Federal Register #SR-TXSE-2026-032

SEC Review of Texas Stock Exchange LLC Rule Changes for Regulatory Halts and Auction Procedures

This opportunity centers on regulatory updates proposed by Texas Stock Exchange LLC and reviewed by the Securities and Exchange Commission (SEC). - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets - OEMs and Vendors: - Texas Stock Exchange LLC (TXSE) - Nasdaq ISE, LLC (for related rule change extension) - Products/Services Requested: - No physical products or purchase quantities requested - Services include: - Proposed amendments to TXSE rules for order processing during Regulatory Halts and auction procedures (Halt and Volatility Closing Auctions) - Extension of information collection requirements for broker-dealers under Rule 17a-4(b)(17) - Proposed rule change for Nasdaq ISE listing criteria for options on commodity-based trusts holding digital commodities - Unique or Notable Requirements: - TXSE proposal allows resting non-displayed limit orders to participate in halt auctions - Pegged orders may remain on the book in an unexecutable state until NBBO is available after halt auctions - Revised dissemination of auction-related information to enhance transparency and predictability - SEC is extending comment periods for related rule changes - No procurement of goods or traditional services; this is a regulatory notice focused on market operations and compliance.

Description

The Securities and Exchange Commission has issued a notice regarding a proposed rule change by the Texas Stock Exchange LLC. The rule change involves modifications to the processing of orders during a regulatory halt and adjustments to certain aspects of the exchange's IPO auctions, halt auctions, and volatility closing auctions. The notice indicates that the rule change is being filed and made effective immediately. The proposal aims to provide consistent and predictable treatment of orders during a regulatory halt, including permitting resting non-displayed limit orders to participate in the halt auction and allowing pegged orders to remain on the book in an unexecutable state until the NBBO becomes available after the halt auction. The changes are intended to promote just and equitable principles of trade, remove impediments to a free and open market, and protect investors and the public interest.

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