Cboe BYX files rule update for Texas Stock Exchange data disclosure
Cboe BYX Exchange is moving to revise its market-data disclosure rule ahead of the planned launch of the Texas Stock Exchange as a registered national securities exchange. The change would add TXSE and a reference to Nasdaq Texas to Rule 11.26(a), with the filing set to become effective 30 days after submission unless the Securities and Exchange Commission acts otherwise.
Highlights
- Cboe BYX Exchange filed a rule change on May 15, 2026, to update data disclosure practices under Rule 11.26(a) using the non-controversial process.
- The amendment aligns with Texas Stock Exchange's planned trading launch between July 2, 2026, and July 17, 2026, specifying use of TXSE market data feeds.
- The filing updates disclosures to include TXSE and Nasdaq Texas, with BYX stating the changes support transparency and competition in the U.S. equities market.
Rule change aligns with TXSE trading timeline
Securities and Exchange Commission notice shows that Cboe BYX Exchange filed the proposed rule change on May 15, 2026, under the non-controversial process in Section 19(b)(3)(A)(iii) of the Securities Exchange Act and Rule 19b-4(f)(6). The filing updates Rule 11.26(a), which governs public disclosure of the data sources the exchange uses for order handling, order routing, order execution and related compliance processes.The revision is tied to the planned start of trading by Texas Stock Exchange LLC between July 2, 2026, and July 17, 2026. BYX says it plans to amend the rule to specify that it will use TXSE market data from the Consolidated Quotation System and UTP Quotation Data Feed for those operational and compliance functions.
Transparency and competition implications
TXSE received approval from the SEC on September 30, 2025, to register as a national securities exchange, and the BYX filing reflects that transition into live market operations. The proposal also updates Rule 11.26(a) to include TXSE and reference Nasdaq Texas.BYX says the amendments do not impose any unnecessary or inappropriate burden on competition under the Act. The exchange argues that adding all exchanges to the disclosure framework improves transparency and supports competition across the U.S. equities market.
Our earlier coverage highlighted how the U.S. Treasury is reframing trade and industrial policy around the idea that economic security is national security, with an emphasis on reducing reliance on foreign suppliers for critical goods. The article also outlined how the 2026 agenda leans on tools such as tariffs and trade investigations to strengthen domestic manufacturing, strategic supply chains, and defense readiness—signaling a longer-term policy shift rather than a temporary intervention.
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