🔵 IEX Competitive Intel
24X National Exchange, a newer equities venue, is adjusting its liquidity rebates: cutting the rebate for non-retail displayed adds (from $0.0034 to $0.00295) while raising the rebate for non-displayed adds (from $0.0025 to $0.0027), aiming to attract more order flow and build market share. Notably, the exchange is running at 'zero net capture' on non-retail displayed adds — paying out the same rebate it charges to remove that liquidity — as a loss-leader to bootstrap participation. As an immediate-effectiveness fee filing, the change took effect on June 1, 2026 without needing SEC approval; the SEC could suspend it within 60 days but rarely does for routine fee tweaks, so this is effectively live and operative.
IEX RELEVANT A small competitor exchange aggressively using zero-net-capture rebate economics to win order flow signals continued fee-driven competition for liquidity that IEX must monitor, though IEX's non-rebate, investor-protection model is less directly threatened by these incremental changes.
Texas Stock Exchange (TXSE) filed a proposal to amend parts of its Opening and Closing Auction rules, and the SEC is extending its review deadline from June 13 to July 28, 2026 to give itself more time to evaluate the proposal. This is a routine procedural extension — it does not kill the proposal or signal disapproval; it simply means the SEC needs more time before deciding to approve, reject, or open a formal review process. For market participants, nothing changes yet — TXSE's auction mechanics remain as-is until the SEC makes a substantive decision.
IEX RELEVANT TXSE is a direct competitor exchange entering the market with its own auction mechanisms, and how the SEC shapes TXSE's opening/closing auction rules could affect competition for listed company auctions and order flow that IEX also seeks to capture.
🟠 Other Notable Filings
Nasdaq wants to loosen its generic listing standards for commodity-based trust shares (a type of ETP) by allowing up to 15% of holdings in digital commodities or securities that don't otherwise qualify, defining 'digital commodity' in line with recent SEC/CFTC crypto guidance, and permitting actively-managed (not just passive) strategies. The SEC published Nasdaq's amended proposal for comment and extended its own decision deadline to July 27, 2026 — this is a routine procedural step that pauses the clock to give the SEC more time to evaluate, not a sign of approval or rejection; the proposal remains alive and pending. Nothing changes yet for issuers or investors, but if approved it would make it faster and easier to launch crypto and actively-managed commodity ETPs on Nasdaq without case-by-case SEC review.