Statement Summary
The Securities and Exchange Commission (SEC) has announced the immediate effectiveness of a proposed rule change by NYSE Texas to establish a new proprietary market data product, the NYSE Texas Order Imbalances. This product will provide a real-time data feed reflecting order imbalances before trading opens, resumes after halts, and prior to market close. The aim is to enhance market transparency and provide investors with timely information, potentially aiding trading decisions.
The product will be available through the Exchange’s Liquidity Center Network and ICE Global Network, with no current plans to charge subscription fees. The proposal seeks to promote fair competition and is compliant with the objectives of the Securities Exchange Act, enhancing market data accessibility for various participants.
Original Statement
SECURITIES AND EXCHANGE COMMISSION
(Release No. 34-103053; File No. SR-NYSETEX-2025-10)
Self-Regulatory Organizations; NYSE Texas, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Establish the NYSE Texas Order Imbalances Proprietary Market Data Product
May 16, 2025.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”) and Rule 19b-4 thereunder, notice is hereby given that, on May 13, 2025, the NYSE Texas, Inc. (“NYSE Texas” or the “Exchange”) filed with the Securities and Exchange Commission (the “Commission”) the proposed rule change as described in Items I, II, and III below. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.
Proposed Rule Change Details
Self-Regulatory Organization’s Statement of the Terms of Substance: The Exchange proposes to establish the NYSE Texas Order Imbalances proprietary market data product. The proposed rule change is available on the Exchange’s website at www.nyse.com, at the principal office of the Exchange, and at the Commission’s Public Reference Room.
Purpose and Statutory Basis
The Exchange proposes to establish the NYSE Texas Order Imbalances data feed as a separate, stand-alone market data product designed to provide real-time data of information about order imbalances prior to market significant events.
According to the Exchange, the product aims to offer market participants an opportunity to access essential information regarding opening and closing imbalances, thereby enhancing transparency.
Competitive Landscape
The Exchange believes this proposal will not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The NYSE Texas Order Imbalances market data product aims to foster competition by providing an alternative option to similar products offered by other exchanges.
Comments and Action Solicitation
Interested persons are invited to submit written data, views, and arguments concerning the above, including whether the proposed rule change is consistent with the Act.
Comments may be submitted electronically or by paper, ensuring all submissions refer to file number SR-NYSETEX-2025-10.
Conclusion
The Commission has waived the 30-day operative delay for the proposal, allowing it to become effective immediately. This decision was made under the belief that immediate availability of the NYSE Texas Order Imbalances will provide investors with new options for accessing market data.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
Sherry R. Haywood,
Assistant Secretary.
