Federal Register #SR-NYSENAT-2026-16

SEC Notice of Proposed Rule Changes by NYSE National and Nasdaq ISE

This notice from the Securities and Exchange Commission (SEC) details proposed rule changes by NYSE National, Inc. and Nasdaq ISE, LLC. - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets - OEMs and Vendors: - No commercial OEMs or vendors are mentioned; the notice pertains to regulatory changes by NYSE National, Inc. and Nasdaq ISE, LLC - Products/Services Requested: - Rule 11.5310 Best Execution Obligations - Establishes best execution standards for Equity Trading Permit Holders and Associated Persons - Based on Nasdaq PHLX Rule General 9, Section 11 and NYSE Rule 5310 - Requires reasonable diligence to find the best market and execute trades at favorable prices - Addresses interpositioning, use of brokers, and customer instructions - Includes supplementary guidance - Rule General 8 Connectivity Amendments - Removes obsolete connectivity services and market data feeds from Nasdaq ISE - Updates technical terminology for connectivity services - Reflects lack of current user demand for certain services - Unique or Notable Requirements: - Harmonization of best execution standards across exchanges - Focus on customer order protection and efficient trade execution - Regulatory update, not a procurement of goods or services - No specific products, part numbers, or purchase quantities are requested; this is a regulatory notice, not a procurement opportunity.

Description

The Securities and Exchange Commission has published a notice regarding the filing and immediate effectiveness of a proposed rule change by NYSE National, Inc. to adopt new Rule 11.5310 concerning best execution practices. The proposed rule governs Equity Trading Permit Holders and Associated Persons' obligations to use reasonable diligence to ascertain the best market for securities and execute trades at the best prices. The rule includes provisions on interpositioning, use of brokers, and customer instructions, aiming to enhance customer order protection and promote fair competition. The notice includes the full text of the rule change and related supplementary material.

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