# 2026-19515: Texas Exchange Ropes in Order Halt Rules 2026-19515, Self-Regulatory Organizations; Texas Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Modify the Processing of Orders During a Regulatory Halt and Certain Aspects of the Exchange's IPO Auctions, Halt Auctions, and Volatility Closing Auctions, is a Federal Register notice from Securities and Exchange Commission published 2026-09-24, effective 2026-09-15; PRIA reads it as touching household money (as of 2026-10-01). - Canonical: https://policyrisk.com/federal-register/2026-19515 - As of: 2026-10-01 - Plain-text twin of the page above; the HTML and this file carry the same facts. ## Facts - Document number: 2026-19515 - Title: Self-Regulatory Organizations; Texas Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Modify the Processing of Orders During a Regulatory Halt and Certain Aspects of the Exchange's IPO Auctions, Halt Auctions, and Volatility Closing Auctions - Type: Notice - Agencies: Securities and Exchange Commission - Citation: 91 FR 60665 - Published: 2026-09-24 - Effective: 2026-09-15 - Comments close: not stated - Significant: no - Touches household money: yes - Regulation identifier numbers: none - Last updated: 2026-10-01 ## In one line Texas Exchange Ropes in Order Halt Rules ## Summary The Texas Stock Exchange is updating how it handles orders during trading pauses and special auctions like IPOs and volatility closings. These changes affect traders by adjusting which orders count, what info is shared, and how auction prices are picked. The new rules kicked in right after filing on September 15, 2026, aiming to make trading smoother and fairer without extra costs. ## Effects PRIA read - Pegged and Hidden Orders Stay on the Book During Halts: benefit, low. If a regulatory halt happens, orders with a Peg instruction (e.g., Midpoint Peg, Market Peg, Primary Peg, Offset Peg) and Non-Displayed Limit Orders will not be cancelled. Instead they will remain on the Texas Stock Exchange (the "TXSE Book") in an unexecutable state during the halt; pegged orders… - Market Orders Largely Excluded from Halt Auctions: cost, medium. Only limit orders (not market orders) may be entered during the Quote-Only Period for a Halt Auction. The rule makes a limited exception for MOO (Market-on-Open) orders that were queued prior to 9:28 a.m. ET before Regular Trading Hours if a Pre-Market Session halt continues into the open. This cha… - Auction Data Changed: Collars and Collar Interest Displayed: benefit, medium. During a Halt Auction the Exchange will disseminate the Halt Auction Collars and, starting with the Quote-Only Period and every five seconds thereafter, the Lower Collar Auction Interest and Upper Collar Auction Interest. The Exchange will stop publishing the Reference Price, Indicative Price, Auct… - Quote-Only Extensions No Longer Triggered by Market Orders: benefit, low. The Exchange removed unmatched market orders as a condition that would extend the Quote-Only Period for a Halt Auction, and it replaced the term "Indicative Price" with wording that refers to "the price at which the Halt Auction would occur." The rule keeps the extension when the auction price woul… - New Auction Price Tie-Break Step Added: benefit, medium. For IPO, Halt, and Volatility Closing Auctions, after maximizing executable volume and minimizing total imbalance, the Exchange will next select the entered price at which shares would remain unexecuted; if more than one such price exists, it will pick the price closest to the issuing price for an… - Volatility Closing Auction Rules Apply More Broadly: benefit, low. The Exchange removed language limiting Volatility Closing Auction provisions to halts initiated under a specific rule, so the Volatility Closing Auction process will apply whenever a security is halted during the specified period before the close or when a Halt Auction Quote-Only Period would other… ## Related documents - [2026-20466](https://policyrisk.com/federal-register/2026-20466): Adviser and Regulated Fund Custody Rules; Crypto Custody Rules, 2026-10-06 - [2026-19260](https://policyrisk.com/federal-register/2026-19260): Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4, 2026-09-21 - [2026-18424](https://policyrisk.com/federal-register/2026-18424): Political Contributions by Certain Investment Advisers, 2026-09-10 - [2026-18190](https://policyrisk.com/federal-register/2026-18190): Transfer Agent Rules, 2026-09-04 - [2026-17183](https://policyrisk.com/federal-register/2026-17183): Regulation Crypto Assets, 2026-08-21 - [2026-12163](https://policyrisk.com/federal-register/2026-12163): The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS, 2026-06-17 ## Sources - [2026-19515 on federalregister.gov](https://www.federalregister.gov/documents/2026/09/24/2026-19515/self-regulatory-organizations-texas-stock-exchange-llc-notice-of-filing-and-immediate-effectiveness) - [2026-19515 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-09-24/pdf/2026-19515.pdf) ## Related - [Previous: 2026-19514, Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Designation of a Long…](https://policyrisk.com/federal-register/2026-19514) - [Next: 2026-19516, Common Alloy Aluminum Sheet From the People's Republic of China, Bahrain, Brazi…](https://policyrisk.com/federal-register/2026-19516) - [All Federal Register documents](https://policyrisk.com/federal-register) Source: PRIA, https://policyrisk.com/federal-register/2026-19515 (as of 2026-10-01).