NYSE Texas adopts immediate rule amendments to clarify initial listing halts

On October 7, 2026, NYSE Texas, Inc. filed a proposed rule change with the Securities and Exchange Commission that becomes effective immediately, as noted in Release No. 34-106710, File No. SR-NYSETEX-2026-37 (Federal Register Vol. 91, No. 205, pp. 67346-67349). The filing solicits comments on amendments to Rules 7.18, 7.35(a)(8)(A) and 7.35(f) governing trading halts.

The amendment to Rule 7.18(b)(1)(B)(i) explicitly states that an Initial Listing Regulatory Halt does not apply to equity IPOs or to securities listed on a national exchange immediately prior to initial pricing. The Exchange describes the revision as a clarification rather than a substantive change, intended to improve rule transparency.

Rule 7.18(b)(5)(B)(v) is revised to specify that trading will resume after an Initial Listing Regulatory Halt with a Trading Halt Auction, except that an "ETP New Issue" may reopen after 9:30 a.m. ET via an IPO Auction or, at the issuer's election, at or after 7:00 a.m. ET with a Trading Halt Auction. The text adds procedural detail to the previously generic provision that trading resumes when the security is open for trading.

Rule 7.35(a)(8)(A) is updated to refine the definition of "Auction Reference Price" for Trading Halt Auctions, addressing securities that lack a prior day's trade or official closing price. Concurrently, Rule 7.35(f) replaces the term "ETP IPO Security" with "ETP New Issue" and aligns the auction mechanism with the Trading Halt Auction framework, noting that the auction will be subject to auction collars and may be extended in five-minute increments if the indicative match price falls outside the collar.

The Exchange characterizes all revisions as non-substantive, aimed at enhancing clarity and operational consistency under its 23/5 Trading model, which begins daily trading at 9:00 p.m. ET. The proposed rules are available on the NYSE website and at the Exchange's principal office.