NYSE Texas Tweaks Reserve Order Rules for Smoother Trades
Published Date: 9/2/2025
Notice
Summary
NYSE Texas is updating its rules to let traders show part of their Reserve Orders in mixed lot sizes, not just round lots. This change makes trading smoother and matches what other markets already do. It’s effective immediately, so traders can start using this new option right away without any extra costs.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Exchange Expects More Displayed Liquidity
The Exchange states that allowing mixed lot displayed quantities for Reserve Orders should incentivize posting more displayed liquidity on the Exchange and thereby provide an opportunity for market participants to interact with that liquidity. The Exchange also states the proposal is substantially similar to rules on other equities exchanges and does not impose an undue burden on competition.
Reserve Orders May Use Mixed Lots
The Exchange amended Rule 7.31(d)(1)(A) to allow the displayed quantity of a Reserve Order to be entered as a mixed lot as well as a round lot. A round lot is defined under Rule 7.5 (100 shares unless the primary listing market specifies fewer), and the Exchange says Reserve Order functionality otherwise remains unchanged.
Rule Change Effective Immediately; Implementation Timeline
The Exchange filed the rule change on August 22, 2025 and it became effective under the shorter‑form rule process; the Exchange will announce the implementation date by Trader Update and in no event later than December 31, 2025. The filing is subject to SEC review and the Commission may temporarily suspend the change within 60 days of filing.
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