NYSE Texas amends Rule 7.37

NYSE Texas has filed a narrow but operationally specific rule change ahead of the Texas Stock Exchange’s planned July 2026 launch. The May 4 filing, published by the Securities and Exchange Commission on May 14, amends Rule 7.37, the exchange’s table for which market-data feeds it uses in handling, routing and checking orders. The filing says NYSE Texas will use the securities information processor, or SIP, feed as its primary source of TXSE data for order handling, order execution, order routing and regulatory compliance. NYSE Texas said the change would become operative on the date TXSE begins operations. ### Which rule did NYSE Texas change, and what does that rule cover? Rule 7.37(d) is NYSE Texas’s market-by-market table for the data feeds the exchange relies on in running its order book and routing logic. The Federal Register notice says the table identifies the specific SIP and proprietary feeds the exchange uses for order handling, execution, routing and the compliance checks tied to those functions. (federalregister.gov) May 14’s notice says the amendment adds Texas Stock Exchange to that framework rather than rewriting how Rule 7.37 works more broadly. The filing describes the change as an update to specify NYSE Texas’s “source of data feeds” from TXSE. (federalregister.gov) ### Why is TXSE showing up in another exchange’s routing rule now? Texas Stock Exchange has told market participants it is targeting live trading between July 2, 2026 and July 17, 2026, according to its member readiness guide. That guide also sets out a phased symbol rollout for continuous trading, with exchange-traded product listings targeted for September 2026 and corporate listings targeted for October 2026. (federalregister.gov) NYSE Texas said its amendment is being made “in light of the fact” that TXSE has announced a July 2026 launch. In practice, that means another national securities exchange is close enough to going live that existing venues are specifying how their own systems will consume its market data for routing and compliance purposes. That last point is an inference from the filing’s timing and content. (txse.com) ### What exactly did NYSE Texas say about the data feed? The filing states that NYSE Texas will use the SIP Data Feed as its primary source of TXSE data. The notice ties that choice to four functions: order handling, order execution, order routing and regulatory compliance. (federalregister.gov) The Federal Register text does not say in the excerpted language that NYSE Texas will use a TXSE proprietary direct feed as the primary source for those functions. Instead, the filing specifies the SIP feed as primary in the Rule 7.37 table entry for TXSE. (federalregister.gov) ### Why would trading firms care about a one-line feed-table amendment? Smart order routers and exchange-connectivity stacks are built around venue-specific settings. When an exchange adds a new venue to its order-routing and compliance tables, brokers and vendors typically need to confirm how that venue is represented in their own logic, certifications and monitoring. That is an inference from how exchange routing tables are used in practice, based on the functions listed in Rule 7.37. (federalregister.gov) NYSE Texas’s own rule-filing page shows this amendment as SR-NYSETEX-2026-14, with an SEC release dated May 11 and an effective date listed as June 4, 2026. The filing itself says the specific TXSE-related change would be operative when TXSE launches operations. ### Where does this sit in NYSE Texas’s broader rulemaking calendar? NYSE Texas has posted several recent filings tied to market structure and operations, including CAT cost fees and a separate proposal related to trading securities in tokenized form. (federalregister.gov) The Rule 7.37 amendment appears alongside those filings on the exchange’s regulation page, which shows a cluster of operational changes in late April and early May. (nyse.com) May 11 is the SEC release date attached to SR-NYSETEX-2026-14, and May 14 is the Federal Register publication date for the notice soliciting comments. The next concrete milestone in the filing is TXSE’s planned July 2026 trading start, with TXSE’s readiness guide narrowing that target to July 2 through July 17, 2026. (federalregister.gov) (nyse.com)