Opportunity
Federal Register #2026-17911
Nasdaq and Cboe BYX Exchange Rule Changes: Night Session Port Fee Waivers and Order Type Amendments
Buyer
Securities and Exchange Commission
Posted
September 02, 2026
Identifier
2026-17911
This notice from the Securities and Exchange Commission (SEC) outlines proposed rule changes by The Nasdaq Stock Market LLC and Cboe BYX Exchange, Inc. - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets - OEMs and Vendors: - The Nasdaq Stock Market LLC (primary OEM) - Cboe BYX Exchange, Inc. (regulatory peer, not an OEM) - Products/Services Requested: - No physical products or procurement of goods/services; the notice concerns rule changes and fee waivers - Nasdaq proposes waiving fees for the first five Night Session ports of each type (FIX Trading, OUCH, CORE FIX, OUCH Purge, FIX Purge, DROP) to encourage participation in Night Session trading - Fee waivers also apply to the first five Night Session ports of each type for testing connectivity via the Nasdaq Testing Facility (NTF) - Cboe BYX Exchange amends rules to allow Intermarket Sweep Orders (ISOs) as non-displayed orders and permits non-displayed orders to re-price more aggressively - Unique or Notable Requirements: - Fee waivers are intended to facilitate onboarding and operational readiness for the Night Session launch - No procurement of hardware, software, or services is solicited; this is a regulatory notice, not a contract opportunity
Description
This notice pertains to a proposed rule change filed by The Nasdaq Stock Market LLC, which has been deemed immediately effective by the SEC. The rule change amends Exchange Rule Equity 7 concerning the pricing of ports for the night trading session. The proposal includes providing the first five Night Session ports of each applicable port type without charge to encourage participation and facilitate member onboarding. It also includes a limited waiver for testing connectivity to the Night Session environment through the Nasdaq Testing Facility (NTF). The changes aim to support operational readiness and an orderly launch of Night Session trading.