Statement Summary
The SEC has published notice of a proposed rule change by NYSE Texas, Inc. to enhance the NYSE Texas Aggregated Lite market data product. This enhancement includes the integration of Auction Imbalance Information, providing real-time insights into order imbalances related to auction events on the exchange. The NYSE Texas Aggregated Lite product serves as a depth-of-book data feed, updated frequently, which offers market participants critical information to inform trading decisions. The rule change aims to improve market accessibility, foster competition, and align NYSE Texas’s offerings with those of other leading exchanges. The proposal has been deemed effective upon filing, enabling immediate implementation as technology permits.
Original Statement
SECURITIES AND EXCHANGE COMMISSION
{Release No. 34-103054; File No. SR-NYSETEX-2025-11}
Self-Regulatory Organizations; NYSE Texas, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Enhance the NYSE Texas Aggregated Lite Market Data Product
May 16, 2025.
Proposed Rule Change
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. 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.
Purpose and Statutory Basis
The Exchange proposes to enhance the content of the NYSE Texas Aggregated Lite market data product offering. The proposed rule change is available on the Exchange’s website and at the principal office of the Exchange.
NYSE Texas Aggregated Lite is a frequency-based depth of book market data feed of the NYSE Texas’s limit order book for up to ten price levels for securities traded on the Exchange. It includes depth of book order data as well as security status messages informing subscribers of changes in the status of a specific security.
Auction Imbalance Information
The Exchange proposes to include Auction Imbalance Information in the NYSE Texas Aggregated Lite product in connection with the introduction of auctions on NYSE Texas. This will provide real-time order imbalances that accumulate prior to the opening of trading, prior to any re-opening auction after a halt, and prior to the close of trading.
As proposed, the enhanced NYSE Texas Aggregated Lite data feed will contain aggregate information about orders that are subject to execution at the market’s opening or closing price. The NYSE Texas Aggregated Lite market data product will provide Auction Imbalance Information for all symbols listed on the Exchange.
Compatibility and Market Impact
The proposed rule change is consistent with Section 6(b) of the Act, promoting just and equitable principles of trade. The proposal is expected to facilitate transactions in securities, improve market efficiency, and provide an additional means for investors to access important trading information.
This enhancement would also align NYSE Texas offerings with those of its affiliates, ensuring competitive viability in the market for proprietary data products.
Comments and Submission Guidelines
Interested persons are invited to submit written data, views, and arguments regarding the proposed rule change. Comments may be submitted electronically or by paper. All submissions should refer to file number SR-NYSETEX-2025-11.
For more details on submitting comments, please refer to the SEC’s guidelines for comment submissions on their website.
Conclusion
The SEC has waived the 30-day operative delay, allowing for immediate implementation of the proposed changes as soon as the necessary technology is available. This enhancement is considered beneficial and consistent with the protection of investors and the public interest.
