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.
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!
2026-05635, Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets
Starting March 23, 2026, the SEC and CFTC are making it clear that some crypto assets and transactions must follow federal securities laws. This means crypto companies and investors need to play by new rules to keep things fair and safe. Expect more transparency and possible costs for compliance as the government steps up oversight in the crypto world.
Previous / Next Documents
Previous: 2026-14101, Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Quarterly Review of Priority Customer Orders
MIAX PEARL is updating how it reviews Priority Customer Orders every quarter to make sure orders are marked correctly. This change affects traders who place lots of orders and helps keep the market fair and clear. The new rules kicked in right away with no extra costs or delays.
Next: 2026-14103, Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change Relating to the Treasury Clearing Rules and Treasury Clearing Service Treasury Operations Policies and Liquidity Risk Management Framework
ICE Clear Credit wants to update the rules and policies that manage how it handles Treasury clearing and liquidity risks. The SEC is taking extra time to review these changes because they received public feedback and want to make sure everything’s just right. This affects financial firms using ICE Clear Credit’s Treasury services and could impact how money moves and risks are managed.