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Cards Wire 37 segments
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SECU Securities and Exchange Commission Source document ↗
United States Securities and Exchange Commission Markets & Infrastructure ✓ 13 claims 30 Oct 2026

Cboe adds complex order auction data to Missed Liquidity Report

Cboe Options filed an immediately effective rule change expanding its optional Missed Liquidity Report to cover Complex Order Auction and Complex Automated Improvement Mechanism events. Subscribers to the Cboe Timestamping Service should review what new auction data will become available and when, and whether it changes their latency and execution analysis.

  • Cboe filed SR-CBOE-2026-083 on October 21, 2026, as immediately effective under Section 19(b)(3)(A)(iii) and Rule 19b-4(f)(6).
  • The Missed Liquidity Report will now include Complex Order Auction (COA) and Complex Automated Improvement Mechanism (C-AIM) events.
  • A new price field will show each price level at which Auction Orders executed and where the Recipient Member's own orders, modify messages and quotes sat.
  • The same existing timing parameters apply: not to exceed 1 millisecond after, and 100 microseconds before, the first attempt to execute.
  • Implementation will occur no later than 60 days after the operative date, with the date announced via Exchange Notice; no fee changes are proposed in this filing.
Source document
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SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Markets & Infrastructure ✓ 15 claims 30 Oct 2026

Cboe BYX adds flexible pre-market Start Time order instruction

A routine but operationally relevant SEC filing covers a rule change at Cboe BYX Exchange that replaces a single fixed pre-market eligibility point with a flexible Start Time instruction. Compliance and trading operations teams managing order routing across Cboe-affiliated exchanges should note the implementation date and the unchanged restricted-order categories.

  • BYX proposes to amend Rule 11.1(a) to adopt a Start Time instruction allowing users to designate pre-market order eligibility in thirty-minute increments.
  • The earliest Start Time with practical effect is 7:00 a.m. and the latest permissible Start Time is 9:00 a.m., since execution eligibility begins with the Early Trading Session.
  • BYX intends to implement the change on December 7, 2026, in coordination with the same instruction on affiliate Cboe EDGX Exchange.
  • Restricted order types, including BYX Post Only Orders, ISOs, certain BYX Market Orders, Minimum Quantity Orders with Regular Hours Only, RPI Orders, and IOC/FOK orders, will not be accepted before 7:00 a.m. or, if later, before the order's designated Start Time.
  • The filing became effective immediately as a non-controversial rule change under Section 19(b)(3)(A)(iii) and Rule 19b-4(f)(6), with comments due by November 20, 2026.
Source document
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SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Markets & Infrastructure ✓ 18 claims 29 Oct 2026

MIAX Pearl fixes fee schedule gap on midpoint order liquidity codes

A SEC filing notice covering a MIAX Pearl Equities fee schedule amendment. The change is procedural, clarifying which liquidity indicator codes apply to an existing rebate tier program rather than altering any fees or rebates. Useful for compliance teams tracking exchange fee schedule accuracy and SEC rule filing mechanics.

  • MIAX Pearl filed SR-PEARL-2026-43 with the SEC on October 14, 2026 to add liquidity indicator codes "Ep" and "Fp" to Section 1)e) of its Fee Schedule.
  • The codes have applied to Midpoint Peg Order executions during the Early Trading Session and Late Trading Session since they were established in a February 2025 filing (SR-PEARL-2025-05).
  • The exchange states it does not propose to amend any current fees or rebates and that rebates have been correctly applied since the codes were established.
  • The SEC waived the normal 30-day operative delay under Rule 19b-4(f)(6)(iii), making the rule change operative upon filing.
  • Interested persons may submit written comments on the filing by November 16, 2026, referencing file number SR-PEARL-2026-43.
Source document
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SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Markets & Infrastructure ✓ 23 claims 29 Oct 2026

SEC approves NYSE Texas rule offering $50,000 service package to large dual listings

The SEC has approved, on an accelerated basis, a NYSE Texas rule change codifying complimentary services for listed issuers and creating a one-time package worth roughly $50,000 for larger dual listings. The order sets out why a share-count threshold does not amount to unfair discrimination under the Exchange Act and frames the move as competition for Texas listings.

  • New Rule 24 under Article 22 of the NYSE Texas Rule Book codifies complimentary services for all listed issuers, including use of the Exchange's Dallas headquarters.
  • An "Eligible Dual Listing" must dual list under Rule 18 and have 160 million or more total shares of common stock issued and outstanding, or 160 million shares issued and outstanding in the U.S. for a non-U.S. company.
  • Eligible Dual Listings may receive a one-time package of visibility and investor engagement products and services with a commercial value of approximately $50,000.
  • The SEC approved the filing on an accelerated basis under Section 19(b)(2) while still soliciting comment on Amendment No. 1 by November 18, 2026.
  • The Commission found the change consistent with Sections 6(b)(4), 6(b)(5) and 6(b)(8) of the Exchange Act and treated the services as a discount on listing fees.
Source document
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FCA FCA Publications Source document ↗
United Kingdom FCA Publications Markets & Infrastructure ✓ 21 claims 29 Oct 2026

FCA consults on equity tape income sharing and incident reporting for all CTPs

The FCA has opened CP26/39, proposing how the equity consolidated tape provider must divide income with the venues and other firms that supply its data, and extending enhanced operational incident reporting to all CTPs. It matters to anyone contributing to or building UK equity and bond tapes, with the equity tape due to go live in 2027 or early 2028.

  • The consultation CP26/39 opened on 29 October 2026 and closes on 17 December 2026, with responses feeding into final rules.
  • Handbook rules will govern how the equity CTP's income share is split among data contributors, applying irrespective of the metric and percentage set in the five-year concession agreement.
  • Enhanced operational incident reporting would be extended to all CTPs, building on PS26/2 rules that come into force on 18 March 2027.
  • The FCA expects a Policy Statement on income splitting in spring 2027 and plans for the equity tape to start operating in 2027 or early 2028.
  • A separate Policy Statement on including SI quotes in the equity tape, plus key procurement documents, is planned by early 2027.
Source document
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SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Markets & Infrastructure ✓ 16 claims 28 Oct 2026

Cboe BYX widens fee definition to capture tokenized and dealer trading venues

Cboe BYX Exchange filed a fee schedule amendment broadening its 'Trading Platform' definition beyond exchanges, ATSs and ECNs to any system that systematically executes third-party orders electronically, including single-dealer platforms and tokenized venues. The change is effective immediately but open for comment, with implications for which venues pay the higher non-display data fee.

  • BYX filed SR-CboeBYX-2026-040 on October 19, 2026, replacing an earlier version it withdrew that had been submitted September 1, 2026 as SR-CboeBYX-2026-031.
  • The amended definition adds a catch-all category covering any system through which third-party orders are systematically executed by electronic means, naming broker crossing systems not filed as ATSs, systematic internalization systems, and decentralized blockchain-based or tokenized environments as examples.
  • A Trading Platform is subject to a fee of $2,000/month for BYX Depth for Non-Display Usage, versus $1,000/month for a non-Trading Platform.
  • The rule change became effective immediately under Section 19(b)(3)(A) of the Exchange Act, though the Commission may summarily suspend it within 60 days of filing.
  • Comments on the filing are due on or before November 16, 2026, referencing file number SR-CboeBYX-2026-040.
Source document
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SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Markets & Infrastructure ✓ 16 claims 28 Oct 2026

Cboe EDGX drops duplicate disclosure notice for UTP-traded funds

Cboe EDGX Exchange has filed an SEC rule change removing its requirement to issue a separate information circular before trading begins in securities admitted under unlisted trading privileges. The filing took effect immediately. This briefing covers what the rule change removes, what it adds, and why the Commission waived the standard 30-day delay.

  • The Exchange deleted Rule 14.1(c)(1) in its entirety, removing its own pre-trading information circular requirement for UTP Derivative Securities.
  • Rule 14.1(a) gains express cross-references to Rule 3.7 (suitability) and Rule 3.21 (customer disclosures for extended-hours trading).
  • Current Rule 14.1(c)(2)(B) is amended so the written description must be in a form approved by the listing exchange or prepared by the issuing open-ended management company.
  • Current Rules 14.1(c)(2) through (5) are renumbered as Rules 14.1(c)(1) through (4), with a conforming cross-reference update in Interpretations and Policies .01.
  • The SEC waived the standard 30-day operative delay under Rule 19b-4(f)(6)(iii), making the change effective upon filing, with comments due by November 16, 2026.
Source document
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SECU Securities and Exchange Commission Source document ↗
United States Securities and Exchange Commission Markets & Infrastructure ✓ 22 claims 28 Oct 2026

NYSE American waives floor broker credit cap for October 2026 amid outcry volumes

NYSE American has filed an immediately effective fee change waiving, for October 2026, the monthly cap on combined Floor Broker credits for QCC trades and rebates under its Manual Billable Rebate Program. It is the latest in a run of adjustments to the same ceiling across 2025 and 2026, driven by what the exchange calls elevated open outcry volume and the risk that brokers hitting the cap redirect flow to rival venues.

  • The waiver removes, for October 2026 only, the per-firm monthly ceiling on combined Floor Broker QCC credits and Manual Billable Rebate Program rebates.
  • The cap was $3,000,000 in 2025, was raised to $4,000,000, waived for January and February 2026, and increased to $5,500,000 in March 2026.
  • The change is effective immediately on filing under Section 19(b)(3)(A) as a fee change; the SEC may summarily suspend it within 60 days.
  • NYSE American reports a 12.39% market share of executed multiply-listed equity and ETF options volume in September 2026, with no exchange above 16%.
  • No written comments were solicited or received; comments are due 21 days after Federal Register publication, file number SR-NYSEAMER-2026-95.
Source document
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CFTC CFTC — Commodity Futures Trading Commission Source document ↗
United States CFTC — Commodity Futures Trading Commission Markets & Infrastructure ✓ 12 claims 28 Oct 2026

CFTC sets December 15 roundtable on 24/7 derivatives trading

The CFTC has announced a public roundtable to discuss whether and how derivatives markets should move toward continuous trading. The session follows an earlier request for comment and will bring industry participants together to address infrastructure, staffing and market integrity questions before any rule changes are considered.

  • The CFTC will host the roundtable on December 15 at its Washington, D.C. headquarters.
  • The event builds on a Request for Comment on 24/7 trading that the CFTC issued earlier in the summer.
  • Topics will include overnight trading, tokenization, infrastructure and staffing needs, and operational readiness.
  • The roundtable will be open to the public and livestreamed on CFTC.gov, though in-person attendance may be limited.
  • Members of the public can submit speaker nominations by email, with agenda and registration details to follow.
Source document
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SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Markets & Infrastructure ✓ 14 claims 28 Oct 2026

MEMX aligns erroneous-trade rules with new overnight LULD price bands

This filing covers MEMX's proposed amendment to Rule 11.15 on clearly erroneous executions, prompted by the SEC's approval of Overnight Price Bands for round-the-clock trading. Compliance and trading operations staff at member firms should review the mechanics, since the change alters when a trade can be broken during overnight hours and takes effect alongside industry-wide 23/5 trading.

  • MEMX filed the proposal on October 19, 2026 under File No. SR-MEMX-2026-33, effective immediately under Section 19(b)(3)(A)(iii).
  • The SEC approved Overnight Price Bands via Amendment 27 to the LULD Plan on August 5, 2026 (Release No. 106042).
  • The rule reverses changes MEMX made in its September 2026 23/5 Filing (SR-MEMX-2026-28) to Rule 11.15(c)(2)(A)-(D), (d)(3), and (f).
  • Overnight Protected Hours are defined as 9:00 p.m. ET through 4:00 a.m. ET, with separate Overnight Percentage Parameters applying to that window.
  • The change becomes operative at the start of industry-wide 23/5 trading, scheduled for December 6, 2026, with comments due by November 18, 2026.
Source document
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SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Markets & Infrastructure ✓ 18 claims 27 Oct 2026

NYSE moves to overhaul clearly erroneous trade rule and raise multi-stock threshold

The SEC has put out for comment a NYSE proposal to rewrite Rule 7.10 on clearly erroneous executions. The filing reorganises the rule into definitions, availability and procedures, raises the multi-stock event threshold, removes multi-day event provisions and codifies cross-market coordination. For anyone trading NYSE-listed names, it changes when a trade can be broken and who can trigger review.

  • NYSE filed the proposal on October 8, 2026 and the SEC published notice in the Federal Register on October 23, 2026 to solicit comments.
  • The multi-stock event definition would rise to 50 or more securities executed within five minutes, up from 20 in the current rule, a threshold NYSE says has not been updated since 2010.
  • Rule 7.10 would be reorganised into three paragraphs: (a) Definitions, (b) Availability of Clearly Erroneous Review structured as numbered Cases 1 to 5, and (c) Procedures.
  • A new cross-market coordination provision would codify the Exchange's practice of coordinating with other SROs, and current paragraph (b)(2) on routed executions would be deleted.
  • Several deadlines would move to 8:30 a.m. Eastern Time on the following trading day in light of T+1 settlement, and CEE Panel member representatives would be cut to 5 from 10.
Source document
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FCA FCA Source document ↗
United Kingdom FCA Markets & Infrastructure ✓ 24 claims 27 Oct 2026

FCA director sets out completed reforms and tokenisation roadmap for UK markets

A speech by the FCA's director of infrastructure and exchanges reviews the regulator's multi-year capital markets reform programme and previews further work on tokenisation, AI and private markets. Compliance and markets teams tracking the UK's wholesale reform agenda, including digital gilt issuance and stablecoin rules, should note the stated direction of travel and forthcoming publications.

  • The FCA says it has completed around 30 capital-markets focused workstreams as part of a multi-year reform programme.
  • The bond consolidated tape launched in June, described as the first outside North America, with 1.6 million licences subscribed.
  • Four PISCES operators have been authorised and seven transactions completed on the new private share trading market.
  • A joint FCA-Bank of England roadmap on tokenisation of wholesale markets will be published in coming weeks.
  • The digital gilt (DIGIT) is expected to launch via the Digital Securities Sandbox early next year.
Source document
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SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Markets & Infrastructure ✓ 22 claims 26 Oct 2026

SEC lets LTSE codify dual-listing requirement effective immediately

A short SEC filing notice covering a technical rule change at the Long-Term Stock Exchange. Useful for listings and market structure counsel tracking how niche exchanges formalise dual-listing models, and for anyone benchmarking SRO rule filings that proceed on an immediately effective, non-controversial basis.

  • LTSE filed the proposed rule change with the SEC on October 5, 2026, as File No. SR-LTSE-2026-23.
  • The new Supplementary Material .02 to Rule 14.210 requires all LTSE-listed companies to also be listed on another registered national securities exchange.
  • LTSE states the rule text is identical in substance to Nasdaq Texas, LLC's IM-5220-1.
  • The SEC waived the standard 30-day operative delay, making the rule change effective upon filing rather than after 30 days.
  • Public comments on the filing must be submitted by November 12, 2026, referencing file number SR-LTSE-2026-23.
Source document
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SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Markets & Infrastructure ✓ 20 claims 26 Oct 2026

MIAX Pearl files to fix typo in minor rule violation fine table

MIAX Pearl has filed an immediately effective rule change with the SEC to fix a typographical error in its minor rule violation fine schedule. The correction touches one cell in the sanctions table for violations of Rule 520(b). It changes nothing operationally, but it is on the public comment docket until November 12, 2026, and is the kind of filing compliance teams tracking the exchange's rulebook should log.

  • MIAX Pearl is correcting the fourth row of Rule 1014(d)(5) to read '16 to 20' instead of the current '16 or 20'.
  • The table sets sanctions for violations of Rule 520(b), ranging from a Letter of Caution for 1 to 5 violations to a $500 fine for 6 to 10 violations within one calendar year.
  • The filing, SR-PEARL-2026-42, became effective on filing under Section 19(b)(3)(A) and Rule 19b-4(f)(6), with no comments solicited or received.
  • The SEC may summarily suspend the change within 60 days of the October 9, 2026 filing, and comments are open until November 12, 2026.
Source document
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SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Markets & Infrastructure ✓ 19 claims 26 Oct 2026

Cboe BZX scraps $4,000 legacy fee for pre-2019 ETP listings from 2027

Cboe BZX has filed an immediately effective rule change removing the discounted annual listing fee it has preserved since 2019 for older exchange-traded products. The change reprices a cohort of legacy ETP issuers onto the exchange's standard fee grid from calendar year 2027, and the SEC is taking comment until mid-November while the rule is already in force.

  • BZX will delete the Legacy Listing category from Rule 14.13(b)(2)(E), ending the $4,000 annual fee for ETPs listed before January 1, 2019.
  • Former legacy products will be charged the lowest applicable fee they otherwise qualify for, including CADV-based fees of $5,000 to $7,000.
  • The $4,000 fee survives for Transfer Listings, which BZX frames as an incentive to attract listings from rival exchanges.
  • The change applies from annual listing fees assessed for calendar year 2027 and does not affect any 2026 assessment.
  • The rule is immediately effective, but comments on file number SR-CboeBZX-2026-085 are due by November 16, 2026.
Source document
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SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Markets & Infrastructure ✓ 25 claims 26 Oct 2026

IEX tightens options risk control settings before Oct 2 launch of IEX Options

Days before IEX begins trading options, the exchange filed changes to three calibration variables in the risk control that lets market makers cancel or reprice quotes ahead of adverse moves in the underlying. The filing took effect immediately. We cover what moved, why IEX says the settings are more conservative, and the narrow window the SEC has to intervene.

  • The Delta Bound Band changes from an initial value of 0-1 to a proposed 0.30-1.00, the Quote Instability Threshold from 0.1% to 0.5%, and implied volatility calculation frequency from each half hour to each one minute.
  • The changes amend Supplementary Materials .04 and .05 to IEX Rule 23.150(h) and sit within ranges the Commission previously approved.
  • The filing became effective immediately under Rule 19b-4(f)(1) as an interpretation of an existing rule, requiring no prior SEC approval.
  • IEX Options is scheduled to begin trading on October 2, 2026, and IEX will issue a Trading Alert on effectiveness.
  • Written comments were neither solicited nor received; the SEC may summarily suspend the change within 60 days of filing, and comments are due by October 27, 2026.
Source document
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SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Markets & Infrastructure ✓ 12 claims 26 Oct 2026

SEC acknowledges ICE Futures U.S. notice of national exchange registration

A short Federal Register notice confirms the SEC's receipt of a Form 1-N from ICE Futures U.S., the mechanism by which a CFTC-designated contract market registers as a national securities exchange solely for security futures trading. It matters chiefly as a procedural marker for firms tracking venue status and registration effective dates under Exchange Act Section 6(g).

  • ICE Futures U.S., Inc. filed a Form 1-N with the SEC on September 30, 2026.
  • The Commission acknowledged receipt of the Form 1-N under Exchange Act Section 6(g)(3) in Release No. 34-106567, File No. 10-256, dated October 1, 2026.
  • Under Section 6(g)(2)(B) of the Exchange Act, registration as a national securities exchange becomes effective contemporaneously with the written notice's submission.
  • The Division of Trading and Markets examines the Form 1-N under Rule 202.3(b)(3) to determine whether all necessary information and required documents have been properly furnished.
  • Copies of the Form 1-N and all exhibits are available on the SEC's website.
Source document
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SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Markets & Infrastructure ✓ 13 claims 23 Oct 2026

SEC extends review of NYSE Texas plan to give issuers complimentary products

The SEC has given itself more time to rule on a NYSE Texas proposal to offer certain listed issuers complimentary products and services under a new exchange rule. This is a procedural extension under the Exchange Act, but it signals the Commission wants longer to weigh a filing that was substantially rewritten before the comment window closed. The item matters to anyone tracking exchange listing incentives.

  • NYSE Texas filed the proposed rule change on 13 August 2026 and Amendment No. 1 on 5 October 2026, which superseded the original filing in its entirety.
  • The proposal would adopt new Rule 24 under Article 22 of the NYSE Texas Rule Book to offer certain issuers complimentary products and services.
  • The SEC designated 30 November 2026 as the date by which it will approve, disapprove, or institute proceedings on the filing (File No. SR-NYSETEX-2026-30).
  • The Commission has received no comments on the proposed rule change.
Source document
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SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Markets & Infrastructure ✓ 19 claims 23 Oct 2026

SEC approves FINRA exemption letting collective trust funds buy IPO shares

The SEC has approved a FINRA rule change exempting certain collective trust funds from restrictions that otherwise bar related persons from buying initial public offering shares. The order explains why FINRA dropped a numeric participant threshold it had originally proposed, and what safeguards remain in its place.

  • The SEC approved SR-FINRA-2026-007 on October 2, 2026, exempting specified collective trust funds from FINRA Rule 5130 and from the spinning provision in Rule 5131(b).
  • The exemption applies only if the CTF was not formed or maintained for the specific purpose of permitting restricted persons to invest in new issues.
  • FINRA removed an originally proposed condition requiring 1,000 or more plan participants and beneficiaries after two commenters said the condition was difficult to administer.
  • The Commission received two comment letters, from the Coalition of Collective Investment Trusts and the Investment Company Institute, both filed May 1, 2026.
  • FINRA filed Partial Amendment No. 1 on July 8, 2026, and the Commission instituted proceedings on July 9, 2026 before ultimately approving the filing as amended.
Source document
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SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Markets & Infrastructure ✓ 19 claims 23 Oct 2026

BZX adds IEX to options routing fee code at $0.25 per contract

Cboe BZX has amended its options Fees Schedule to add IEX Exchange to fee code RP, the sub-category covering Customer orders routed away to other venues. The charge is unchanged at $0.25 per contract. The filing took immediate effect under Section 19(b)(3)(A), and the SEC is taking comment through 3 November 2026.

  • Fee code RP is extended to cover Customer orders routed to IEX, which BZX describes as a national securities exchange.
  • The per-contract charge under fee code RP remains $0.25; the addition does not change it.
  • The change took immediate effect on 1 October 2026 under Section 19(b)(3)(A) of the Act and Rule 19b-4(f).
  • Comments on File No. SR-CboeBZX-2026-083 are due on or before 3 November 2026, and the SEC may suspend the change within 60 days of filing.
Source document
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SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Markets & Infrastructure ✓ 18 claims 23 Oct 2026

Nasdaq Texas extends clearly erroneous trade rules to overnight sessions

Nasdaq Texas filed a rule change with the SEC amending its Clearly Erroneous Transactions rule to cover the new Overnight Price Bands approved for round-the-clock equity trading. Compliance and trading operations staff at broker-dealers should understand how trade-busting eligibility shifts once overnight trading begins.

  • Nasdaq Texas filed proposed rule change SR-NasdaqTX-2026-047 with the SEC on September 25, 2026.
  • The amendment extends Rule 11890's bar on clearly erroneous review during Market Hours to the new Overnight Protected Hours, defined as 9:00 p.m. to 4:00 a.m. ET.
  • The Commission approved Overnight Price Bands under the LULD Plan on August 5, 2026 via the 27th Amendment to that plan.
  • Transactions in NMS stocks not subject to the LULD Plan, such as rights and warrants, executed overnight would be reviewed using the Numerical Guidelines that currently apply to Pre-Market and Post-Market Hours.
  • The rule change is scheduled to become operative December 6, 2026, when industry-wide 23/5 trading commences, and public comments are due by November 3, 2026.
Source document
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SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Markets & Infrastructure ✓ 16 claims 23 Oct 2026

Nasdaq Texas drops duplicate circular rule for UTP derivative securities

Nasdaq Texas has filed a rule change, effective on filing, removing its own requirement to distribute an information circular before UTP derivative securities begin trading on the exchange. The filing also updates cross-references and renumbers rule provisions. Compliance teams at member firms should check how this affects their internal disclosure and suitability workflows for these products.

  • Nasdaq Texas deleted Rule 5740(a)(1), ending its requirement to distribute its own information circular before UTP Derivative Security trading begins.
  • Rule 5740(a)(2) now requires the written description to be provided in a form approved by the listing exchange or prepared by the issuing open-ended management company, no later than delivery of the first transaction confirmation.
  • The exchange added express cross-references to General 9, Section 10 (suitability) and Equity 2, Section 20 (customer disclosures) in the introductory paragraph of Rule 5740.
  • The SEC waived the usual 30-day operative delay under Rule 19b-4(f)(6)(iii), making the change effective upon filing on September 28, 2026.
  • Comments on file number SR-NasdaqTX-2026-049 are due on or before November 3, 2026.
Source document
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SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Markets & Infrastructure ✓ 19 claims 23 Oct 2026

Texas Stock Exchange offers equity stakes to lure first ten corporate listings

A Texas Stock Exchange rule filing, effective immediately under SEC fast-track procedures, creates an equity incentive program for the first wave of corporate listings. Compliance teams at issuers weighing a listing transfer, and rivals tracking exchange competition for listings, should note the eligibility thresholds and vesting conditions set out below.

  • Rodeo II grants 100,000 restricted stock units in TXSE Group Inc. to each of the first ten qualifying Founding Partners.
  • Primary listings require a trailing 90-trading-day average market cap of at least $3.5 billion; dual listings require at least $100 billion.
  • Units vest 50% on the first anniversary and 50% on the second anniversary of continuous listing on TXSE.
  • The program runs until all awards are allocated, December 31, 2026, or TXSE terminates it, whichever comes first.
  • TXSE may increase the award pool to fifteen at its sole discretion, with public notice on its website.
Source document
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SEC SEC Speeches and Statements Source document ↗
United States SEC Speeches and Statements Markets & Infrastructure ✓ 16 claims 23 Oct 2026

SEC trading chief details Rule 611 review, tokenised venue exemption and new derivatives

A speech by the SEC's Division of Trading and Markets director lays out the status of three live market structure initiatives: the proposed rescission of Rule 611, a conditional exemption for tokenised securities trading venues, and a wave of new derivatives products entering the market under SEC and CFTC jurisdiction. It matters because each affects execution obligations and venue registration status.

  • The Division is analysing over 1,200 comment letters on the June 11 proposal to rescind Rule 611 and amend Rule 610(e) for locked and crossed markets.
  • Chairman Atkins directed the Division to review Rule 610 access fee caps and Rule 612 minimum pricing increments by year-end, alongside any Rule 611 change.
  • The Commission approved the Innovation Exemption on September 17, a five-year conditional exemption from the exchange definition for Tokenized Securities Venues trading tokenised NMS stocks.
  • Five CFTC-registered DCMs, Coinbase, Kalshi, Bitnomial, NADEX and ICE Futures, filed Form 1-Ns in September to notice register as security futures exchanges.
  • The Commission approved Cboe's proposal to list binary security options based on KPIs tied to NMS securities, and CME launched cash-settled single-stock futures on July 27.
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SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Markets & Infrastructure ✓ 25 claims 22 Oct 2026

Cboe EDGX bars unpriced orders outside regular hours ahead of 23x5 launch

Cboe EDGX has filed two clarifying amendments to its order-handling rules as it prepares to trade 23 hours a day, five days a week. The changes restrict execution of unpriced orders to regular trading hours and tighten the wording on when Day Orders entered overnight expire. The filing took effect immediately as non-controversial, with comments open until November 12, 2026.

  • New text in Rule 11.1(a)(3) states that orders without a limit price will not be eligible for execution outside Regular Trading Hours, which are 9:30 a.m. to 4:00 p.m. Eastern Time.
  • Rule 11.6(q)(2) is amended so a Day Order entered during Order Acceptance Queueing Time or the Overnight Trading Session expires at the end of Regular Trading Hours on the business day to which the Overnight Trading Session belongs.
  • The Exchange filed the change as a non-controversial proposal under Section 19(b)(3)(A)(iii) and Rule 19b-4(f)(6), making it immediately effective.
  • The amended rule text takes effect in December 2026 pending industry readiness, operative in conjunction with the Original Filing approved under SR-CboeEDGX-2026-019.
  • Written comments must be submitted on or before November 12, 2026, referencing file number SR-CboeEDGX-2026-071.
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SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Markets & Infrastructure ✓ 25 claims 22 Oct 2026

Nasdaq GEMX to end cross-market risk protections shared with ISE

A routine but operationally relevant exchange rule filing: Nasdaq GEMX is removing the option for firms to link two risk-management tools, the Market-Wide Speed Bump and the Kill Switch, across GEMX and its affiliate ISE. Firms trading on both venues will need to reconfigure risk parameters separately for each exchange.

  • GEMX proposes to delete cross-market election language in Options 3, Section 15(a)(3)(B)(vii) for the Market-Wide Speed Bump and Section 17 for the Kill Switch.
  • The change removes the ability of Market Makers and Members to apply these risk protections jointly across GEMX and affiliate Nasdaq ISE, LLC.
  • Of Nasdaq's five affiliated options exchanges, only GEMX and ISE currently offer cross-market MWSB and Kill Switch functionality; MRX, Phlx, NTX Options and NOM operate on a per-exchange basis only.
  • Nasdaq ISE has filed a companion rule change to make conforming amendments on its own exchange.
  • The Exchange will implement the change on or before Q2 2027, announced via an Options Trader Alert, with comments due November 6, 2026.
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United States Federal Register — SEC Markets & Infrastructure ✓ 13 claims 22 Oct 2026

NYSE clarifies ETP opening rule for initial listing trading halts

A narrow NYSE rule filing clarifies how newly listed exchange-traded products open trading after an Initial Listing Regulatory Halt. The change took effect immediately under SEC fast-track procedures. Listings and market structure counsel should note the file number and comment deadline even though the exchange itself frames the amendment as non-substantive.

  • NYSE filed the proposed rule change, SR-NYSE-2026-48, with the SEC on October 1, 2026.
  • The amendment adds language to Rule 7.18(b)(5)(B)(v) specifying that eligible ETPs open after 9:30 a.m. ET with an IPO Auction under Rule 7.35(a)(1)(D).
  • NYSE states the change is non-substantive because Rule 7.35(a)(1)(D) already mandates this outcome.
  • The rule became effective immediately under Section 19(b)(3)(A)(iii) of the Exchange Act and Rule 19b-4(f)(6), though the SEC may summarily suspend it within 60 days of filing.
  • The SEC is accepting public comment on the filing, under file number SR-NYSE-2026-48, through November 6, 2026.
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SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Markets & Infrastructure ✓ 18 claims 22 Oct 2026

LTSE adds market maker rebates of up to $1,250 a month per security

LTSE has filed a fee schedule change creating a Market Maker Incentive Program, paying registered market makers for quoting at the NBBO in eligible securities. The filing took effect immediately and is open for public comment through November 6, 2026.

  • The proposed rule change took effect upon filing with the Commission on September 30, 2026, under Section 19(b)(3)(A)(ii).
  • Market makers quoting at the NBBO at least 70% of the time in Dually-Listed Securities earn $1,250 monthly, compared with $850 (50-70%) or $1,000 (70%+) for Non-LTSE Listed Securities.
  • The Monthly Incentive Cap limits incentives for Non-LTSE Listed Securities to no more than 20 for every one Dually-Listed Security in which a market maker is registered.
  • LTSE states it currently holds less than 1% market share of executed equities trading volume.
  • Comments on the filing, numbered SR-LTSE-2026-22, are due on or before November 6, 2026.
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United States Federal Register — SEC Markets & Infrastructure ✓ 23 claims 22 Oct 2026

24X National Exchange widens warrant equity program and drops market share hurdle

24X National Exchange has amended the warrant performance incentive program that lets trading Members earn units in its parent, 24X US Holdings LLC. The filing adds a second equity tranche, extends the program into 2028, cuts the entry fee for maker-only participants, scraps the exchange market share vesting condition and excludes index rebalance dates from volume targets. It took effect on October 1, 2026.

  • The additional equity tranche consists of 2,759,103 Non-Voting Common Units, representing 22.25% of outstanding total units on a fully diluted basis of 24X US Holdco as of September 29, 2025.
  • New Participants may prepay $250,000 in Exchange fees for additional equity only, calculated on maker volume, or $500,000 for both original and additional equity.
  • 24X eliminates the 24X Minimum Overall Market Share threshold as a warrant vesting condition for both original and additional equity.
  • The Exchange excludes 18 specified index rebalance and reconstitution dates tied to MSCI, Russell and S&P from Target Volume calculations.
  • The change took effect October 1, 2026 under Section 19(b)(3)(A); comments are due by November 9, 2026.
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United States Federal Register — SEC Markets & Infrastructure ✓ 17 claims 22 Oct 2026

Nasdaq cuts options market maker rebates by one cent across all six tiers

Nasdaq filed a rule change with the SEC trimming the rebates it pays NOM Market Makers for adding liquidity in Penny Symbols on its options market. The filing took effect immediately under the Exchange Act, though the SEC is still soliciting comment. Pricing teams at options market making firms should check whether the new tier payouts change their routing economics.

  • Nasdaq lowered NOM Market Maker rebates for adding liquidity in Penny Symbols by $0.01 per contract across all six tiers, effective October 1, 2026.
  • The revised rebate schedule ranges from ($0.19) at Tier 1 to ($0.44) at Tier 6, down from the prior ($0.20) to ($0.45) range.
  • Rebates for Customers, Professionals, Broker-Dealers, Firms and Non-NOM Market Makers remain unchanged, and tier qualifying criteria are not modified.
  • The rule change took effect immediately under Section 19(b)(3)(A)(ii) of the Securities Exchange Act, but the SEC may summarily suspend it within 60 days of filing.
  • Written comments on file number SR-NASDAQ-2026-087 must be submitted to the SEC on or before November 9, 2026.
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United States Federal Register — SEC Markets & Infrastructure ✓ 15 claims 22 Oct 2026

Nasdaq PHLX raises entry-tier floor broker rebates, effective immediately

A fee-schedule filing from Nasdaq PHLX LLC, effective on filing under Section 19(b)(3)(A)(ii), raises the entry-level rebates paid to Floor Brokers under its Floor Broker Incentive Program and corrects a stale example left over from an earlier amendment. The SEC is soliciting comments through November 9, 2026, though the change is already in force.

  • Tier 1 per-contract rebate with a Customer on one side rises from $0.04 to $0.07, matching the existing Tier 2 rate.
  • Tier 1 per-contract rebate with Non-Customers on both sides rises from $0.10 to $0.18, matching Tier 2 and Tier 3 rates.
  • Example 4 is corrected to reflect the Tier 4 Non-Customer rebate of $0.20 per contract, fixing an oversight from a prior filing.
  • The rule change became effective on filing under Section 19(b)(3)(A)(ii) of the Exchange Act, with no written comments solicited or received.
  • The SEC is accepting public comment on file number SR-PHLX-2026-61 through November 9, 2026, and retains a 60-day suspension power.
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United States Federal Register — SEC Markets & Infrastructure ✓ 20 claims 21 Oct 2026

BOX doubles floor market maker fee to $1.00 in non-penny options classes

BOX Exchange has raised the per-contract fee it charges floor market makers for manual open-outcry orders in non-penny classes and sweetened a rebate for floor brokers. The change took effect on filing under the immediate-effectiveness route for fee changes. This item sets out exactly what moved, who pays, and the window the SEC has to intervene.

  • The Market Maker per-contract fee for QOO and FOO orders in Non-Penny Interval classes rises from $0.50 to $1.00, while fees for other account types are unchanged.
  • The enhanced Floor Broker rebate for QOO and FOO orders that trade with a Floor Market Maker in Non-Penny Interval classes rises from $0.20 to $0.25 per contract.
  • The filing is effective on filing under Section 19(b)(3)(A)(ii) and Rule 19b-4(f)(2), and became operative on October 1, 2026.
  • BOX cites comparable floor market maker fees of $1.00 at PHLX, $0.90 at NYSE American and NYSE Arca, and $0.94 at MIAX Sapphire.
  • The SEC may summarily suspend the change within 60 days of filing; written comments are due by November 9, 2026 under file number SR-BOX-2026-20.
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United States Federal Register — SEC Markets & Infrastructure ✓ 19 claims 21 Oct 2026

MIAX folds cPRIME Agency volume into complex-order rebate test on MIAX Options

MIAX has amended its MIAX Options Fee Schedule to change how members qualify for the alternative, higher rebates on Priority Customer non-paired Complex Orders. By adding cPRIME Agency volume to the qualifying calculation, more members should clear the 50% threshold that unlocks the higher per-contract credits. The filing is immediately effective and open for SEC comment until November 6, 2026.

  • The amendment adds Priority Customer cPRIME Agency order volume to the calculation used to determine alternative PCRP rebates on non-paired Complex Orders in MIAX Options Fee Schedule Section (1)(a)(iii).
  • Reaching 50% or more of a member's PCRP volume unlocks higher credits of $0.23 (tier 1), $0.27 (tier 2) and $0.28 (tiers 3, 4 and 5), with no threshold or credit amounts changed by this filing.
  • The rule change became effective October 1, 2026 and took effect immediately under Section 19(b)(3)(A)(ii) and Rule 19b-4(f)(2), subject to SEC summary suspension within 60 days.
  • Written comments on SR-MIAX-2026-40 must be submitted on or before November 6, 2026.
  • MIAX states it held roughly 10.22% of multiply-listed equity options volume in August 2026, and that no exchange among 19 registered options venues exceeded approximately 10-11%.
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United States Federal Register — SEC Markets & Infrastructure ✓ 21 claims 21 Oct 2026

MIAX to accept inferior-priced PRIME auction responses rather than reject them on entry

MIAX has amended Rule 515A to stop rejecting Request for Response messages priced worse than the auction's initiating price. Instead the System accepts all responses and cancels the non-participating ones when the PRIME or cPRIME auction ends. The SEC waived the usual 30-day delay, so the change is already live. Comments run to November 6, 2026.

  • MIAX will no longer reject RFR auction responses priced worse than the initiating price, instead accepting all responses and cancelling non-participating ones at the auction's conclusion.
  • The change amends Exchange Rule 515A(a)(2)(i)(D) and applies to both PRIME and cPRIME price-improvement auctions.
  • The SEC waived the 30-day operative delay, making the rule change effective upon filing on September 30, 2026.
  • MIAX cites at least one other options exchange whose price-improvement auction does not reject inferior-priced responses before completion.
  • Written comments on file number SR-MIAX-2026-41 must be submitted on or before November 6, 2026.
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GFMA GFMA — Global Financial Markets Association Source document ↗
GFMA — Global Financial Markets Association Markets & Infrastructure ✓ 21 claims 20 Oct 2026

GFMA's FX division says wholesale market is not yet built for 24/7 and T0 settlement

The GFMA Global FX Division has published its October 2026 assessment of how wholesale FX must adapt to 24/7 operation, instant and T0 settlement, and settlement in digital money. It is a planning document, not a rule, but it names the operational and compliance gaps that stand between today's market and a tokenised one — and spells out what firms would have to change before any of it works at scale.

  • The BIS 2025 Triennial Survey sized FX turnover at $9.6 trillion/day, up 28% from the 2022 survey, with wholesale FX settlement sized at over $14 trillion/day in the BIS June 2026 Quarterly Review.
  • The GFXD identifies three 'no-regret' capabilities: improved data exchange across the trade lifecycle, reduced manual touchpoints and exception processing, and reduced system downtime where continuous operation is required.
  • The paper states that KYC and sanctions screening will need to be performed earlier — before or at the point of execution — where they are currently run after execution.
  • It flags that credit exposure must be measurable over weekends and 24/7, and that risk 'transforms' as nostro exposure shifts to digital money such as stablecoin reserves.
  • It calls for public-sector engagement on settlement finality, supervisory divergence, the PFMIs and Global Code, local employment law, and the BIS PIE taskforce's work on a global value-date.
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FINA Finanstilsynet Norway Source document ↗
Finanstilsynet Norway Markets & Infrastructure ✓ 15 claims 16 Oct 2026

Norway's FSA tells market to start T+1 testing ahead of EU 2027 shift

Finanstilsynet is pressing Norwegian securities market participants to begin testing systems now for the EU's move to T+1 settlement, even though the underlying EU regulation has not yet been incorporated into Norwegian law. The notice sets out phased deadlines and points firms to EU industry roadmaps and ESMA guidance.

  • The EU will shorten the standard settlement cycle to T+1 with effect from 11 October 2027.
  • The European Commission's amendments to the settlement discipline regulation (EU) 2018/1229 were published 14 October 2026, with key allocation and confirmation communication requirements applying from 7 December 2026.
  • Finanstilsynet expects Norwegian firms to prepare on the same timeline as EU market participants even though the changes are not yet part of Norwegian law.
  • ESMA has updated its guidelines on allocation and confirmation procedures, which Finanstilsynet will apply in its supervision from the EU implementation date.
  • Firms seeking testing information can contact test leader Pål Albert Lindkjølen at Norges Bank.
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SEC SEC Press Releases Source document ↗
United States SEC Press Releases Markets & Infrastructure ✓ 11 claims 15 Oct 2026

SEC fines OTC Link $575,000 for nine years of Regulation SCI failures

The SEC censured broker-dealer OTC Link LLC and imposed a $575,000 penalty for failing, between August 2016 and March 2025, to establish and enforce Regulation SCI policies covering system security, access control and vulnerability management on its OTC Link ATS. The order turns on repeated failures to remediate deficiencies after examiners flagged them, making it essential reading for SCI entities on how the agency weighs examination history.

  • OTC Link LLC was censured and ordered to pay a $575,000 civil penalty for Regulation SCI violations from August 2016 to March 2025.
  • The SEC found deficient policies on system security, access control and application vulnerability management, testing and remediation for OTC Link ATS.
  • Examiners flagged the gaps several times; the order cites repeated failure to promptly remediate as justifying the penalty, and found breaches of Rules 1001(a)(1), (a)(2) and (a)(3).
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