Securities and Exchange Commission
- [Release No. 34-106280; File No. SR-24X-2026-22]
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”) [1] and Rule 19b-4 thereunder,[2] notice is hereby given that, on August ( printed page 57673) 26, 2026, 24X National Exchange LLC (“24X” or the “Exchange”) filed with the Securities and Exchange Commission (the “Commission”) the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.
I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change
The Exchange proposes to amend Rule 13.4(a) (Usage of Data Feeds) to reflect the operation of Texas Stock Exchange LLC (“Texas Stock Exchange”) as a registered national securities exchange, and to reflect the name changes of Nasdaq BX, Inc (“Nasdaq BX”) to Nasdaq Texas, LLC (“Nasdaq Texas”) and of NYSE Chicago, Inc. (“NYSE Chicago”) to NYSE Texas, Inc. (“NYSE Texas”). The proposed rule change is available on the Exchange's website at equities.24exchange.com/regulation and at the principal office of the Exchange.
II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of those statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change
1. Purpose
Exchange Rule 13.4(a) (Usage of Data Feeds) lists the specific data feeds the Exchange uses for the handling, execution and routing of orders, as well as for surveillance necessary to monitor compliance with applicable securities laws and Exchange Rules. The Exchange proposes to amend Rule 13.4(a) to reflect the operation of Texas Stock Exchange as a registered national securities exchange, and to reflect the name changes of Nasdaq BX to Nasdaq Texas and of NYSE Chicago to NYSE Texas.
On September 30, 2025, the Commission approved the Texas Stock Exchange's application to register as a national securities exchange.[3] As part of its transition to exchange status, Texas Stock Exchange launched the first stage of its trading operations on July 6, 2026.[4] The Exchange therefore proposes to update Rule 13.4(a) regarding the public disclosure of the sources of data that the Exchange utilizes to reflect the operation of Texas Stock Exchange as a registered national securities exchange beginning on July 6, 2026. Specifically, the Exchange proposes to amend Rule 13.4(a) to include Texas Stock Exchange by stating it will utilize Texas Stock Exchange market data from the Consolidated Quotation System (“CQS”)/UTP Quotation Data Feed (“UQDF”) for purposes of order handling, routing, execution, and related compliance processes.
In addition, both Nasdaq BX and NYSE Chicago filed with the Commission respective proposals to convert from a corporation organized under the laws of the state of Delaware to one organized under the laws of the state of Texas, and correspondingly changed their names from Nasdaq BX, Inc. to Nasdaq Texas, LLC and from and NYSE Chicago, Inc. to NYSE Texas, Inc.[5] Given that Nasdaq BX and NYSE Chicago are two of the market centers listed under Rule 13.4(a), the Exchange accordingly proposes conforming changes to its rules to replace the name of Nasdaq BX with Nasdaq Texas and to replace the name of NYSE Chicago with NYSE Texas.
The proposed changes are conforming and non-substantive in nature.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent with the provisions of Section 6 of the Act [6] in general, and with Section 6(b)(5) of the Act [7] in particular, because it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, to remove impediments to, and perfect the mechanism of, a free and open market and a national market system and, in general, to protect investors and the public interest; and it is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers.
In particular, the Exchange believes that the proposal to update Rule 13.4(a) to include Texas Stock Exchange and to correctly reference Nasdaq Texas and NYSE Texas will ensure that the Rule correctly identities and publicly states on a market-by-market basis all of the specific network processor and proprietary data feeds that the Exchange utilizes for the handling, routing, and execution of orders, and for performing the regulatory compliance checks related to each of those functions. In addition, the proposed amendment would reduce potential investor and market participant confusion and therefore remove impediments to and perfect the mechanism of a free and open market and a national market system by ensuring that investors and market participants can more easily navigate, understand, and comply with the Exchange's rules. The proposed amendment would not be inconsistent with the public interest and the protection of investors because investors will not be harmed and in fact would benefit from the increased transparency and clarity, thereby reducing potential confusion.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change is not intended to address competitive issues but rather is concerned solely with updating Rule 13.4(a) to reflect a complete and accurate list of exchange names associated with a source of data utilized when performing order handling, execution, and routing, and for surveillance necessary to monitor compliance with applicable securities laws and Exchange rules.
C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the proposed rule change. ( printed page 57674)
III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action
Because the proposed rule change does not: (i) significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative prior to 30 days from the date on which it was filed, or such shorter time as the Commission may designate, if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) [8] of the Act and Rule 19b-4(f)(6) thereunder.[9] A proposed rule change filed under Rule 19b-4(f)(6) normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b4(f)(6)(iii),[10] the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest.
At any time within 60 days of the filing of such proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings under Section 19(b)(2)(B) [11] of the Act to determine whether the proposed rule change should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods:
Electronic Comments
- Use the Commission's internet comment form (www.sec.gov/rules/sro.shtml); or
- Send an email torule-comments@sec.gov. Please include file number SR-24X-2026-22 on the subject line.
Paper Comments
- Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-24X-2026-22. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's internet website ( www.sec.gov/rules/sro.shtml). Copies of the filing will be available for inspection and copying at the principal office of the Exchange. Do not include personal identifiable information in submissions; you should submit only information that you wish to make available publicly. We may redact in part or withhold entirely from publication submitted material that is obscene or subject to copyright protection. All submissions should refer to file number SR-24X-2026-22 and should be submitted on or before October 1, 2026.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.[12]
Sherry R. Haywood,
Assistant Secretary.