🔵 IEX Competitive Intel
Texas Stock Exchange (TXSE) is adding an Offset Peg order type — a non-displayed order that pegs to the national best bid or offer plus or minus a user-specified offset amount, capped at a limit price. This is a standard, non-controversial order type already offered by Nasdaq, NYSE Arca, and Cboe BZX, and TXSE is explicitly noting that IEX previously offered a similar order type (which IEX has since discontinued). Because it was filed under the immediate effectiveness procedure for non-controversial changes, it is already live and does not require further SEC approval, though the SEC retains the right to suspend it within 60 days. In practice, TXSE members now have a fourth pegged order type available, giving them more granular price control within the NBBO — a routine competitive feature addition that does not materially shift the exchange landscape.
IEX RELEVANT The filing explicitly cites IEX's now-discontinued Offset Peg order (SR-IEX-2020-16) as precedent, highlighting that TXSE is building order type parity with established exchanges and using IEX's own regulatory history to legitimize the proposal — a signal that TXSE is actively benchmarking against IEX as it scales its competitive offering.