Statement Summary
The Securities and Exchange Commission (SEC) announced the filing of a proposed rule change by NYSE Texas, Inc. to enhance its Integrated Feed market data product. This enhancement aims to provide a more comprehensive market data feed, including auction imbalance information, which will offer real-time insights into order imbalances before trading sessions, contributing to improved transparency for investors. The proposal is viewed as consistent with the objectives of the Securities Exchange Act, designed to foster a fair trading environment without imposing unfair competition burdens. The SEC has granted immediate effectiveness to the rule change to allow for prompt implementation, facilitating better access to information for market participants and aligning with data offerings from other exchanges.
Proposed Rule Change Details
The Exchange proposes to enhance the content of the NYSE Texas Integrated Feed market data product offering. The proposed rule change is available on the Exchange’s website at www.nyse.com. This enhancement includes:
- Description of the features of the NYSE Texas Integrated Feed, including real-time order imbalances.
- A comprehensive look at the data provided, such as top of book and depth of book order data, last sale data, and security status updates.
Objectives and Benefits
The proposed rule change aims to:
- Enhance trading transparency by disseminating auction imbalance data prior to trading sessions.
- Improve content access for market participants to help inform their trading decisions.
- Support competitive offerings in line with other exchanges, thereby fostering competition and innovation.
Regulatory Basis and Market Impact
The Exchange believes the proposal is consistent with Section 6(b) of the Act, promoting just and equitable principles of trade while protecting the public interest. It aims to:
- Facilitate transactions in securities.
- Provide an additional means for accessing order imbalance data.
“Efficiency is promoted when broker-dealers who do not need the data beyond the prices… are not required to receive (and pay for) such data.”
Implementation Timeline
The proposed rule change has been deemed effective immediately, allowing for operational changes as soon as technology adjustments are made. The Commission can temporarily suspend the rule if necessary, but they encourage immediate implementation for broader market benefits.
Comments and Further Actions
Interested persons are invited to submit comments regarding the proposed rule change. Comments can be submitted electronically or by mail. All submissions should refer to file number SR-NYSETEX-2025-09 for consideration.
