NYSE Texas Updates Short Sale Exceptions: Business as Usual
Published Date: 12/10/2025
Notice
Summary
NYSE Texas is updating its rules to match new reporting requirements about special short sales where market makers claim a special exception. This change affects broker-dealers who must now report if an order to sell is a short sale with this exception. The update is effective immediately and helps keep trading data clear and accurate without extra costs.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
Report market‑maker BFMM short sales
If you are an Industry Member or broker‑dealer, you must record and report to the CAT Central Repository whether an original receipt or origination of an order to sell an equity security is a short sale effected by a market maker claiming the bona fide market making exception in Rule 203(b)(2)(iii) of Regulation SHO. This change is added as paragraph (G) to Rule 6.6830 of the Exchange's Compliance Rule.
Rule change effective immediately
The Exchange filed the proposed rule change on December 2, 2025, and the Commission designated the proposal to be operative upon filing, waiving the normal 30‑day operative delay. Industry Members must therefore comply with the added CAT reporting requirement immediately upon the filing date.
Uniform application to equity traders
The Exchange states the amendment will apply equally to all Industry Members that trade equity securities and that similar amendments are being proposed by other national exchanges and FINRA. The Exchange also states it does not believe the change will result in an unnecessary burden on competition.
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