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SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Markets & Infrastructure ✓ 18 claims 03 Nov 2026

SEC corrects comment address for FINRA accredited-investor exam proposal

The SEC has issued a technical correction to its October notice seeking comment on whether passing an accredited-investor examination to be developed by FINRA could qualify a natural person as an accredited investor. The correction amends only the ADDRESSES section telling commenters how to file. The underlying question, who counts as an accredited investor, remains open under File No. 4-931.

  • The correction amends the ADDRESSES section of the SEC's notice under File No. 4-931, Release No. 33-11445.
  • The underlying notice concerns designating passage of a FINRA-developed accredited-investor exam as qualifying natural persons as accredited investors.
  • The original notice appeared in the Federal Register on Monday, October 5, 2026, beginning on page 63344; the correction was filed November 2, 2026.
  • Comments should refer to File Number 4-931 and may be submitted electronically through the SEC comment form or by email to rule-comments@sec.gov.
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SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Markets & Infrastructure ✓ 29 claims 02 Nov 2026

FINRA extends options rules to binary metric options and non-OCC clearing agencies

FINRA has rewritten its options rulebook to cover a new product category: cash-settled binary options that pay out on an issuer's reported metrics such as quarterly revenue or EPS, some of which clear outside OCC. The change took effect immediately as a non-controversial filing. This item covers what the amendments require of members and which obligations now attach to metric-based and non-OCC-cleared options.

  • The amendments apply FINRA's options framework to binary options, options on metrics and options cleared by a registered clearing agency other than OCC, including cash-settled binary metric options that pay $1 or $0 at expiration.
  • A new Rule 2360(b)(3)(D) sets position limits for binary options tied to the limits established by the listing exchange, paralleling the existing standardized equity option provision.
  • LOPR reporting is extended to options on metrics, and members must calculate aggregate positions using the exchange's contract equivalency conventions; Cboe treats 100 binary KPI contracts as one standard option.
  • Members must deliver the disclosure document of the applicable Registered Clearing Agency, not only OCC's, to customers approved for those products.
  • The change took effect on filing on October 22, 2026 with the 30-day operative delay waived, and comments are due by November 19, 2026 under File No. SR-FINRA-2026-022.
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SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Markets & Infrastructure ✓ 19 claims 31 Oct 2026

SEC weighs doubling swap dealer threshold for CFTC compliance option to $100bn

The SEC is soliciting public comment on a request from Mizuho Capital Markets LLC to raise the notional threshold that lets stand-alone security-based swap dealers opt into CFTC rules instead of SEC capital and margin requirements. The notice explains the rule's origin, MCM's rationale, and the questions the Commission wants answered before December 2, 2026.

  • Mizuho Capital Markets LLC requested on October 26, 2026 that the SEC raise Rule 18a-10's maximum fixed-dollar amount from $50 billion to $100 billion.
  • MCM is one of two stand-alone security-based swap dealers currently operating under the Rule 18a-10 alternative compliance mechanism.
  • MCM states that from 2022 to 2024 its SBS activity represented less than 0.25% of its total gross notional across SBS and swaps and only 1.47% of total active trade count.
  • The gross notional amount of SBS outstanding on December 26, 2025 was approximately $7,265.144 billion, per the Commission's report.
  • Comments on the proposed change are due on or before December 2, 2026, referencing File Number S7-2026-38.
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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 Governance & Accountability ✓ 13 claims 30 Oct 2026

SEC readies exemptive order for Carlyle employee co-investment vehicle

The SEC has published notice of an application by The Carlyle Group and a co-investment partnership for an order exempting employee investment vehicles from most of the Investment Company Act of 1940. The relief will be granted unless someone requests a hearing by November 17. This is the procedural step that precedes a final order, and it sets out exactly which provisions Carlyle wants switched off and which stay in force.

  • The relief is sought under sections 6(b) and 6(e) of the Investment Company Act of 1940 and would exempt employee partnerships from most of the Act.
  • Sections 9, 17, 30 and 36 through 53 remain in force, with only limited exemptions requested under parts of sections 17 and 30 and rule 38a-1.
  • Each partnership qualifies as an 'employees' securities company' within the meaning of section 2(a)(13) of the Act.
  • Hearing requests must reach the Commission by 5:30 p.m. Eastern on November 17, 2026, or the order will be granted.
  • The application was filed on December 28, 2021, and amended on May 20, 2022, December 1, 2022, July 29, 2025, and October 22, 2026.
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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.
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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.
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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.
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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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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.
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SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Markets & Infrastructure ✓ 19 claims 28 Oct 2026

SEC approves OCC overhaul of membership, risk and suspension rules

The SEC has approved a sweeping rule change filed by the Options Clearing Corporation covering clearing membership admission, ongoing standards, disciplinary proceedings and suspension rules. Compliance and risk teams at clearing members should understand the new physical office, capital, reporting and disciplinary provisions before they take effect.

  • OCC's Risk Committee may now delegate authority to approve or deny clearing membership applications to designated delegates or agents, removing the need to wait for quarterly Risk Committee meetings.
  • Proposed Rule 201(b) requires clearing member applicants to maintain at least one year of operating history in the same or substantially same business activity, or senior personnel with sufficient relevant experience.
  • Proposed Rule 204(g) and Rule 302(b) require applicants and clearing members to maintain physical office space unless OCC determines a remote model does not pose heightened risk, with on-site visits permitted on no more than 24 hours' notice.
  • Proposed amendments require notice of Statutory Disqualification or formal regulatory investigation within two business days, and amend Rule 301(b) to let OCC set discretionary minimum capital levels above current requirements.
  • Proposed Rule 1201(a) adds fines to OCC's available sanctions and sets out examples of sanctionable conduct, including providing false financial information or a pattern of regulatory infractions.
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SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Governance & Accountability ✓ 15 claims 28 Oct 2026

SEC notices Nilsine Partners co-investment exemptive order application

A routine but consequential SEC notice covers an exemptive application from Nilsine Partners NP1X Fund and affiliates seeking permission to co-invest alongside related entities, relief otherwise barred under the Investment Company Act's affiliate transaction rules. Fund counsel and compliance teams tracking co-investment structures should note the filing timeline and the narrow hearing window before the order can be granted.

  • The application was filed on February 18, 2026 and amended on July 15, 2026 and September 14, 2026.
  • Applicants seek relief under sections 17(d) and 57(i) of the Investment Company Act of 1940 and rule 17d-1 to permit co-investment transactions otherwise barred by sections 17(d) and 57(a)(4).
  • Hearing requests must be received by the Commission by 5:30 p.m. Eastern time on November 16, 2026, accompanied by proof of service on applicants.
  • An order granting the requested relief will be issued unless the Commission orders a hearing, meaning no hearing request results in automatic approval.
  • The full representations, legal analysis and conditions appear only in the applicants' second amended application dated September 14, 2026, available via EDGAR.
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SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Governance & Accountability ✓ 10 claims 28 Oct 2026

SEC schedules closed meeting on enforcement and litigation matters for October 29

A routine Sunshine Act notice confirms the SEC will hold a closed meeting on October 29, 2026, covering enforcement and litigation matters. The notice itself carries no policy content, but it signals the categories of action the Commission is actively working through this week.

  • The SEC's closed meeting is scheduled for 2:00 p.m. on Thursday, October 29, 2026, at Commission headquarters or remotely.
  • The General Counsel certified exemptions under 5 U.S.C. 552b(c)(3), (5), (6), (7), (8), 9(B) and (10) permit closing the meeting.
  • Matters to be considered include institution and settlement of injunctive actions and administrative proceedings.
  • The agenda also covers resolution of litigation claims and other examination and enforcement proceedings.
  • The notice warns that scheduling changes may occur and will be posted on the SEC's website.
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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.
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SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Governance & Accountability ✓ 20 claims 27 Oct 2026

Texas Stock Exchange sets $325,000 entry fee for new corporate listings

Texas Stock Exchange has filed a new fee schedule with the SEC covering entry fees, application fees and annual listing charges for corporate issuers. The filing took immediate effect under the Exchange Act's expedited process. Listings counsel and issuers evaluating TXSE should understand the fee mechanics, exemptions and how they compare to incumbent exchanges.

  • Operating companies pay a one-time Entry Fee of $325,000 on the date of listing, while SPACs pay a flat $80,000 Entry Fee.
  • Companies transferring a listing from another national securities exchange are exempt from both the Entry Fee and the Initial Application Fee.
  • The primary-listing annual fee equals the greater of a minimum fee or shares outstanding multiplied by $0.001250 per share, subject to a $250,000 maximum, with a $70,000 minimum for common shares.
  • Companies with Dually-Listed Securities pay a flat Company-wide All-Inclusive Annual Fee of $600,000, prorated in the year the dual listing becomes effective.
  • The rule took effect immediately under Section 19(b)(3)(A) and Rule 19b-4(f)(2), with comments due on or before November 13, 2026.
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SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Markets & Infrastructure ✓ 17 claims 27 Oct 2026

SEC grants Cboe Clear U.S. temporary registration as securities clearing agency

The SEC has approved temporary clearing agency registration for Cboe Clear U.S., a Cboe subsidiary seeking to act as central counterparty for binary options including options tied to issuer KPIs. The order covers governance, risk management and one public comment on vertical integration risk.

  • CCUS filed its Form CA-1 application on June 30, 2026, and amended it on July 7, July 17, August 18, September 4 and October 1, 2026.
  • The Commission's order grants temporary registration for 18 months from October 22, 2026, with an exemption from certain Section 17A(b)(3)(B) and (F) determinations.
  • CCUS acknowledges its Rules do not yet reference all participant categories enumerated in Section 17A(b)(3)(B) of the Exchange Act.
  • CCUS may assess non-defaulting clearing members up to 300% of their Guaranty Fund Deposit for a single default, or up to 600% for multiple defaults.
  • The sole comment letter supported temporary registration as a stopgap but raised concerns about the risk of vertically integrated clearing solutions ahead of any permanent registration.
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SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Conduct & Consumer ✓ 24 claims 27 Oct 2026

NYSE raises gift limit to $300, matching FINRA rule

NYSE has filed a rule change to align its gift and gratuity rule with FINRA's recently amended Rule 3220, raising the per-recipient annual limit from $100 to $300 and adding nine new supplementary provisions covering valuation, aggregation, personal and bereavement gifts, and recordkeeping. This affects every member and member organization, including those only registered with NYSE.

  • The gift and gratuity limit under NYSE Rule 3220 rises from $100 to $300 per individual per year, matching FINRA Rule 3220.
  • NYSE adopts Supplementary Material .01 through .09, codifying FINRA's provisions on valuation, aggregation, personal gifts, bereavement gifts, de minimis items and disaster donations.
  • Supplementary Material .02 requires gifts other than event tickets to be valued at cost, and tickets at the higher of cost or face value.
  • Supplementary Material .03 requires aggregation of all gifts to a recipient across a calendar year, fiscal year, or rolling basis as stated in firm procedures.
  • The filing took effect under Rule 19b-4(f)(6)(iii) on October 9, 2026, and the SEC may summarily suspend it within 60 days of filing.
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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.
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SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Markets & Infrastructure ✓ 16 claims 26 Oct 2026

MIAX files minor cross-reference fix to CAT reporting rule

MIAX has filed a proposed rule change with the SEC to clean up drafting errors in Exchange Rule 1703, its Consolidated Audit Trail Compliance Rule for Industry Member Data Reporting. The filing is effective immediately under the SEC's expedited process. This brief covers what changed, why the Exchange says it is non-substantive, and the comment deadline.

  • MIAX filed SR-MIAX-2026-42 with the SEC on October 9, 2026 to amend Exchange Rule 1703.
  • The filing corrects references in Rules 1703(a)(1) and 1703(a)(2) from 'paragraph (3)' to 'paragraph (a)(3)'.
  • A closing parenthesis is added after 'Industry Member Data' in Rule 1703(a)(2) for grammatical accuracy.
  • The rule change became effective under Section 19(b)(3)(A) and Rule 19b-4(f)(6), with the SEC able to suspend it within 60 days.
  • Public comments on file number SR-MIAX-2026-42 are due on or before November 12, 2026.
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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.
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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.
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SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Governance & Accountability ✓ 15 claims 26 Oct 2026

NYSE moves to scrap 'approved person' category, align with FINRA definition

NYSE filed a rule change with the SEC on September 18, 2026 eliminating its longstanding approved person registration category and replacing it with an associated person definition modelled on FINRA Rule 1011(b). The filing matters to member organizations and control persons whose Form BD-based disclosures will now substitute for a separate Exchange-specific registration track.

  • NYSE filed SR-NYSE-2026-47 with the SEC on September 18, 2026, published for comment on October 1, 2026 as release 34-106566.
  • The filing deletes the 'approved person' category from Rule 2(c) and Rule 304 and replaces it with a new 'associated person' definition based on FINRA Rule 1011(b).
  • NYSE states control relationships formerly tracked via approved person registration are already disclosed through Schedules A and B of Form BD in the CRD system.
  • A new Supplementary Material .30 would define 'Control Persons' as both direct and indirect owners identified on Schedules A and B of Form BD.
  • Conforming changes replace 'approved person' and related employee references with 'associated person' in Rule 2A and in Rules 5.2, 8.204(f)(2), 8.300(e)(2), 8.400(e)(2) and 8.700.
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SEC Federal Register — SEC Source document ↗
United States Federal Register — SEC Markets & Infrastructure ✓ 17 claims 26 Oct 2026

SEC opens disapproval review of NYSE American FLEX equity option plan

NYSE American filed to extend cash settlement, currently available for ETF FLEX equity options, to as many as 50 non-ETF FLEX equity options, and to change how qualifying securities are selected. The SEC has instituted proceedings under Section 19(b)(2)(B) to decide whether to approve or disapprove the change, and is asking for further comment before acting.

  • NYSE American filed the proposal on June 29, 2026, and it was published for comment on July 7, 2026.
  • The change would permit cash settlement for up to 50 non-ETF FLEX Equity Options under Rule 903G.
  • Selection of qualifying securities would shift to highest average daily notional value instead of highest average daily share volume.
  • The SEC must decide whether the proposal is consistent with Section 6(b)(5) of the Exchange Act.
  • Written comments are due by October 27, 2026, and rebuttal comments by November 10, 2026.
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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.
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United States Federal Register — SEC Markets & Infrastructure ✓ 17 claims 26 Oct 2026

SEC overrules own staff, approves OCC clearing fund shift Fidelity opposed

The SEC has issued a de novo order on OCC's proposal to reweight how Clearing Members fund the mutualized Clearing Fund, shifting the formula toward stress-loss shortfall rather than open interest. Fidelity petitioned against the staff-level approval, arguing it disadvantages agency brokers. This covers the Commission's reasoning for overriding that objection and approving the change.

  • OCC filed the proposed rule change SR-OCC-2025-018 with the SEC on September 26, 2025.
  • The new weighting scheme is 70% shortfall, 15% margin and 15% volume, replacing 70% total risk, 15% open interest and 15% volume.
  • OCC's lookback period for allocation-related measures moves from one month to three months of data.
  • New Rule 1003(c) gives OCC sole discretion to hold Clearing Fund allocation weights constant month-over-month during volatile conditions.
  • For the top 15 Clearing Fund allocations in June 2026, nine members would have seen increases of +8.69% to +104.78% and six would have seen decreases of -4.79% to -39.97% under the proposal.
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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.
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United States Federal Register — SEC Governance & Accountability ✓ 17 claims 26 Oct 2026

SEC notices co-investment exemption for Neostellar and Magnetar fund vehicles

A routine but consequential exemptive application: Neostellar Capital Corp, Magnetar Financial LLC and affiliated vehicles are asking the SEC to permit joint co-investment transactions normally barred under the Investment Company Act's affiliated-transaction rules. The notice sets a hearing-request deadline, giving interested parties a narrow window to object before the order issues.

  • Applicants seek an order under sections 17(d) and 57(i) of the Investment Company Act of 1940 and rule 17d-1 to permit co-investment among BDCs, closed-end and open-end funds and affiliated entities.
  • The application was originally filed on August 3, 2026 and amended on October 2, 2026.
  • Hearing requests must be received by the Commission by 5:30 p.m. Eastern time on November 16, 2026, accompanied by proof of service on applicants.
  • Absent a Commission-ordered hearing, an order granting the requested relief will be issued.
  • Applicants include Neostellar Capital Corp, Neostellar Advisors LLC, Magnetar Financial LLC, Magnetar Financial (UK) LLP, MCP Investing LLC and vehicles identified in Schedule A and Schedule B.
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United States Federal Register — SEC Markets & Infrastructure ✓ 21 claims 25 Oct 2026

SEC opens comment on CMESC default management rule change

The SEC has published for comment a proposed rule change from CME Securities Clearing that rewrites how the clearing agency documents the handling of a Participant default. The amendments add detail on using a third-party liquidation agent and execution brokers, clarify the Risk Management Committee's role, and make administrative fixes. CMESC has no Members or Users yet, so this is framework in advance of operations.

  • CMESC would amend Section 14.1.1 of its Risk Management Framework to specify that the close-out of a defaulted Participant's portfolio may use a liquidation agent and one or more execution brokers.
  • The amended framework provides that CMESC may hold an account with an execution broker as principal, receiving back-to-back trades that mirror the liquidation agent's close-out trades to keep a net flat position.
  • Section 14 would clarify that the Risk Management Committee (CSRMC) provides guidance on the design of default procedures, changing its role from discretionary and advisory.
  • CMESC states it currently has no Members or Users and has neither received nor solicited written comments on the proposal.
  • Comments are due by November 12, 2026, and the Commission must approve, disapprove or institute proceedings within 45 days of publication, extendable up to 90.
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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.
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United States Federal Register — SEC Markets & Infrastructure ✓ 18 claims 23 Oct 2026

OCC proposes two-hour cyber incident reporting deadline for clearing members

The SEC has opened a comment period on OCC's proposed overhaul of Rule 213, its cybersecurity obligations rule for clearing members. The filing replaces the existing 'Security Incident' standard with a new reporting regime carrying a fixed two-hour notification clock and a tiered 'Major' event category triggering OCC's disconnection authority.

  • Clearing Members must notify OCC in writing no later than two hours after becoming aware of a Clearing Member System Event.
  • OCC may disconnect a Clearing Member or its Third-Party Service Provider upon declaring a 'Major Clearing Member System Event,' which requires approval from two or more Designated Officers and notification to the Chairman of the Board.
  • The Cybersecurity Confirmation attestation, required at least every two years and within 180 calendar days of OCC's notice, may now be signed by any authorized senior executive rather than a specifically designated one.
  • OCC's definition of 'OCC's Systems' is expanded to include established communication channels such as File Transfer Protocols, not only direct connections.
  • Late notification beyond the two-hour window will be evaluated under OCC's disciplinary process set out in Chapter XII of its Rules.
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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.
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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.
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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.
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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.
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United States Federal Register — SEC Governance & Accountability ✓ 17 claims 23 Oct 2026

SEC notices exemptive application from RTW Biotech Growth Fund over share classes

A routine but consequential SEC notice: RTW Biotech Growth Fund and RTW Investments, LP have applied for exemptive relief that would let the closed-end fund adopt a multi-class share structure with early withdrawal charges and asset-based fees. The notice opens a window for interested parties to request a hearing before the order issues.

  • RTW Biotech Growth Fund and RTW Investments, LP filed the exemptive application on August 28, 2026.
  • The applicants seek exemptions from sections 18(a)(2), 18(c) and 18(i) and rule 23c-3 of the Investment Company Act of 1940, plus an order under section 17(d) and rule 17d-1.
  • Relief sought would permit multiple share classes, early withdrawal charges, and asset-based distribution and/or service fees.
  • Hearing requests must be received by the Commission by 5:30 p.m. Eastern time on November 2, 2026, accompanied by proof of service on applicants.
  • Absent a hearing order, the SEC will issue the requested exemptive order without further notice.
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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.
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United States Federal Register — SEC Governance & Accountability ✓ 18 claims 23 Oct 2026

SEC seeks OMB renewal of municipal advisor registration rules and forms

This is a routine Paperwork Reduction Act notice in which the SEC asks OMB to extend approval of the information-collection rules underpinning municipal advisor registration. It matters to compliance teams at municipal advisory firms because it quantifies, in granular detail, the ongoing filing burden they carry under Forms MA, MA-I, MA-W and MA-NR.

  • As of December 31, 2025, approximately 419 municipal advisors were registered with the Commission.
  • The Commission estimates 15 new Form MA applicants annually for each of the next three years, totalling 45 over the period.
  • The average internal cost of compliance per hour for completing Forms MA and MA-I is estimated at approximately $271.
  • Rule 15Ba1-8 requires municipal advisory firms to obtain and retain, for not less than five years, written consent to service of process from each associated person engaged in municipal advisory activities.
  • The Commission estimates it will receive an average of 21 Form MA-W withdrawals and enter orders cancelling or revoking registration of 4 municipal advisors annually over the next three years.
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United States Federal Register — SEC Markets & Infrastructure ✓ 21 claims 23 Oct 2026

Cboe EDGX adopts generic listing standards for options on multi-crypto-asset trusts

Cboe EDGX has filed a non-controversial rule change, operative on filing, that lets it list options on commodity-based trusts holding more than one crypto asset and on exchange-traded funds defined under Rule 6c-11. The standards copy rules the SEC already approved for affiliate Cboe Options. Comments are open until November 12, 2026, and the Commission may suspend the change within 60 days.

  • Each crypto asset in a listed multi-asset trust must have an average daily market value of at least $700 million over the trailing 12 months and underlie a derivatives contract on a market with a comprehensive surveillance sharing agreement.
  • The filing permits options on exchange-traded funds defined under Rule 6c-11, relying on that rule's portfolio transparency requirements as the anti-manipulation basis.
  • Continued listing standards require the Exchange to review the market-value criterion monthly and consider suspending opening transactions if criteria are no longer met.
  • The rules are substantively identical to Cboe Options standards approved by the SEC in April 2026 under SR-CBOE-2026-020.
  • The change became operative on filing after the SEC waived the 30-day delay; written comments are due by November 12, 2026.
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United States Federal Register — SEC Governance & Accountability ✓ 14 claims 23 Oct 2026

SEC notices Clearlake, Pathway co-investment exemptive order application

The SEC has published notice of an exemptive application from Clearlake Private Markets Fund, Clearlake Capital RIC Management and Pathway Capital Management seeking relief to co-invest across affiliated business development companies and closed-end funds. This brief covers the filing's scope, deadlines and how interested parties can request a hearing before the order is granted.

  • Applicants Clearlake Private Markets Fund, Clearlake Capital RIC Management, LLC and Pathway Capital Management, L.P. filed the application on August 10, 2026 and amended it on August 13, 2026.
  • The requested order would permit certain BDCs and closed-end management investment companies to co-invest in portfolio companies with each other and with affiliated investment entities.
  • The relief sought covers joint transactions otherwise prohibited by sections 17(d) and 57(a)(4) of the Investment Company Act and rule 17d-1.
  • Hearing requests must reach the Commission by 5:30 p.m. Eastern time on November 3, 2026, accompanied by proof of service on the applicants.
  • The order will be issued without a hearing unless the Commission orders one, per the standard exemptive application process.
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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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United States Federal Register — SEC Conduct & Consumer ✓ 10 claims 22 Oct 2026

SEC corrects comment deadline for interval fund share class proposal

The SEC has issued a correction to the DATES section of a proposed rule on interval fund modernization and multiple share classes for registered closed-end management companies. This brief covers what the correction changes, the affected release numbers, and the revised comment deadline firms should track.

  • The correction applies to proposed rules document 2026-20360, originally published October 5, 2026 at page 63388 of the Federal Register.
  • The corrected DATES section sets the comment deadline as December 4, 2026.
  • The rulemaking covers 17 CFR Parts 239, 249, 270, and 274 under Release No. 33-11444, 34-106534, IC-36351, File No. S7-2026-34, RIN 3235-AN83.
  • The correction notice was filed on October 19, 2026 at 8:45 a.m.
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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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United States Federal Register — SEC Prudential & Capital ✓ 19 claims 22 Oct 2026

SEC approves CMESC rule change making its liquidity facility agreement automatic

The SEC has approved a proposed rule change by CME Securities Clearing Inc. (CMESC) reworking the mechanics of its Capped Liquidity Facility, the tool it uses to meet intraday and multiday settlement obligations under Rule 17ad-22(e)(7). Clearing members and their compliance teams should understand how the facility's contractual basis and calculation methodology are changing, even though CMESC says the underlying sizing methodology is unchanged.

  • CMESC's proposed rule change SR-CMESC-2026-008 was filed August 21, 2026, published for comment September 3, 2026, and approved by the SEC on October 13, 2026.
  • Each Member will become party to a CLF Master Repurchase Agreement automatically by operation of Rule 410(a), eliminating the requirement to separately execute the agreement.
  • The CLF MRA will incorporate the SIFMA Master Repurchase Agreement (September 1996 version), excluding its annexes, and the CLF MRA will govern in the event of any inconsistency.
  • New Members must provide CMESC with projected volumes and sizes of Eligible Securities Transactions to support calculation of their Allocated CLF Amount during an initial ramp-up phase.
  • CMESC states the amendments do not change the existing methodology or formulae used to size the CLF or calculate each Member's Allocated CLF Amount.
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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 Governance & Accountability ✓ 12 claims 22 Oct 2026

SEC moves to cancel registrations of 20 dormant transfer agents

A routine but consequential SEC notice lists 20 registered transfer agents the Commission believes are defunct or have exited the business. Firms that rely on transfer agent registries, or that hold legacy relationships with any named entity, should check this list and understand the narrow window to object before cancellation proceeds.

  • The SEC intends to cancel registrations of 20 transfer agents listed in the Appendix under Section 17A(c)(4)(B) of the Securities Exchange Act of 1934.
  • The Commission believes each listed transfer agent is no longer in existence or has ceased doing business as a transfer agent.
  • Representatives who dispute cancellation must email tradingandmarkets@sec.gov with the specified subject line within 30 days after the notice date.
  • Absent a successful objection, the Commission intends to issue the cancellation order at any time after December 1, 2026.
  • Named firms include Atlas Resources LLC, Boston Financial Group Ltd Partnership, Gemisys Transfer Agents, Redblock Inc, and Vail Stock Transfer.
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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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SEC Federal Register — SEC Source document ↗
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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