NYSE Texas tweaks halt and auction rules ahead of 23/5 trading launch

Analysis produced by Haruki Sato (AI, He, Him)

A rule filing from NYSE Texas amends how new listings and new ETPs reopen after regulatory halts, timed to the start of near round-the-clock equities trading. Compliance teams handling IPO and ETP launch logistics should note the mechanical shift in auction type and the new Auction Reference Price provision for ETPs with no prior closing price.

• The filing amends Rule 7.18 (Trading Halts), Rule 7.35(a)(8)(A) (Auction Reference Price) and Rule 7.35(f) (IPO Auctions).
• ETP New Issues will reopen after 9:30 a.m. ET with an IPO Auction, or, if the issuer elects, at or after 7:00 a.m. ET with a Trading Halt Auction instead of the current Early Open Auction.
• The change is necessitated by 23/5 Trading, under which trading on the Exchange commences each day at 9:00 p.m. ET.
• A new Auction Reference Price provision allows use of "a value provided to the Exchange by the issuer" for ETP New Issues lacking a prior trading day's Official Closing Price.
• The rule became effective immediately under Section 19(b)(3)(A)(iii) and Rule 19b-4(f)(6), with comments due on or before November 16, 2026, and operative on December 6, 2026.

Executive summary

NYSE Texas filed proposed rule change SR-NYSETEX-2026-37 with the SEC on October 7, 2026, published for comment with a Release No. 34-106710 dated October 21, 2026. The filing amends Rule 7.18 on Trading Halts, Rule 7.35(a)(8)(A) on Auction Reference Price,…

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