Exchange Proposes Minor Rule Language Clarifications
Published Date: 7/14/2026
Notice
Summary
The Texas Stock Exchange is updating some of its rules about how it handles orders, especially during opening and closing auctions. These changes mostly clean up confusing language and make the rules clearer without changing how trading works or costing anyone money. The Exchange wants feedback before making these updates official.
Analyzed Economic Effects
8 provisions identified: 8 benefits, 0 costs, 0 mixed.
Non-displayed limits can rest at Locking Price
TXSE will permit incoming and resting non-displayed Limit Orders that would otherwise be cancelled because they would constitute a Crossing Quotation to instead remain on the TXSE Book as non-displayed interest at the Locking Price until executed, cancelled, or expired. The Exchange says this reduces unnecessary cancellations and increases execution opportunities.
Pegged Orders may rest when NBBO missing
TXSE will allow Pegged Orders to be entered and remain resting on the TXSE Book when a valid NBBO is unavailable, but such orders will not be eligible for execution until a valid NBBO returns. The change is intended to avoid unnecessary cancellations from temporary NBBO interruptions.
Post-Only rules made deterministic
TXSE will make Post Only instructions available only for displayed orders and will change the rules so a Post Only order will either post to the TXSE Book or be cancelled, but will not remove liquidity (the prior fee-comparison exception and a specific execution-price exception will be deleted).
Market Orders limited to IOC
If you send Market Orders to TXSE (as a Member or through a broker that uses TXSE), the Exchange clarifies that Market Orders are non-displayed, must be Immediate-or-Cancel (IOC), cannot rest on the TXSE Book, and are rejected if submitted outside the Market Session. This clarification became operative upon filing (July 6, 2026).
Removal of Market Order price collar
TXSE will delete the rule provision that cancelled parts of Market Orders that would execute more than $0.50 or 5% worse than the NBBO (whichever is greater). The Exchange says this aligns TXSE with other exchanges that accept Market Orders without that extra execution price check.
Limit-to-Market Replace Messages barred
The Exchange clarifies that a Replace Message may not be used to change a resting Limit Order into a Market Order because Market Orders cannot rest on the TXSE Book. This aligns rule text with TXSE's order handling.
Reserve Order Max Floor loses priority
TXSE will change its rule so that changing the Max Floor of an order with a Reserve Quantity via a Replace Message will not retain the order's original time priority on the TXSE Book. The change aligns TXSE with Nasdaq practice.
Data feeds table and product renames
TXSE will update its Rule 13.004 data feeds table to add 24X Exchange market data usage and to show direct feeds from BYX and EDGA (with CQS/UQDF as secondary), and will rename proprietary data products (TXSE Depth → TXSE FEED; TXSE Top and TXSE Last Sale → combined TXSE BALE). The Exchange states there are no changes to the information contained within the data products.
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