Notice2026-18808
Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Exchange Rule Equity 7 Regarding Pricing of Ports for the Night Session
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
September 15, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 177 (Tuesday, September 15, 2026)</title>
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[Federal Register Volume 91, Number 177 (Tuesday, September 15, 2026)]
[Notices]
[Pages 58517-58520]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-18808]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-106319; File No. SR-NASDAQ-2026-073]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Exchange Rule Equity 7 Regarding Pricing of Ports for the Night
Session
September 10, 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 31, 2026, The Nasdaq Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``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 amend Exchange Rule Equity 7, Sections 115
and 130 to (1) clarify the fees applicable to ports used to connect to
the Exchange's Night Session trading environment, and (2) provide
certain fee waivers designed to facilitate member participation in the
Night Session, as described further below.
The text of the proposed rule change is available on the Exchange's
website at <a href="https://listingcenter.nasdaq.com/rulebook/nasdaq/rulefilings">https://listingcenter.nasdaq.com/rulebook/nasdaq/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.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of the proposed rule change is to amend Equity 7,
Sections 115 and 130 to clarify the fees applicable to ports used to
connect to the Exchange's Night Session \3\ trading environment and to
provide certain fee waivers designed to facilitate member participation
in the Night Session. The Exchange proposes to implement the fee
changes on September 1, 2026.
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\3\ See Equity 1, Section 1(a)(19) (defining the term ``Night
Session'' as the time between 9:00 p.m. on one calendar day through
4:00 a.m. the next calendar day Sunday through Thursday provided
that each such next calendar day is a Business Day and further
providing (1) that the Exchange shall not commence operation of the
Night Session unless the Equity Data Plans have established a
mechanism to collect, consolidate, process and disseminate quotation
and transaction information at all times during the Night Session
that is equivalent to the mechanism established for Exchange trading
hours during Regular Market Hours, and have provided the Exchange
with notification that they are prepared to collect, consolidate,
process and disseminate quotation and transaction information to
accommodate the Night Session; (2) that, prior to commencing
operation during the Night Session, the Exchange will file a
proposed rule change pursuant to Section 19(b) of the Exchange Act
and the rules thereunder to amend its rules confirming that the
Exchange is able to comply with its obligations under the Exchange
Act and the rules thereunder during the Night Session and that such
Equity Data Plans are prepared to collect, consolidate, process and
disseminate quotation and transaction information at all times
during the Night Session (``Night Session Proposed Rule Change'');
and (3) that if the Night Session Proposed Rule Change is not filed
within 18 months of the SEC's approval of this proposed rule change,
the Exchange will promptly file a proposed rule change to remove the
rules that apply to the Night Session). See also Securities Exchange
Act Release No. 34-105199 (April 10, 2026), 91 FR 20222 (April 15,
2026) (``23-5 Approval Order'').
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Night Session Port Fees
As described in the 23-5 Approval Order, the Exchange established
the
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Night Session \4\ as a trading session that operates in a separate
system environment from the Exchange's Day Session.\5\ Because the
Night Session operates in a separate environment, members wishing to
participate in the Night Session must obtain separate ports to connect
to that environment. Ports used for the Day Session cannot connect to
the Night Session environment.\6\ This approach reflects the technical
and functional separation of the two systems and supports market
integrity, investor protection, and fair and orderly trading.\7\
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\4\ See 23-5 Approval Order, supra note 1, 91 FR at 20231.
\5\ See 23-5 Approval Order, supra note 1, 91 FR at 20231, 20233
(describing requirements for separate ports for the Night Session
and finding, among other things, that ``[t]he use of dedicated ports
for the Night Session is consistent with the requirements of the
Act. The Exchange's proposed use of designated ports will allow the
Exchange to use different Trading Systems for the Day and Night
Sessions and will allow the Exchange to manage and monitor each
session independently''). See also Exchange Rule Equity 1, Section
1(a)(18) (defining the term ``Day Session'' as the time between 4:00
a.m. Eastern Time (``ET'') and 8:00 p.m. ET on Business Days, during
which period the Pre-Market Hours, Regular Market Hours and Post-
Market Hours are in operation).
\6\ See 23-5 Approval Order, supra note 1, 91 FR at 20231,
20233. Night Session ports will be operational from 9:00 p.m. ET
through the following day at 4:00 a.m. ET. Day ports will be
operational from 4:00 a.m. ET through 8:00 p.m. ET on Business Days.
See Exchange Rule 4702.
\7\ See 23-5 Approval Order, supra note 1, 91 FR at 20231,
20233.
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The Night Session will begin on Sunday evenings at 9:00 p.m. and
will be held Monday through Thursday.\8\ As described in the 23-5
Approval Order, the Night Session will operate in a manner similar,
subject to certain limitations, to the Exchange's Pre-Market Hours and
Post-Market Hours sessions, while also requiring additional customer
disclosures regarding the potential risks of trading during the Night
Session and the use of dedicated ports.\9\
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\8\ See supra note 1 and accompanying text.
\9\ See 23-5 Approval Order, supra note 1, 91 FR at 20231.
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The ports used during the Night Session are the same Financial
Information Exchange (``FIX''), OUCH, CORE FIX, OUCH Purge, FIX Purge,
and DROP connectivity products currently offered by the Exchange.\10\
OUCH Purge and FIX Purge ports provide members with the ability to
cancel open orders and disable or re-enable order entry, while DROP
ports provide subscribers with real-time execution information. Because
the Night Session operates in a separate environment, members must
obtain these ports separately if they wish to participate in the Night
Session.
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\10\ See, e.g., Exchange Rule 4702 (describing, among other
things, the various ports offered by the Exchange); Exchange Rule
Equity 7 (Pricing Schedule) (setting fees for, among other things,
the various ports and port-related services offered by the
Exchange).
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Current fees for ports under Equity 7, Sections 115 and 130 are
$575 per port per month for FIX Trading, OUCH, and CORE FIX ports; $500
per port per month for OUCH Purge and FIX Purge ports; and $550 per
port per month for DROP ports. To facilitate onboarding and incentivize
participation in the Night Session in advance of the planned launch of
Night Session trading on or about December 6, 2026,\11\ the Exchange
proposes to amend Equity 7, Sections 115(b) and 115(g) to waive fees
for the first five Night Session ports of each applicable port type
ordered for an MPID. Specifically, the Exchange proposes to provide
that, subject to Exchange Rule Equity 1, Section 1(a)(19), the first
five Night Session FIX Trading Ports, OUCH Ports, CORE FIX Ports, OUCH
Purge Ports, FIX Purge Ports, and DROP Ports ordered for an MPID will
be provided without charge.
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\11\ Operation of the Night Session is subject to the terms and
conditions set forth in Exchange Rule Equity 1, Section 1(a)(19).
See supra note 1 and accompanying text. See also Securities Exchange
Act Release No. 105780 (June 26, 2026), 91 FR 40058 (July 1, 2026)
(approving a proposal by the Joint Self-Regulatory Organization Plan
Governing the Collection, Consolidation and Dissemination of
Quotation and Transaction Information for Nasdaq-Listed Securities
Traded on Exchanges on an Unlisted Trading Privileges Basis (``UTP
Plan'') to amend the UTP Plan to among other things extend the UTP
Plan's hours of operation); Securities Exchange Act Release No.
105779 (June 26, 2026), 91 FR 40082 (July 1, 2026) (approving a
proposal by the Consolidated Tape Association Plan (``CTA Plan'')
and the Restated Consolidated Quotation Plan (``CQ Plan'')
(collectively ``CTA/CQ Plans'' or ``Plans'') to amend the CTA/CQ
Plans to among other things extend the CTA/CQ Plans' hours of
operation).
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The Exchange further proposes to provide that, beginning with the
sixth port of each applicable port type ordered for an MPID, the
Exchange will assess the standard fee otherwise applicable for such
ports under Equity 7, Section 115. The proposed rule text appears as
explanatory footnote text in proposed Equity 7, Sections 115(b) and
115(g)(2).
NTF Port Fees
With respect to other services offered, the Exchange operates two
testing environments in separate locations. Reference to the Nasdaq
Testing Facility (``NTF'') applies to both of those environments.\12\
Exchange Rule Equity 7, Section 130(d) sets forth the fees for access
to the NTF. Subscribers that conduct tests of Nasdaq access protocol
connections other than the computer-to-computer interface (CTCI) and
the FIX interface to ACT and ACES access protocols through the NTF are
currently assessed a fee of $300 per port, per month, as provided under
Exchange Rule Equity 7, Section 130(d)(1)(B). The Exchange proposes to
amend Equity 7, Section 130(d)(1)(B) to provide that, subject to
Exchange Rule Equity 1, Section 1(a)(19), for subscribers ordering
ports to connect to the Night Session through the Nasdaq Testing
Facility (NTF), the first five (5) Night Session NTF ports of each
applicable port type ordered for an MPID will be provided without
charge. The proposed rule text appears as explanatory footnote text in
proposed Exchange Rule Equity 7, Section 130(d)(1)(B).
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\12\ See Exchange Rule Equity 7, Section 130(d).
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Beginning with the sixth Night Session NTF port of the same
applicable port type ordered for an MPID, the Exchange will assess the
standard per-port, per-month fee otherwise applicable under Equity 7,
Section 130(d)(1)(B).
Participation in NTF testing is voluntary. Members are not required
to use NTF testing as a condition of participating in the Night
Session. The Exchange nevertheless encourages members to test
connectivity to the Night Session environment and is proposing the
limited waiver to encourage such testing in advance of launch.
The Exchange proposes to implement the fee changes on September 1,
2026. The implementation date will permit members to order ports and
establish connectivity in advance of the anticipated commencement of
Night Session trading in December 2026.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\13\ in general, and furthers the objectives of
Sections 6(b)(4) and 6(b)(5) of the Act,\14\ in particular, in that it
provides for the equitable allocation of reasonable dues, fees and
other charges among members and issuers and other persons using any
facility, and is not designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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\13\ 15 U.S.C. 78f(b).
\14\ 15 U.S.C. 78f(b)(4) and (5).
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Night Session Port Fees
The Exchange believes the proposal is reasonable because the ports
used during the Night Session are the same connectivity products
currently offered by the Exchange. Members wishing to participate in
the Night Session must obtain separate ports because the Night Session
operates in a separate system
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environment, as previously described in the 23-5 Approval Order. The
proposal does not create new port functionality. Rather, it clarifies
the fees and certain waivers applicable when members use existing FIX
Trading, OUCH, CORE FIX, OUCH Purge, FIX Purge, and DROP ports to
connect to the Night Session environment.
The Exchange further believes the proposal is reasonable because it
provides substantial fee relief to firms seeking to participate in the
Night Session. The Exchange proposes to provide the first five Night
Session ports of each applicable port type ordered for an MPID without
charge, including FIX Trading, OUCH, CORE FIX, OUCH Purge, FIX Purge,
and DROP ports. Members that order additional ports of the same
applicable port type for that MPID would be assessed the standard fee
after the first five ports ordered for that MPID. Thereafter, all
members will be assessed the same fees under the Exchange's fee
schedule.
The Exchange believes the proposed limited waiver is reasonable
because, based on feedback received from customers, firms participating
in the Night Session are expected to use no more than five ports per
MPID for trading in the Night Session. Accordingly, the proposed
limited waiver is expected to permit most firms to participate in the
Night Session without incurring port fees. The waiver is intended to
encourage participation in the Night Session and facilitate member
onboarding in advance of the launch of Night Session on or about
December 6, 2026.
The Exchange believes the proposal represents an equitable
allocation of fees and is not unfairly discriminatory because the
proposed limited waiver will be available to all members on the same
terms. Any member may obtain Night Session ports and receive the
benefit of the proposed limited waiver for each applicable port type
ordered for an MPID, including FIX Trading, OUCH, CORE FIX, OUCH Purge,
FIX Purge, and DROP ports. Moreover, members that exceed the limits of
the proposed waiver will be assessed the same fees under the Exchange's
fee schedule.
NTF Port Fees
The Exchange believes that the proposed NTF limited waiver is
reasonable because it encourages firms voluntarily to test connectivity
to the Night Session environment prior to launch. Although NTF testing
is not required for participation in the Night Session, the Exchange
believes that encouraging such testing promotes operational readiness
and supports an orderly launch of Night Session trading. By waiving
fees associated with testing the first five Night Session NTF ports of
each applicable port type ordered for an MPID through NTF, the Exchange
seeks to encourage members to validate connectivity prior to
commencement of Night Session trading.
The Exchange believes the NTF limited waiver represents an
equitable allocation of fees and is not unfairly discriminatory because
the waiver will be available to all members on the same terms. Any
member may use NTF testing and receive the benefit of the proposed
waiver for the first five Night Session NTF ports of each applicable
port type ordered for an MPID. Moreover, all members that exceed the
limits of the proposed waiver will be assessed the same fees under the
Exchange's fee schedule.
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 that is not necessary or appropriate
in furtherance of the purposes of the Act.
In terms of inter-market competition, the proposal will not impose
any burden on competition because participation in the Night Session is
voluntary and market participants may choose whether to obtain Night
Session connectivity. Moreover, the proposal provides certain limited
fee waivers that reduce the costs associated with establishing Night
Session connectivity and testing such connectivity prior to launch. All
members that exceed the proposed waiver limitations will be assessed
the same fees under the Exchange's fee schedule.
In terms of intra-market competition, the proposal will not impose
any burden on competition because the proposed limited waivers will be
available equally to all members. All members that choose to
participate in the Night Session will be eligible to receive the first
five Night Session ports of each applicable port type ordered for an
MPID without charge and to test the first five Night Session NTF ports
of each applicable port type ordered for an MPID through NTF without
charge. Thereafter, all members will be assessed the same fees under
the Exchange's fee schedule.
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.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act.\15\
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\15\ 15 U.S.C. 78s(b)(3)(A)(ii).
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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: (i)
necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) 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#b8cacdd4dd95dbd7d5d5ddd6cccbf8cbdddb96dfd7ce"><span class="__cf_email__" data-cfemail="d1a3a4bdb4fcb2bebcbcb4bfa5a291a2b4b2ffb6bea7">[email protected]</span></a>. Please include
file number SR-NASDAQ-2026-073 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-NASDAQ-2026-073. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the filing will be available for inspection and
copying at the principal office of the Exchange. Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publication submitted material
that is obscene or subject to copyright protection. All submissions
should refer to file number SR-NASDAQ-2026-073 and should be submitted
on or before October 6, 2026.
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For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
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\16\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-18808 Filed 9-14-26; 8:45 am]
BILLING CODE 8011-01-P
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