The
Exchange believes that Intra-Day Snapshots will be more effective than
just 1-minute updates in meeting this demand by aggregating
information, allowing customers to understand market sentiment more
efficiently as actions by multiple market participants signal that the
market is changing in the interval between regular updates. Intra-Day
Snapshots post whenever the aggregation criteria (two or more trades in
an options series involving three or more origin types in a 1-minute
interval) as described in detail below are met.
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\3\ See Securities Exchange Act Release No. 103323 (June 25,
2025), 90 FR 27884 (June 30, 2025) (SR-CBOE-2025-042) (establishing
1-minute reporting intervals for the Cboe Intraday Open-Close
Report). As discussed in Section 7 below, the Cboe change became
effective pursuant to Section 19(b)(3)(A)(iii) of the Act and Rule
19b-4(f)(6) thereunder. See also Securities Exchange Act Release No.
103321 (June 25, 2025), 90 FR 27894 (June 30, 2025) (SR-CboeEDGX-
2025-047); Securities Exchange Act Release No. 103905 (September 8,
2025), 90 FR 44113 (September 11, 2025) (SR-SAPPHIRE-2025-33);
Securities Exchange Act Release No. 103907 (September 8, 2025), 90
FR 44120 (September 11, 2025) (SR-PEARL-2025-40); Securities
Exchange Act Release No. 103908 (September 8, 2025), 90 FR 44123
(September 11, 2025) (SR-MIAX-2025-39).
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Understanding options market sentiment can help an investor
understand other financial markets. For example, it can be used for
trading equities because options sentiment also reflects sentiment in
the underlying equity securities. It can be useful for understanding
commodities markets by analyzing trends in commodity-based ETFs. It can
be useful for futures markets by helping investors discern sentiment
concerning future prices.
Associated with this broad interest, customers have requested more
timely reporting of changes in market sentiment. As noted previously,
some of the Exchange's competitors have responded to this demand by
offering updates at 1-minute intervals. With Intra-Day Snapshots, the
Exchange is proposing a more efficient solution by posting information
whenever there is a shift in underlying sentiment as reflected in the
actions of multiple market participants. This is distinct from the 1-
minute updates offered by Cboe and MIAX exchanges that simply post at
predetermined intervals without regard to market activity.
Intra-Day Snapshots differ from pure 1-minute updates in that they
report a change in market sentiment when there are multiple trades
involving multiple market participants. Both of these solutions protect
the anonymity of the market participants. Intra-Day Snapshots are
programmed to report when there are multiple trades and participants,
and also only provide general information about a participant's market
capacity, without further information specific to that participant. As
such, underlying trades cannot be singled out and identified. While 1-
minute updates may report single trades when there is only one trade
during the designated interval, participant information is still
limited to market capacity, preserving participant anonymity. As such,
both solutions protect trade-specific information.
The Exchange will offer Intra-Day Snapshots in addition to the 10-
minute Intra-Day reports currently offered with Trade Outline.
Investors will be able to choose whichever methodology meets their
needs. They may also choose to purchase both, or neither, as market
sentiment products are not required to execute trades.
The implementation date of the proposed rule change will be
announced in a public notice to be published no later than 30 days
after the operative date of this rule filing.
NTX Options Trade Outline
NTX Trade Outline provides market sentiment information on an end
of day, intra-day, and historical basis.\4\ It includes proprietary
Exchange trading data and does not include any intraday trading data
from any other exchange.\5\ The information provided, both in End of
Day and Intraday formats, is not a real-time data feed. It is a
completely voluntary product in that the Exchange is not required by
any rule or regulation to make this data available and potential
subscribers may purchase it only if they voluntarily choose to do so.
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\4\ Historical files are provided based on specific request.
Market participants generally use historical files for model testing
and research, and the period of time required by a particular
customer will depend on its unique testing and research needs. Some
customers, for example, may request years of data, while others only
months, or even a single month.
\5\ The End of Day report includes a field that presents Total
Industry Volume for the Series.
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NTX Trade Outline assists in the creation of trading models useful
in both options and equities markets and generally to help customers
understand market sentiment. Products similar to Trade Outline are well
established, and are offered by Nasdaq-affiliated exchanges \6\ (Nasdaq
PHLX, LLC (``Phlx''),\7\ Nasdaq ISE, LLC (``ISE''),\8\
[[Page 55370]]
Nasdaq GEMX, LLC (``GEMX''),\9\ the Nasdaq Stock Market LLC (``Nasdaq
Options Market'' or ``NOM''),\10\) and competitor exchanges such as
Cboe,\11\ NYSE American,\12\ NYSE Arca,\13\ BOX,\14\ and MIAX
PEARL.\15\
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\6\ The underlying information for NTX Options Trade Outline is
the same as the other trade outline products offered by the Nasdaq
exchanges. Presentation differs, however, in that data is not
subdivided into categories. For example, the trade outline products
offered by PHLX, ISE, GEMX and NOM subdivide the aggregate volume
traded for each reported series into categories according to the
quantity of contracts (less than 100, 100-199, and greater than
200). NTX Options Trade Outline does not separate this information
into quantitative categories, but rather provides the same aggregate
volume information as PHOTO and the other Nasdaq exchanges without
separating the information into categories according to the quantity
of contracts.
\7\ See PHLX Rules, Options 7, Section 10.
\8\ See Nasdaq ISE Rules, Options 7, Section 10(A) and (B)
(Nasdaq ISE Open/Close Trade Profile End of Day; Nasdaq ISE Open/
Close Trade Profile Intraday).
\9\ See Nasdaq GEMX Rules, Options 7, Sections 7(D) (Nasdaq GEMX
Open/Close End of Day Trade Profile) and 7(E) (Nasdaq GEMX Open/
Close Intraday Trade Profile).
\10\ See Nasdaq Rules, Options 7, Section 4 (Nasdaq Options
Trade Outline (``NOTO'')).
\11\ See, e.g., Securities Exchange Act Release No. 94913 (May
13, 2022), 87 FR 30534 (May 19, 2022) (SR-Cboe-2022-023) (describing
End-of-Day and Intraday Open-Close Data as a summary of trading
activity on the exchange at the option level by origin, side of the
market, price, and transaction type).
\12\ See, e.g., Securities Exchange Act Release No. 93803
(December 16, 2021, 86 FR 72647 (December 22, 2021) (SR-NYSEAMER-
2021-46) (describing the NYSE Options Open-Close Volume Summary as a
volume summary of trading activity on the exchange at the option
level by origin, side of the market, contract volume, and
transaction type).
\13\ See, e.g., Securities Exchange Act Release No. 93132
(September 27, 2021), 86 FR 54499 (October 1, 2021) (SR-NYSEArca-
2021-82) (describing the NYSE Options Open-Close Volume Summary as a
volume summary of trading activity on the exchange at the option
level by origin, side of the market, contract volume, and
transaction type).
\14\ See, e.g., Securities Exchange Act Release No. 97174 (March
21, 2023), 88 FR 18201 (March 27, 2023) (SR-BOX-2023-09) (describing
the BOX exchange Open-Close Data report as providing volume by
origin, buying/selling, and opening/closing criteria).
\15\ See, e.g., Securities Exchange Act Release No. 91964 (May
21, 2021), 86 FR 28667 (May 27, 2021) (SR-PEARL-2021-24)
(introducing the Open-Close Report).
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Trade Outline provides aggregate quantity and volume information
for trades on the Exchange for all series during a trading session.
Information includes:
(i) total exchange volume for Intra-Day information and total
exchange and industry volume for End of Day information for each
reported series; \16\
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\16\ Every options series trades as a distinct symbol.
``Series'' and ``symbol'' are therefore synonyms.
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(ii) open interest for the series;
(iii) aggregate quantity of trades and aggregate trade volume
effected to open a position,\17\ characterized by origin type
(Customers,\18\ Broker-Dealers, NTX Options Market Makers, Firms, and
Professionals \19\); and
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\17\ This would include the aggregate number of ``opening
purchase transactions,'' defined as a TSX Options Transaction that
creates or increases a long position in an options contract, see
Options 1, Section 1(a)(35), and the aggregate number of ``opening
writing transactions,'' defined as a TSX Options Transaction that
creates or increases a short position in an options contract. See
Options 1, Section 1(a)(36).
\18\ ``Customer'' is defined as a Public Customer or a broker-
dealer. See Options 1, Section1(a)(22).
\19\ ``Professional'' means any person or entity that (i) is not
a broker or dealer in securities, and (ii) places more than 390
orders in listed options per day on average during a calendar month
for its own beneficial account(s). See Options 1, Section1(a)(48).
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(iv) aggregate quantity of trades and aggregate trade volume
effected to close a position,\20\ characterized by origin type
(Customers, Broker-Dealers, NTX Options Market Makers, Firms, and
Professionals).
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\20\ This would include the aggregate number of ``closing
purchase transactions'' in the affected series, defined as a TSX
Options Transaction that reduces or eliminates a short position in
an options contract, see Options 1, Section 1(a)(19), and the
aggregate number of ``closing writing transactions,'' defined as a
TSX Options Transaction that reduces or eliminates a long position
in an options contract. See Options 1, Section 1(a)(20).
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Intra-Day information is currently released at scheduled 10-minute
intervals over the course of the trading day for all options series,
even those exhibiting no activity.\21\
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\21\ Subscribers receive the first regularly scheduled snapshot
at 9:40 a.m. ET, representing data captured from 9:30 a.m. to 9:39
a.m., and the second calculation at 9:50 a.m., representing data
from both the most recent snapshot and previous snapshots, and
continuing over the course of the trading day. The final intra-day
snapshot is distributed at 4:15 p.m.
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The End of Day file is updated during an overnight process and is
available the following morning, providing aggregate data for the
entire trading session.
Intra-Day Snapshots
Intra-Day Snapshots will disseminate aggregated information
whenever two or more trades involving three or more origin types
(Customers, Broker-Dealers, NTX Options Market Makers, Firms, and
Professionals) occur within an options series during a regular 1-minute
period; any activity that does not meet these criteria will be reported
at the end of the 1-minute interval.
Intra-Day Snapshots will provide the customer with: (i) total
exchange volume for each reported series; (ii) open interest for the
series; (iii) aggregate quantity of trades and aggregate trade volume
effected to open a position, characterized by origin type (Customers,
Broker-Dealers, NTX Options Market Makers, Firms, and Professionals);
and (iv) aggregate quantity of trades and aggregate trade volume
effected to close a position, characterized by origin type (Customers,
Broker-Dealers, NTX Options Market Makers, Firms, and Professionals).
This information will be available both in Intra-Day Snapshots (when
the criteria for disseminating a Snapshot are met), and at regular 1-
minute intervals for any information that does not meet that criteria.
The criteria for disseminating Intra-Day Snapshots are based on the
number and type of transactions, and are not contingent on volume
(although the associated volume is reported if an update is triggered).
Intra-Day snapshots will not disseminate the actual number of trades or
any other identifying details.
Intra-Day Snapshots are designed to alert market participants to
short-term changes in market sentiment for particular series,
particularly in liquid names. They will not be customizable by the
purchaser; each purchaser will receive the same updates using the same
criteria outlined above and in the same categories of information
currently provided through Trade Outline at 10-minute intervals, which
will remain available for purchase.
Intra-Day Snapshots will provide only aggregated information;
activity that does not meet the aggregation criteria will be reported
at the end of the 1-minute interval. This is an approach to market
sentiment that differs from competitor products that only offer updates
at 1-minute intervals \22\ in that it is designed to react more
efficiently in response to changes in aggregated market sentiment,
while still providing regular aggregated updates at a shorter interval
than the current 10-minute Trade Outline offering.
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\22\ See Securities Exchange Act Release No. 103323 (June 25,
2025), 90 FR 27884 (June 30, 2025) (SR-CBOE-2025-042) (establishing
1-minute reporting intervals for the Cboe Intraday Open-Close
Report); Securities Exchange Act Release No. 103321 (June 25, 2025),
90 FR 27894 (June 30, 2025) (SR-CboeEDGX-2025-047) (establishing 1-
minute reporting intervals for the Cboe EDGX Intraday Open-Close
Report); Securities Exchange Act Release No. 103905 (September 8,
2025), 90 FR 44113 (September 11, 2025) (SR-SAPPHIRE-2025-33)
(establishing 1-minute reporting intervals for the MIAX Sapphire
One-Minute Interval Intra-Day Open-Close Report); Securities
Exchange Act Release No. 103907 (September 8, 2025), 90 FR 44120
(September 11, 2025) (SR-PEARL-2025-40) (establishing 1-minute
reporting intervals for the MIAX Pearl One-Minute Interval Intra-Day
Open-Close Report); Securities Exchange Act Release No. 103908
(September 8, 2025), 90 FR 44123 (September 11, 2025) (SR-MIAX-2025-
39) (establishing 1-minute reporting intervals for the MIAX One-
Minute Interval Intra-Day Open-Close Report).
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Intra-Day Snapshots facilitate data processing by substituting
``bursts'' of information at set intervals with more frequent updates,
thereby ``smoothing'' the processing and understanding of market
sentiment over the course of the trading. The total amount of market
sentiment information reported to the customer over the course of the
trading day will not change.
Each customer will be able to choose how to optimize its ingestion
of information based on the unique characteristics of its information
systems and how it uses the information. Customers not interested in
Intra-Day Snapshots may elect to purchase updates at the current 10-
minute intervals or End of Day or
[[Page 55371]]
historical information, or not purchase Trade Outline data at all, as
they see fit.\23\
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\23\ The Exchange intends to offer Intra-Day Snapshots
separately from 10-minute Intra-Day updates and End-of-Day or
historical information.
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To illustrate how Intra-Day Snapshots will work, we will examine a
series of hypothetical trades in a 1-minute interval between 9:30 and
9:31 a.m. In our example, an NTX Options Market Maker purchases 12
contracts in Series X from a Customer at 9:30:14 a.m. This does not
meet the criteria of two or more trades involving three or more
categories of market participants because there is one trade involving
two market participants.
At 9:30:29 a.m., a Broker-Dealer buys 9 contracts of Series X from
an NTX Options Market Maker. An Intra-Day Snapshot is generated because
there are two trades involving three categories of market participants:
an NTX Options Market Maker, a Customer, and a Broker-Dealer.
At 9:30:42 a.m., a Broker-Dealer buys 20 round lots of Series X
from an NTX Options Market Maker. This is not reported because the
criteria reset after the report generated by the 9:30:29 a.m. trade and
this trade alone does not meet the criteria of two or more trades
involving three or more origin types because there was only one trade
and two categories of market participant.
There are no more trades reported between 9:30:42 a.m. and 9:31:00
a.m. As such, the unreported volume from the transaction at 9:30:42
a.m. is reported at 9:31:00 a.m., and the aggregation criteria are
reset for the next one-minute interval.\24\
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\24\ Information that has previously been disseminated in an
Intra-Day Snapshot would not be reported again in the 9:31:00 a.m.
update, which would only include previously unreported information.
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An Intra-Day Snapshot is a sentiment indicator, not a trade
reporting system. A sentiment indicator differs from a trade reporting
system in that the former alerts the market participant of activity by
multiple market participants involving multiple trades in a single
security, while the latter reports trades that may or may not reflect
market sentiment with respect to that security. The key to
understanding sentiment is broad interest by multiple categories of
market participants; sentiment is not evident from a single trade.
Intra-Day Snapshots are an important next step in the evolution of
Trade Outline. The quantity of options data has increased exponentially
over time, including the number of options series available, the number
of trade executions, and the frequency of trading. This has increased
the amount of information processed during regularly scheduled updates,
resulting in purchasers of the product processing more information at
each update than when Trade Outline was first introduced over a decade
ago.\25\ Intra-Day Snapshots will facilitate the ingestion of market
sentiment information through more frequent updates of smaller
quantities of information.
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\25\ See, e.g., Securities Exchange Act Release No. 62887
(September 10, 2010), 75 FR 57092 (September 17, 2010) (SR-Phlx-
2010-121) (introducing PHOTO on September 1, 2010).
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As explained above, Intra-Day Snapshots differ from Cboe's and
MIAX's 1-minute updates in that they report a change in market
sentiment when there are multiple trades involving multiple market
participants in addition to regular status updates; 1-minute updates,
like all timed updates, disseminate information whenever there is
information to report, even just a single trade. Both of these
solutions protect the anonymity of the market participants, albeit via
somewhat different mechanisms. Intra-Day Snapshots are programmed to
report only when there are multiple trades and participants, and also
only provide general information about a participant's market capacity,
without further information specific to that participant. As such,
underlying trades cannot be singled out and identified. While 1-minute
updates may report single trades if there is only one trade during the
applicable time interval, the participant information provided is still
limited to market capacity, preserving participant anonymity. As such,
both solutions protect trade-specific information, and the proposed
Intra-Day Snapshots product combines the two to protect any identifying
details of the trades while still disseminating market sentiment in a
responsive timeframe, building upon the existing 1-minute updates
available from other exchanges.
Trade Outline is purchased by investment banks, market makers,
proprietary trading firms, asset managers, and other buy-side
investors. Within each of these categories, there are firms that
purchase all trade outline products, only a single category, or some
combination, based on their individual determination of what would be
most useful.
The utility of Intra-Day Snapshots will depend on the use case of a
particular customer. Some investment banks, market makers, proprietary
trading firms, asset managers, and other buy-side investors will be
interested in Intra-Day Snapshots, but not all. The decision will be
based on the customer's specific trading strategy and modeling needs.
Although Trade Outline is generally used to create trading models
and understand market sentiment, usage is unique to the customer. Some
customers may use the information for options trading, but others may
not. It can be used for equity trading, for example, because options
sentiment also provides useful information about underlying equities.
The Exchange does not have insight into the types of models or trading
strategy employed by any given customer, or category of customer.
Products similar to Trade Outline have been available on multiple
exchanges for many years and are well-established in the market. PHLX
Options Trade Outline (``PHOTO'') has been available for well over a
decade.\26\ Similar products available on other Nasdaq exchanges
include ISE Trade Profile,\27\ GEMX Trade Profile,\28\ and Nasdaq
Options Trade Outline \29\ and comparable products are also offered by
competitor exchanges such a Cboe,\30\ NYSE American,\31\ NYSE Arca,\32\
BOX,\33\ and MIAX PEARL.\34\
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\26\ See Securities Exchange Act Release No. 62887 (September
10, 2010), 75 FR 57092 (September 17, 2010) (SR-Phlx-2010-121)
(introducing PHOTO on September 1, 2010).
\27\ See Nasdaq ISE Rules, Options 7, Section 10(A) and (B)
(Nasdaq ISE Open/Close Trade Profile End of Day; Nasdaq ISE Open/
Close Trade Profile Intraday).
\28\ See Nasdaq GEMX Rules, Options 7, Sections 7(D) (Nasdaq
GEMX Open/Close End of Day Trade Profile) and 7(E) (Nasdaq GEMX
Open/Close Intraday Trade Profile).
\29\ See Nasdaq Rules, Options 7, Section 4 (Nasdaq Options
Trade Outline (``NOTO'')).
\30\ See, e.g., Securities Exchange Act Release No. 94913 (May
13, 2022), 87 FR 30534 (May 19, 2022) (SR-Cboe-2022-023) (describing
End-of-Day and Intraday Open-Close Data as a summary of trading
activity on the exchange at the option level by origin, side of the
market, price, and transaction type).
\31\ See, e.g., Securities Exchange Act Release No. 93803
(December 16, 2021, 86 FR 72647 (December 22, 2021) (SR-NYSEAMER-
2021-46) (describing the NYSE Options Open-Close Volume Summary as a
volume summary of trading activity on the exchange at the option
level by origin, side of the market, contract volume, and
transaction type).
\32\ See, e.g., Securities Exchange Act Release No. 93132
(September 27, 2021), 86 FR 54499 (October 1, 2021) (SR-NYSEArca-
2021-82) (describing the NYSE Options Open-Close Volume Summary as a
volume summary of trading activity on the exchange at the option
level by origin, side of the market, contract volume, and
transaction type).
\33\ See, e.g., Securities Exchange Act Release No. 97174 (March
21, 2023), 88 FR 18201 (March 27, 2023) (SR-BOX-2023-09) (describing
the BOX exchange Open-Close Data report as providing volume by
origin, buying/selling, and opening/closing criteria).
\34\ See, e.g., Securities Exchange Act Release No. 91964 (May
21, 2021), 86 FR 28667 (May 27, 2021) (SR-PEARL-2021-24)
(introducing the Open-Close Report).
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[[Page 55372]]
Fees for Intra-Day Snapshots will be proposed in a separate filing.
2. Statutory Basis
The Exchange believes that its proposal 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
promote just and equitable principles of trade, 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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\35\ 15 U.S.C. 78f(b).
\36\ 15 U.S.C. 78f(b)(5).
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In adopting Regulation NMS, the Commission granted self-regulatory
organizations (``SROs'') and broker-dealers increased authority and
flexibility to offer new and unique market data to the public. It was
believed that this authority would expand the amount of data available
to consumers, and also spur innovation and competition for the
provision of market data. The Exchange believes that Intra-Day
Snapshots will provide investors with a greater understanding of market
sentiment and enhance the transparency of the Exchange's options market
in a manner that is consistent with the principles of Regulation NMS.
The introduction of Intra-Day Snapshots is in the public interest,
and in particular will remove impediments to and perfect the mechanism
of a free and open market, because it will facilitate the ability of
investors to ingest information about market sentiment, without
revealing identifying details about the underlying trades. As explained
above, the number of options series available, the number of trade
executions, and the speed of trading have all increased since the
introduction of the first Trade Outline product, PHOTO, over a decade
and a half ago.\37\ These changes together require customers to process
more information at each regularly scheduled update than was required
when trade outline products were first introduced. Intra-Day Snapshots
address this problem by substituting ``bursts'' of information at 10-
minute increments with more frequent updates with a smaller amount of
information, thereby ``smoothing'' the processing and understanding of
information over the course of the trading day.
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\37\ See Securities Exchange Act Release No. 62887 (September
10, 2010), 75 FR 57092 (September 17, 2010) (SR-Phlx-2010-121)
(introducing PHOTO on September 1, 2010).
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The need for more frequent updates is well recognized. Indeed, a
competitor exchange introduced a 1-minute market sentiment product last
year to purportedly address this specific issue.\38\ Intra-Day
Snapshots is a better solution to this problem because it provides
updates precisely when they are needed by the market--when market
sentiment is changing--in an aggregated format that provides
information about multiple trades and market participants in each
report.\39\
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\38\ See Securities Exchange Act Release No. 103323 (June 25,
2025), 90 FR 27884 (June 30, 2025) (SR-CBOE-2025-042) (establishing
1-minute reporting intervals for the Cboe Intraday Open-Close
Report).
\39\ As noted, at least one competitor has attempted to address
this problem with market sentiment updates at 1-minute intervals
combined with trade-by-trade information after the end of the
trading day. Securities Exchange Act Release No. 103323 (June 25,
2025), 90 FR 27884 (June 30, 2025) (SR-CBOE-2025-042); Securities
Exchange Act Release No. 104415 (December 16, 2025), 90 FR 59603
(December 19, 2025) (CR-CBOE-2025-088), (providing a trade-by-trade
market sentiment report on a T+1 basis). The Exchange believes that
the dissemination of aggregate information in real time will provide
the market sentiment information that investors need without undue
delay.
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This proposal will promote better informed trading, improving the
ability of investors to analyze changes in intra-day market sentiment
and create and test trading models and analytical strategies.\40\ As
noted, this product is in direct response to customer feedback.
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\40\ While Intra-Day Snapshots will provide a valuable tool to
gain comprehensive insight into the trading activity in a particular
series, such data is not necessary for trading.
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The proposal will also expand customer choice. Investors currently
consume Intra-Day Trade Outline in 10-minute increments, and may
continue to do so, in addition to Intra-Day Snapshots, if they wish.
Intra-Day Snapshots will offer all of the same information available in
Intra-Day Updates over the course of the trading day whenever the
stated criteria are met, and also in regular 1-minute updates for any
information that does not meet the Intra-Day Snapshot criteria. The
proposal is therefore both a response to competition and a catalyst for
further competition. The Exchange believes this is the type of
innovation and competition that Regulation NMS sought to create.
Intra-Day Snapshots will protect the anonymity of market
participants. Snapshots will report only when there are multiple trades
and participants, and only provide general information about a
participant's market capacity, without further information specific to
that participant. Because the information is aggregated, underlying
trades--or even the number of underlying trades--cannot be singled out
and identified. This is similar to the manner in which Cboe's and
MIAX's 1-minute updates protect anonymity, in which single trades may
be reported if there is only one trade during the applicable time
interval, but anonymity is preserved because the participant
information provided is limited to market capacity and the number of
trades underlying the report, and thus any identifiable details about
them, is not reported.
As noted above, the information provided is not a real-time data
feed. The proposed product is completely voluntary in that the Exchange
is not required by any rule or regulation to make this data available
and potential subscribers may purchase it only if they voluntarily
choose to do so. If Intra-Day Snapshots are not beneficial, customers
will not purchase the product, or they can discontinue their use of the
product at any time, and for any reason.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act.
Nothing in the proposal burdens inter-market competition (the
competition among self-regulatory organizations) because all exchanges
are free to propose the introduction of products that replicate any or
all of the features of Intra-Day Snapshots. PHLX, ISE, GEMX, NOM, Cboe,
NYSE American, NYSE Arca, BOX, and MIAX PEARL all offer market
sentiment products and can propose rule changes to provide Intra-Day
Snapshots or which can serve as substitutes in their static form.
Intra-Day Snapshots will create more customer choice and will spur
innovation by challenging other exchanges to respond, thereby
increasing competition and improving efficiency overall.
Nothing in the proposal burdens intra-market competition (the
competition among consumers of exchange data) because Intra-Day
Snapshots will be available to any market participant, including both
members and non-members, on a non-discriminatory basis.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
[[Page 55373]]
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)(iii) of the Act \41\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\42\
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\41\ 15 U.S.C. 78s(b)(3)(A)(iii).
\42\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
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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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 shall institute proceedings to
determine whether the proposed rule 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#7604031a135b15191b1b131802053605131558111900"><span class="__cf_email__" data-cfemail="b1c3c4ddd49cd2dedcdcd4dfc5c2f1c2d4d29fd6dec7">[email protected]</span></a>. Please include
file number SR-NasdaqTX-2026-036 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-NasdaqTX-2026-036. 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 also 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-NasdaqTX-2026-036 and should be
submitted on or before September 17, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\43\
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\43\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2026-17463 Filed 8-26-26; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on August 27, 2026.
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.