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.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-17058, Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Connectivity Schedule and Discontinue a Previously Proposed Offering
Previous / Next Documents
Previous: 2025-16698, Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Permit Customer Cross Orders and Complex Customer Cross Orders as a Remote FBMS Transaction
Nasdaq PHLX is updating its rules to allow customers to place special cross orders remotely using new technology. This change helps traders move orders faster and more smoothly starting right away, with no extra fees mentioned. If you trade options on Nasdaq PHLX, this update makes your experience quicker and more flexible.
Next: 2025-16700, Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 7.31E(d)(1)(A)
NYSE American is updating its rules to let traders show mixed lot sizes in Reserve Orders, not just round lots. This change makes their system more like other markets and helps traders be more flexible with order sizes. The new rule is effective immediately, so traders can start using it right away without extra costs.