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The Consolidated Tape Association and Consolidated Quotation Plan participants (including all major exchanges and IEX) proposed extending the SIP's operating hours to disseminate consolidated quote and trade data overnight (roughly 9:00 p.m. to 4:00 a.m. ET, Sunday through Thursday), a prerequisite for exchanges like 24X, Nasdaq, NYSE Arca, and Cboe EDGX to launch their approved near-24-hour trading sessions. The SEC approved the amendment, meaning consolidated market data will officially be available during overnight sessions starting on the planned December 6, 2026 implementation date (subject to the Operating Committee confirming market conditions like DTCC overnight clearing support). In practice, this removes a key infrastructure barrier and clears the way for U.S. equity overnight trading to actually begin, since exchanges' own rules required equivalent consolidated data before they could operate extended hours.
IEX RELEVANT The move toward 23-hour/overnight equity trading reshapes the competitive landscape and forces IEX to decide whether to extend its own hours or cede overnight order flow to rivals like Nasdaq, NYSE Arca, Cboe EDGX, and 24X, while raising questions about how IEX's speed bump and D-Limit protections would function in thinner overnight markets.
Proposal history
2026-01-27
notice of filing
Consolidated Tape Association; Notice of Filing of Fortieth Substantive Amendment to the …
2026-04-22
proceedings order
Consolidated Tape Association; Notice of Filing of Amendment No. 1, and Order Instituting…
The CT Plan Operating Committee (the joint SRO body, including IEX, that will run the single consolidated equity market data feed replacing the legacy CTA/CQ/UTP tapes) proposed the first-ever fee schedule for SIP data under the new plan, harmonizing definitions across the three tapes, shifting to use-based Professional/Non-Professional classifications, and applying a ~16% inflation adjustment to certain fees. The SEC approved the fee schedule but modified it to require quarterly publication of population/revenue/processor metrics and a mandatory fee re-analysis and amendment after a two-year Initial Implementation Period — meaning the fees are locked in for now but will be revisited with real data, and the SEC notably declined to require the cost-based justification that commenters (SIFMA, Fidelity) demanded. In practice, these fees won't be charged until the CT Plan goes fully operational, but this clears a key prerequisite for launching the consolidated tape and sets the pricing framework all exchanges and data consumers will operate under.
IEX RELEVANT As a CT Plan member and exchange that earns market data revenue, IEX is directly affected by the new consolidated tape fee structure and revenue allocation, and the SEC's rejection of a strict cost-based standard preserves the current SRO-favorable market data economics that shape competition against proprietary feeds.
Proposal history
2023-09-07
other
Amended Order Directing the Exchanges and the Financial Industry Regulatory Authority, In…
… 3 more …
2026-04-03
proceedings order
Joint Industry Plan; Notice of Filing of Amendment No. 1, and Order Instituting Proceedin…
The SIP Participants (all U.S. equity exchanges plus FINRA, including IEX) proposed extending the UTP securities information processor's operating hours to cover an overnight session (9:00 p.m. to 4:00 a.m. ET, Sunday-Thursday), which is the missing infrastructure piece needed to unlock the 23-hour/5-day trading sessions that exchanges like 24X, NYSE Arca, Nasdaq, and Cboe EDGX have already gotten approved but haven't launched. The SEC fully approved the amendment, meaning consolidated quotation and transaction data will be disseminated during overnight hours starting December 6, 2026, subject to conditions like DTCC offering overnight clearing. In practice, this clears a major regulatory hurdle for U.S. overnight equity trading to actually begin, since exchanges' extended-hours rules were explicitly contingent on the SIP being able to consolidate and disseminate data during those hours.
IEX RELEVANT As a UTP Participant, IEX must decide whether to build for and compete in the emerging overnight trading session—and bear its share of Processor development costs if it participates—or risk ceding overnight order flow to 24X, Nasdaq, NYSE Arca, and Cboe EDGX as U.S. equities move toward near-24-hour trading.
Proposal history
2022-03-02
proceedings order
Joint Industry Plan; Order Instituting Proceedings To Determine Whether To Approve or Dis…
… 11 more …
2026-04-22
proceedings order
Joint Industry Plan; Notice of Filing of Amendment No. 1, and Order Instituting Proceedin…
🔵 IEX Competitive Intel
NYSE is changing how its default routable Limit Orders behave: instead of sweeping away-market protected quotes at multiple price levels simultaneously up to the limit price, they will now function like 'Inside Limit Orders,' routing only to the best displayed away price (NBBO) and then waiting for the NBBO to update before routing further. The stated goal is better-priced executions, though NYSE concedes orders may fill more slowly or less completely; NYSE is also eliminating unused routable Discretionary Orders for Floor Brokers. This filing took effect immediately upon filing (non-controversial, no comments), so the change is live pending a technology implementation date NYSE expects before Q4 2026, though the SEC retains a 60-day window to suspend it.
IEX RELEVANT NYSE is effectively building a routing 'slow-down' into its default Limit Order that waits for NBBO updates to seek price improvement, echoing IEX's anti-latency-arbitrage/investor-protection philosophy and potentially making a competitor venue more attractive for orders seeking better-priced executions.
NYSE American is changing how its default routable Limit Orders behave: instead of sweeping across away markets at multiple price points up to the limit price, they will now function like 'Inside Limit Orders' that only route to the current NBBO and then wait for the national best bid/offer to update before routing further. The Exchange argues this yields better-priced executions by not chasing inferior away-market quotes, though it acknowledges orders may fill less quickly or less completely. The filing took effect immediately under the non-controversial 19b-4(f)(6) process, so the change is live (implementation targeted before end of Q4 2026); the SEC could still suspend it within 60 days but has not, and it applies only to those wanting the old sweep behavior, who must now use other venues.
IEX RELEVANT NYSE American is embedding a routing behavior that deliberately slows order routing to obtain better prices by waiting for NBBO updates — conceptually adjacent to IEX's anti-latency-arbitrage and investor-protection positioning, signaling competitors adopting 'patient routing' features that could erode IEX's execution-quality differentiation.
NYSE Arca is changing how its routable Limit Orders behave by default: instead of sweeping across away markets at multiple price points up to the limit price simultaneously, they will now function like 'Inside Limit Orders,' routing only to the best-displayed price (the NBBO) and then waiting for the NBBO to update before routing further. The goal is to give orders a chance at better-priced executions by not chasing inferior away-market quotes, at the cost of speed and fill rates. This filing took effect immediately upon filing (it's a non-controversial 19b-4(f)(6) filing), so it is now live pending only the technology rollout Arca expects before end of Q4 2026 — the SEC still retains a 60-day window to suspend it, but absent that, no further approval is needed.
IEX RELEVANT Arca is introducing a deliberate 'wait for the NBBO to update' routing behavior that slows order routing to seek price improvement — conceptually adjacent to IEX's anti-latency-arbitrage and investor-protection positioning, signaling competitor exchanges are adopting slow-down mechanics that could dilute IEX's differentiation.
NYSE National is changing how its routable Limit Orders work so that, by default, they behave like 'Inside Limit Orders' — meaning instead of sweeping across away markets at multiple price levels up to the limit price, they route only to the best-priced protected quote and then wait for the NBBO to update before routing to the next price level. The exchange says this gives orders a chance at better-priced fills, though it acknowledges orders may fill more slowly, less completely, and may not satisfy certain best-execution/regulatory obligations. This filing took effect immediately as a non-controversial change (subject to a 60-day SEC suspension window), so unless the SEC intervenes, the change will go live before the end of Q4 2026 and participants wanting traditional multi-level sweep routing must use other venues.
IEX RELEVANT NYSE National is reframing a routing default around waiting for NBBO updates to capture price improvement — a slowing-down/better-price philosophy conceptually adjacent to IEX's speed-bump and investor-protection positioning, and worth monitoring as a competitor's attempt to differentiate on execution quality for equity order flow.
NYSE Texas is changing how its routable Limit Orders behave by default so they operate like 'Inside Limit Orders' — meaning instead of instantly sweeping across away markets at multiple price levels (including inferior prices) up to the limit, the order will only route to the current best national price and then wait for the NBBO to update before routing further. The exchange argues this yields better-priced executions for participants who value price improvement over speed and fill rates, though it acknowledges participants may get fewer or slower fills and may need to route elsewhere if they need aggressive multi-price sweeping. This filing took effect immediately under the non-controversial rule change process; it is now live (implementation targeted before end of Q4 2026) unless the SEC affirmatively suspends it within 60 days, which is unlikely given the functionality has existed since 2019.
IEX RELEVANT A competitor introducing a 'wait for the NBBO to update' routing default that deliberately slows order routing to capture price improvement echoes IEX's own timing/anti-latency-arbitrage philosophy, signaling more exchanges are adopting execution-quality-over-speed features that could erode IEX's investor-protection differentiation.
Nasdaq MRX won accelerated SEC approval to launch Extended Trading Hours for certain Nasdaq-100 index options (NDX, NDXP, XND) and up to 100 highly liquid multi-listed equity options, adding an early session (7:30-9:25 a.m.) and an extended close (4:00-4:15 p.m.) to meet investor demand for options trading that aligns with already-extended equity trading hours. The SEC's action here is a substantive green light—the proposal is approved and effective, and the exchange can proceed to launch after publishing eligibility lists; the 'accelerated' basis means the SEC skipped the usual full comment-period wait, though it is still soliciting post-approval comment on the amendment. In practice, market participants (voluntarily) gain the ability to trade these options outside regular hours, mirroring Cboe's recently approved similar extended-hours offering, with market-order/stop-order restrictions and risk disclosures to protect customers during thinner, more volatile sessions.
IEX RELEVANT This is an options-market extension of trading hours, not an equity change, but it signals an accelerating industry push (Nasdaq following Cboe) toward extended/overnight trading that could eventually pressure IEX and other equity exchanges to expand their own session hours to stay competitive.
Proposal history
2026-03-31
notice of filing
Notice of Filing of a Proposed Rule Change To Adopt Extended Trading Hours for Eligible E…
2026-05-15
proceedings order
Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change …
The Texas Stock Exchange (TXSE), a newly registered exchange that received its registration grant in September 2025, asked the SEC to approve a Minor Rule Violation Plan that lets it handle small infractions (fines up to $2,500) through a streamlined process rather than full disciplinary proceedings, and report them quarterly instead of immediately. The SEC declared the plan effective, meaning it is now in force — this is a standard administrative tool that virtually every SRO has. In practice, nothing changes for trading; it simply gives TXSE more efficient enforcement machinery as it builds out its operations.
IEX RELEVANT While this specific filing is routine compliance housekeeping, it confirms TXSE is operationalizing as a functioning new equity exchange competitor, which is worth tracking for IEX's view of the evolving exchange landscape.
Proposal history
The newly approved Texas Stock Exchange is joining the LULD (Limit Up-Limit Down) Plan, the industry-wide framework that pauses trading in stocks experiencing extreme price swings—a mandatory condition of its September 2025 exchange registration ahead of its expected July 2026 launch. Because adding a new participant is purely technical and ministerial, the amendment took effect immediately upon filing; the SEC is soliciting comments and retains a 60-day window to abrogate it, but that is highly unlikely for a routine accession. In practice, TXSE will operate under the same volatility-halt rules as all other exchanges, confirming it is on track to go live as a new equity trading venue.
IEX RELEVANT Signals the imminent launch of Texas Stock Exchange as a new equities competitor, adding another venue vying for the same order flow IEX seeks to attract.