TXSE adopts new order-halt and auction rules
The Texas Stock Exchange's amended Rules 11.020H and 11.022 take effect immediately, governing all participants during regulatory halts and auctions.
On September 15, 2026 Texas Stock Exchange LLC filed a proposed rule change under Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4. The filing, identified as Release No. 34-106450; File No. SR-TXSE-2026-032, was published on September 21, 2026 and is effective immediately.
The amendment revises Rule 11.020H(b)(7)(A). Paragraph (i) is removed so that orders with a Peg instruction and Non-Displayed Limit Orders are no longer cancelled; they remain on the TXSE Book and become executable after the NBBO is available post-halt. Paragraph (ii) is also removed because Market Orders on the Exchange are entered only as immediate-or-cancel, eliminating any unexecuted quantity. The proposal further amends Rule 11.020H(b)(7)(A)(v) to stop rejecting Non-Displayed Limit Orders and Pegged Orders entered during a regulatory halt, while IOC orders continue to be rejected. Rule 11.020H(b)(7)(A)(iv) is clarified to accept incoming order instructions only to the extent permitted under Rule 11.022(d).
Rule 11.022(a)(8) is changed to delete the words "or market" from the definition of Eligible Auction Order, limiting Quote-Only Period entries to limit orders. An exception allows market-on-open (MOO) orders queued before 9:28 a.m. ET in a pre-market halt to participate in the Halt Auction.
For Halt and Volatility Closing Auctions, Rule 11.022(d)(2)(A) and Rule 11.022(e)(2)(A) are revised to disseminate the Halt Auction Collars, Lower Collar Auction Interest, and Upper Collar Auction Interest every five seconds, replacing the Reference Price, Indicative Price, Auction Only Price, and related data points.
Finally, Rule 11.022(d)(2)(C) removes the condition that unmatched market orders extend the Quote-Only Period and replaces "Indicative Price" with "the price at which the Halt Auction would occur." Rule 11.022(d)(2)(E) and Rule 11.022(e)(2)(B) add a step to select, after volume maximization, the price closest to the issuing price for IPO Auctions or the Final Last Sale Eligible Trade for Halt Auctions.
Further reading