Self-Regulatory Organizations; Texas Stock Exchange LLC; Order Approving a Proposed Rule Change, as Modified by Amendment No. 1, To Amend Certain Parts of Its Opening and Closing Auctions
Published Date: 7/29/2026
Notice
Summary
No summary available.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Late Orders Use Dynamic Bands
TXSE will constrain late limit orders for the opening and closing auctions using symbol-specific Participation Bands derived from recent transaction and quote data instead of the National Best Bid and Offer. The Participation Bands will be recalculated and disseminated no less frequently than every five seconds and are designed to be narrower for less volatile securities and wider for more volatile ones.
Earlier Cutoffs for Auction Orders
TXSE moves certain auction order cutoffs earlier: Market-On-Close (MOC) and Limit-On-Close (LOC) may be submitted only until 3:58 p.m. instead of 3:59 p.m., LOC.L orders may be submitted starting at 3:58 p.m. rather than 3:59 p.m., and Eligible Auction Orders may not be modified or cancelled after 3:58 p.m. For opening auctions, orders designated for the Opening Auction cannot be modified or cancelled in the two minutes before the open (9:28–9:30 a.m.).
More Auction Data Every Five Seconds
TXSE will publish two sets of pre-auction data every five seconds: (1) between 8:00 a.m. and 9:28 a.m. for openings (and 3:00 p.m. and 3:58 p.m. for closings) it will disseminate Matched Shares and the Offset Side; and (2) beginning at 9:28 a.m. for openings (and 3:58 p.m. for closings) it will disseminate the Participation Bands and the Lower and Upper Band Auction Interest, updated no less frequently than every five seconds.
New Auction Price Tiebreaker Added
TXSE will add an additional tiebreaker step to its waterfall used to determine the Official Opening Price, Official Closing Price, and the Auction Only Price. The Exchange says the tiebreaker is substantively identical to a Nasdaq closing auction tiebreaker.
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